For anyone serious about sports betting, proper bankroll management is the foundation for sustainable success. Without it, even the best strategies and sharpest picks can lead to ruin. This guide provides actionable advice on managing your money, tracking bets and growing your bankroll over time. Let’s dive into the essentials of how to build a sports betting bankroll.
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How to Build a Sports Betting Bankroll
Bankroll management refers to the strategic planning of how much money you wager on individual bets to ensure long-term profitability while minimizing the risk of going broke. It’s not about finding the best bets (though that’s important too); it’s about ensuring your money lasts long enough to take advantage of positive expected value (+EV) opportunities.
A strong bankroll strategy keeps you in the game through inevitable ups and downs.
Define Your Bankroll
Your bankroll is the amount of money you allocate solely for betting. It should be separate from your personal finances — money for rent, groceries and other essential expenses must remain off limits.
If you have $1,000 to spare, designate this as your betting bankroll. Treat it like an investment fund, with the goal of growing it steadily, not doubling it overnight.
Set Your Unit Size
A “unit” is the standard measurement for your bets, often expressed as a percentage of your total bankroll. A conservative approach is to bet 1% to 2% of your bankroll per wager.
With a $1,000 bankroll, your unit size would be $10 (1%) or $20 (2%). This ensures no single bet has a disproportionate impact on your total funds.
Track Your Bets
Tracking your bets is essential for evaluating your performance and identifying strengths and weaknesses. Use spreadsheets or Portfolio EV’s specialized bet tracker to record:
- Date of the bet
- Sportsbook used
- Bet type (spread, moneyline, prop, etc.)
- Stake amount
- Odds
- Outcome (win/loss)
- Profit/loss
Imagine you’ve placed the following three bets:
- $20 on a moneyline at +150 (won $30)
- $20 on a point spread at -110 (lost $20)
- $20 on a prop bet at +200 (won $40)
By tracking these, you can see that you’re up $50 overall, even with one loss.
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Focus on +EV Bets
The concept of positive expected value is at the heart of profitable betting. A +EV bet occurs when the probability of an outcome, adjusted for odds, gives you an edge over the sportsbook.
Portfolio EV analyzes market inefficiencies and historical data to identify bets with an edge. For example, if a sportsbook offers odds of +120 on an event that has a true probability of 50%, that bet has +EV because the implied probability of +120 is 45.5%.
Adjust Your Bankroll Based on Performance
Your bankroll isn’t static. As it grows, you can increase your unit size slightly. We here at OddsShopper are a big believer in compounding returns, so you should be reinvesting larger amounts as your bankroll gets larger.
Let’s say your $1,000 bankroll has grown to $1,500. You could adjust your unit size from $10 (1%) to $15 (1% of $1,500).
Common Mistakes to Avoid
- Chasing Losses: Doubling down after a losing streak is a recipe for disaster. Stick to your unit size and trust the process.
- Over-Betting: Placing wagers above your set unit size puts your bankroll at unnecessary risk.
- Neglecting Line Shopping: Use multiple sportsbooks to find the best odds and maximize your +EV opportunities.
Practical Tips for Growing Your Bankroll
- Utilize Bonuses and Promotions: Many sportsbooks offer sign-up bonuses, bonus bets and odds boosts. Leverage these opportunities but remain aware of terms and conditions.
- Diversify Your Bets: Spread your action across different sports and bet types to reduce variance.
- Stick to Your Edge: Avoid betting on games or events where you lack a statistical advantage or reliable data.
Long-Term Mindset: Process Over Results
Focus on the process rather than individual outcomes. Winning bettors know that short-term variance — both good and bad — is part of the game. By consistently making +EV bets and adhering to sound bankroll management, profits will follow over time.
Even if you hit a cold streak and lose 10 bets in a row, your bankroll management strategy ensures you’re not wiped out. When the odds eventually swing back in your favor, you’ll still have the funds to capitalize.
Final Thoughts on Sports Betting Bankroll Management
Building a sports betting bankroll takes discipline, patience and a clear strategy. By following these principles — defining your bankroll, tracking your bets and focusing on +EV opportunities — you can grow your bankroll sustainably and enjoy long-term success.
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