The most common mistake amateur and professional sports players make is betting too much on individual events. A simple, hard and fast rule of thumb is to never wager more than 2.5% of your sports betting balance on any given sporting event. However, before we get into the details of how much to bet, there are a few basic rules any sports bettor should remember:
Rule 1: NEVER bet more than you can afford to lose. This is the one rule that many people ignore before it’s too late. Ignoring this, the rule creates all the horror stories. In sports betting, you have to remember that there will be hot and cold streaks and you don’t want to put your rent money or mortgage payment at risk. If the money you are using to gamble is meant for a necessity, then you should not gamble with it. Only bet with discretionary income.
Rule 2: NEVER bet with your heart. This, again, is a simple rule that many players seem to ignore. If the Dallas Cowboys are your favorite team, you have to admit (despite what you may think) that you WILL be biased when trying to determine the winner of any of their games. The common (mistaken) logic is that because it’s your favorite team, you know more about that team and therefore should be able to determine who is the winner of their games. Could not be farther from the truth. The problem with this logic is that you listen to Sports Radio biased toward your team, you read newspaper articles biased toward your team, and most importantly, you are biased toward your team. The best rule to follow is to avoid betting on any game that involves a team to which you have ANY allegiance.
Rule 3: NEVER bet on a game because it’s on TV. It’s okay to bet on a game that’s on TV, but don’t bet on a game JUST because it’s on TV.
Rule 4: ALWAYS bet the same amount on each event you bet on. To put it another way, don’t play $250 in Pittsburgh vs. Dallas, $150 in New England vs. Indianapolis, and $500 in Oakland vs. Chicago. The only reason sports bettors do this is because they feel more confident about Oakland versus Chicago, less confident about Pittsburgh versus Dallas, and a little bit confident about New England versus Indianapolis. Too often, the “best” pick of the day turns out to be wrong, a backdoor results in a turnover, or a late interception changes the outcome of the game. DON’T FALL FOR THE 5 STAR LOCK OF THE DAY. Here’s why: Let’s say Steve bets $500 on Oakland +7 vs. Chicago; $250 in Pittsburgh +4 vs. Dallas and $150 in New England -3 vs. Indianapolis. Also, let’s say Tom makes EXACTLY three of the same selections, but he bets $300 on each game. Both players have wagered $900.00. Suppose Oakland doesn’t cover, but Pittsburgh and New England do. Steve won 2 games and lost 1, but lost $100.00 ($250+$150-$500). Tom, on the other hand, won 2 games and lost 1, but won $300.00 ($300 + $300-$300). There is nothing more frustrating than having a winning percentage, but losing money.
Rule 5 – NEVER bet more than 2.5% of your bankroll on any single event. If your balance in your sports betting account is $1000.00 then you need to wager $25.00 per game. The reason is very simple. If you wager $25.00 per game, you would have to lose 40 games in a row before your account is busted. If you wager $100.00 per game (10% of your balance), you only have to lose 10 in a row before your account is busted. In other words, by staking 2.5% of your account balance on a given game, YOU ENSURE that you can withstand even the worst losing streak. Be sure to follow Rule #4 too… Don’t bet more money on one game and less on another.
Rule 6: Once you increase the amount you bet per game, DO NOT reduce the amount you bet per game. Also, you should only increase the amount you bet per game once you have increased your bankroll by 25%. Taking our previous example further. If the bankroll is $1,000.00 then the bet is $25.00 per game UNTIL the original balance increases to $1,250.00. At this point, the amount wagered per game increases to $31.25 per game (or 2.5% of $1,250.00). I would continue this amount until the balance increases by 25% (to $1,560). If you start losing and drop below the last benchmark, DO NOT REDUCE the amount wagered per game. If you do, you will find yourself in an endless cycle.
By following these 6 simple and fairly basic rules, you will find that sports betting will be less stressful and more fun.