5 Tips for Managing Your Sports Betting Bankroll

Also, keeping tabs on your sportsbook income and outflow lets you know how much to wager, and when.

Here are some top tips to help you stay ahead of the game:

Choose the Right Betting Site

The best way to bet worry-free is by making good choices right from the beginning. And we are not just talking about knowing your teams, players and stats. By choosing a secure online sportsbook, one that’s been vetted for safety and privacy, you keep your money safe.

Using sportsbooks with fast payouts is optimal. When you win, you want to cash out quickly so you can use those funds for your next wager, or for whatever else you’ve got your eye on. It’s your money, and it should be in your account, not anyone else’s.

We all know how easily websites can come and go. By using a sportsbook that is trusted by serious online bettors, and which engages in proven security measures and gets your winnings to you quickly, you give yourself the best chance of success.

Keep Your Betting Money Separate

This seems like a no-brainer, but if you keep your betting money in a separate account, you always know how close you are to your limit.

Keeping funds commingled can cause you to dip, either unwittingly or as a “treat,” into funds earmarked for bills, vacations, etc.

Take Regular Breaks

If you’re on a winning streak, take a breather. If you’re not on a winning streak, take a breather.

According to Psychology Today, breaks “prevent decision fatigue.” As a bettor, you know that your tenth bet should be made from the same space of clarity and intelligent assessment as your first.

By pushing through fatigue, you might make decisions just to be “done with it.” Don’t do that. Not if you love sports wagering, want to engage in it for the long term, and want to win.

Limit the Number of Wagers You Make

Yes, it’s exciting to bet on horse racing. But if what you really know is football, then you may want to save your horse wagers for special occasions, such as the Kentucky Derby.

Your in-depth knowledge of football will give you the best odds of winning, and your winnings will fund your next set of wagers. Successful sports bettors, those who make a full-time living engaging in their favorite pastime, are very disciplined. Emotional bets based on excitement are few and far between.

Keep Records

Even a simple notebook that records your wagers, wins and losses will help you know when you make the most clear-headed and winning decisions. Do you make your best bets on Sunday, when you’re relaxed after a solid day off? Or do the wagers you make on Friday after work, when thoughts of the big game are all you want to think about, tend to be more successful?

Also, the practice will help you stick to your budget. Are you betting a consistent amount each week, or going a bit wild near payday? Consistency is a habit successful bettors shoot for.

Ancient Greek philosophy tells us to “Know Thyself.” The better you know your own patterns and proclivities, the better you’ll do in the sportsbook and in the world in general.

A Final Word

Sports betting is fun. It can be lucrative. Sometimes, it can provide an income. These tips will help you reach the sports betting level that is most appealing to you. You’re welcome!