People generally indulge in sports betting for the fun and entertainment factor. Not many think of it as an investment, except perhaps those who are professional sports bettors who indulge in betting for a living. However, sports betting should be looked at as an investment – after all, you are putting in money to lay a wager on your favorite team and expecting a return in the form of winning that wager. Sports betting can be compared to investing in the stock market. At the stock market, the investor purchases stocks in a particular company by risking capital. In sports betting, the investor can be compared to the bettor, while the stock purchase in a company can be compared to laying down a wager on a sporting team. If the company does well, the investor will make a profit and so does the bettor if the team he wagered on does well.
Stockbrokers expect a return on investment (ROI) and more often than not, with proper money management, they do make good profits in the long run. But this may not be so with a sports bettor because very few look at sports betting/handicapping as an investment and hence fail to use their money in a disciplined manner. Generally, sports bettors bet indiscriminately on too many games which they know little about. This is where bankroll management comes into the picture. To get a decent return on your sports betting investment, it is imperative that you first manage your money with discipline.
General principles of bankroll management also apply to sports betting. That is, the bettor should have sufficient funds to place his wagers comfortably. These funds must be separate from the money he would require for his daily expenses. In other words, this must be spare cash which the person can afford to lose in a worst case scenario. Individual players develop their own bankroll management strategy depending on various personal factors, but there are a few general principles that need to be followed when you are spending money at an online sports betting site. Here is a quick rundown of some of the strategies you must adopt to earn a good return on your investment.
Size of your Bankroll
The question here is how much money you can spend at the gambling websites that you use for sports betting. A recreational bettor or an amateur will have a small budget and will make smaller bets of a low value. For him, the winnings are not a means to earn a living. The professional bettor on the other hand will place significantly larger bets, depending upon his target income for the year or month as the case may be. He may have a bankroll as high as $10,000 per week with an expected return of 5% for each week.
For the casual bettor, the fun quotient is an important aspect of sports betting. In such a case, the bettor’s bankroll should be sufficient to extend the fun as long as possible even if it is not enough to prevent an overall loss. Veteran sports bettors advise betting no more than 10% of the total bankroll at a time. Diversification of your bets will ensure that you make at least a small profit on your investment provided you place your wagers correctly and have fun at the same time. Bodog is one of those reputed sports books that aims to keep sports betting a fun activity. Bodog Sportsbook knows exactly what the customer wants. Rather than let the bettors struggle through the betting process, they believe in simplifying it, which is a boon to the novice gambler as well as the professional bettor.
Size of your Bets
Like we mentioned earlier, a good rule of thumb in bankroll management is never to bet more than 10% of the bankroll at a time. Usually the size of your bets depends on the size of the bankroll. Let’s take an example here. Say you have $5000 to play with, but once that amount is lost you are out of action. Some punters may feel so strongly about a game that they might bet the whole amount on a single bet. In another case, the bettor would make 10 bets of $500 over the weekend and hope for a win. When you make a large bet comprising of your whole bankroll you are hoping to win that single bet to stay in action – which may, in all probability be impossible. Placing 10 bets of $500 is also a risky proposition. The smart move would be to risk 10% of the bankroll in the week, i.e. $500, and to place 10 bets of $50 on each game. Granted, you will not make a killing, but you will surely limit your risk of loss.
Many online sports books allow you to place small wagers and Bodog Sportsbook is one of them. You can bet as little as $1 at the Bodog Sportsbook. You may not hit those big scores that reckless bettors sometimes make, but with bankroll management, you will be in the run for a longer time than those who don’t manage their money properly.