Bankroll Building
One of the most commonly asked questions by those just getting started in sports betting is “How much money can I make betting games?” Honestly this shouldn’t be the most prescient query. Instead, ask yourself how much money you can afford to lose…before you learn to win. Wait, say that again: gamblers need to learn to lose before they can become consistent winners.
Before I explain a statement that won’t resonate initially let me rehash a scene from an underrated Mel Gibson movie called Maverick. During the flick there’s a scene where Gibson’s character sits down at a poker table and offers to lose for an entire hour. Of course the other gamblers don’t understand his objective, instead viewing him as a mark welcoming his square money. After the hour of losing Mel Gibson flips the script. Having learned the tells of each poker player through careful observation he’s in a position to not only recoup the cash he lost but also walk away profits. This scene reminds me of the learning curve sports bettors are forced to endure. Before you learn to win by identifying edge, there are extended rough patches where growing pains are inevitable. Whether it’s having limited outs, taking bad numbers, or having no idea which way the market’s going to move there will be losses initially that are easily prevented with experience. By learning what doesn’t work as a sports bettor initially you become better equipped to know what does in the future.
I always try to make it clear to new gamblers getting started that they should temper expectations by setting aside money they can afford to lose. No, this isn’t a doomsday prophecy implying every bankroll will end up at zero however the probability of a losing season far outweighs that of profit. We all come from different positions financially. To some , a $10 bet is inside their comfort zone while others bet $1,000 a game without a care in the world if it wins or loses. Instead of coming to you with a raw dollar amount to start your football (or any other season) here’s a good baseline that can be applied to everyone’s bankroll regardless of your finances. Normally I tell people that beginning with enough money for 40 positions is optimal, roughly 2.5% stake being risked on each bet. This amount keeps you in the game long enough to withstand cold streaks capable of bankrupting bettors refusing to stay disciplined. Every position won’t be 2.5% of course but I also don’t see the benefit from a recreational gambler risking more than 5% on a single game without knowing their edge. Adhere to a 1 or 2 position scale and use your first season of bankroll tracking for educational purposes more than anything else. Adjust the dollar amount that represents 2.5% based on the health of your roll. If you find initial success, there’s no reason to keep the base unit where you started the season. The ongoing adjustment reflects the real time status of your finances and is called Kelly Criterion. Learn this principle and understand it because the driving force behind it prevents gambler’s ruin.
Becoming a successful sports bettor doesn’t happen over night. We know the process is a marathon because quick fixes and shortcuts don’t exist. There’s nothing wrong with having fun either, betting a few games to provide a bit of recreation. However, iff you’re intent on learning the business for purposes of turning sports betting into a profitable hobby down the road be sure to build a solid foundation right from the start. Like any golfer knows, it’s harder to break bad habits than it is to create good ones from square 1.
