Sports Betting Bankroll Management by Mike Lundin
Professional handicapper and ex pro poker player Mike Lundin takes a look at Sports Betting Bankroll Management.
Sports Betting Bankroll Management
By: Mike Lundin
As a professional poker player I quickly came to realize the importance of good bankroll management. The same is also true for betting on sports since the variance can be just as cruel, if not even worse.
Good Sports Betting Bankroll Management is of utmost importance for the very simple reason that “you gotta be in it to win it”. After all, how can you make money betting on sports if you’re broke?
How Much To Bet
Personally I wager roughly 3% of my bankroll on a 10* rated selection.
An 1* rated play would equal to a bet with 0.3% of the bankroll, a 5* 1.5% and so on. That being said, I don’t calculate those percentages each and every day. I would for example bet $300 on a 10* play as long as my bankroll was between roughly $8,000 and $12,000 and evaluate further when hitting one those plateaus.
My own personal plateaus are quite fluid, and in reality a 10* wager could actually vary between 3.75% and 2.5% of the bankroll, depending on if I’m up or down since last recalculating the percentages, which is still on the conservative side.
So does that mean you should be ready to wager x% of your networth on any given game?
To manage a bankroll first of all you need to set money aside for a bankroll as you never should bet with money you can’t afford to lose, although we’ve probably all done just that at one or more occasions.
Your bankroll should be completely separated from your everyday life, any single bet should have virtually no effect on your life, we’re in this for the long haul.