Maybe we got one word in the title incorrect because there is nothing “easy” about building a bankroll from placing wagers on sports betting. Possibly, the more accurate word is “intelligent” ways to make your bankroll. Here are 5 steps to follow.
Select a Useful Sized Bankroll
In order to build a bankroll, you have to determine your goal. If you want to turn $100 into $200, this article probably is not for you because the size of your wagers will disappoint you trying to follow this methodology.
If you want to turn $1,000 into $2,000 or have the resources, to begin with, a larger amount, this will be more useful.
Open at Least Two Sportsbooks
You always want the best number available to secure. Turning 15 pushes a year into wins or 15 losses to pushes will build your bankroll.
Also, if you are starting at a new sportsbook, shop around for the best deal and value on specials for new customers. If you have “real” free money to use, that is a benefit and it can be used wisely to reach your goals.
Set Benchmark Points for Success (Or Failure)
- If you are starting with $1,000, we recommend, be it football, basketball, baseball, or whatever sport, not to exceed $150 in a week on all bets. That is 15%, which is smart because you will have losing weeks, guaranteed.
- If and when you reach your goal of $500 profit from where you started, take $200 of the $500 and set it aside as money you have won, and readjust your bets on a new bankroll of $1,300 to 20% or $260 a week.
- The next benchmark is $1,800 and if you succeed in getting to that point, you will have doubled your money, using your working capital of $800 along the way, plus the $200 you profited previously.
Pulling out the $200 is a buffer and smart reminder. If you would lose $300 of your adjusted bankroll of $1,300, that signals your luck has changed and it is time to go back to 15% per week of your bankroll. This all adds up to strict money management.
Flat Bet Wagers and Avoid Exotics
For those unfamiliar with flat betting, what that means is betting the same amount on every wager. If you use $150 a week (following our model) betting, that would be six $25 bets. What this teaches you is the discipline to make consistent bets that are not swayed by emotion.
At the same time, we realize nobody is a robot and you will make a few wagers in this case that could be $50, almost guaranteed. The idea then is to make fewer bets or cut those of $25 to $20 or even $15 to balance it out. Consider it like overeating one day and having to cut back to maintain your weight.
We know you and others will bet parlays and other exotics bets that have low buy-in with possibly big payouts. Consider this, if you bet $50 on a multi-team parlay or prop bet and the payout is $1,000 and you won, based on averages from sportsbooks hold, a collection of bettors made $1,060 in lost wagers off your win. Somebody is paying for those winners and in truth, it’s not the sportsbooks.
Research, Research, Research, and Be Selective
There is a point of having too much information that makes you gun-shy on placing bets, but better that than the other. It is best to have information and understanding of ways to properly dissect it to help you build a bankroll. This allows you to become more selective in your approach.
Over the course of the year, you are much more likely to ask yourself and make “What was I thinking” bets versus “I wish I would have taken that team” wagers.
Being selective is always the smart way to go. Set yourself up for a winning ride and build those cash stacks.