There is no doubt that sports betting is a thrilling activity, which has caught the attention of many people around the world. The unique rush from watching your team win, while knowing you have placed monetary stakes on the outcome, creates an excitement that is hard to match. However, the reality of sports betting is also that it is a financial risk. Equivalent to investing in stocks or starting a business, betting has great potential for both gain and loss.
As a result of this, it is important to manage your money properly, as you otherwise can end up losing big on sports betting. This article has been produced to provide some financial advice for sports bettors, whether being new to betting or a routine bettor. With the growing number of sportsbooks online, such as Betway Nigeria, it is more important than ever to educate yourself before engaging in sports betting.
Most importantly: Set a betting budget
The most important and most basic start to a sports betting venture is to remember that you should never bet money you can’t afford to lose. If you have a budget, sports betting should come from the entertainment budget and not be taken from funds that should cover rent, grocery, or savings funds. The best way to ensure this is to set aside a fixed amount each month for betting specifically and let this be the only funds available.
In other words, once this fund is depleted, you have to wait for another cycle before engaging in betting again. The best way to set up a fund like this is to allocate a small percentage of your disposable income, preferably no more than 5%. By treating it like an expense, you naturally integrate it into your monthly expenses.
How to stretch your betting fund through a bankroll strategy
Bankroll refers to the amount of money you have set aside for betting. This funding should be managed properly, as it prevents you from blowing everything you have set aside on a few bad bets.
The most popular method is the unit system. This is meant to be an alternative to just betting random amounts based on your gut feeling, as the unit system makes you divide your bankroll into units. This could for example be 100 units for your total budget. After doing this, you then only wager a small fraction per bet, most commonly 1-3% of your total bankroll per wager. By doing this, even if you are on a losing streak, you won’t lose all your funding completely.
Do not go chasing losses
One of the biggest traps a bettor can walk into is that of chasing losses. Many have tried to lose a bet, and then immediately feel the urge to win it back by placing a bigger bet. But one thing is for sure: Chasing losses is one of the fastest ways to get broke.
It is important to acknowledge and remember that losing is a part of the game. Even professional bettors experience losing sometimes. Being able to accept that losing is a part of the game is important, and it is even more important to be able to stick to your original strategy. The best thing you can do, especially if you are on a bad streak, is to take a step back and take a break.
Do not rely on luck – always do your research
There is no doubt that betting is partly based on chance. However, betting is just as much relying on skill and knowledge. This also means that the more research you do, the more your chances increase of making informed decisions.
Some of the most important factors to consider and research about are team/player statistics, recent performance trends, and injuries and team news. However, you should also always consider head-to-head matchups and betting odds and value, as this can impact the outcome of your bets. Do not rely on betting on what you “feel” will happen: Ensure you to rely on data and patterns for smart decision-making.
The art of value betting
Value betting is one of the most important aspects when it comes to managing your funds in sports betting. Instead of betting on your favorite team just because you love them, you should always look for bets with the highest value. Looking for a value bet is the best strategy: A value bet is when the probability of an outcome happening is higher than what the odds suggest.
Take this example: A sportsbook has the odds on a team of 3.00, which means +200 in American odds. This means that the sportsbook believes the team has a 33% chance of winning. If you have done your research, and your research suggests that the team has closer to a 40% chance, then this would be a value bet.
Take advantage of bonuses and promotions, and keep track of your bets
Some good tips for anyone engaging in sports betting is to always take advantage of bonuses and promotions from sports books. These can be welcome bonuses, free bets, and other promotions. By taking advantage of these, you can boost your bankroll without extra risk.
You should always keep track of your bets, as it is easy to lose track of how much you are spending. Some of the most important aspects to track include the teams/players you bet on, the odds, the stake (aka the amount wagered), the outcome (aka if you won or lost), and your profit or loss. By keeping this data, you can identify patterns in your betting habits, and continue to learn and develop yourself.
