The most common mistake amateur and professional sports gamblers make is betting too much on individual events. A simple, hard and fast rule is to never bet more than 2.5% of your sports betting balance on any given sporting event. However, before we get to the details of how much to bet, there are some basic rules that any sports bettor should remember:
Rule 1: NEVER bet more than you can afford to lose. This is the one rule that many people ignore before it’s too late. Ignoring this, the rule creates all the horror stories. When betting on sports, you need to remember that there will be streaks and streaks, and you don’t want to put your rent money or mortgage payment at any risk. If the money you are using to gamble is meant for a need, then you should not gamble with it. Only bet with discretionary income.
Rule 2: NEVER bet with your heart. This, again, is a simple rule that many players seem to ignore. If the Dallas Cowboys are your favorite team, you have to acknowledge (despite what you may think) that you WILL be biased when trying to determine the winner of any of their games. The common (erroneous) logic is that because it’s your favorite team, you know more about that team, and therefore should be able to determine who the winner of their games is. Could not be farther from the truth. The problem with this logic is that you listen to Sports Radio biased about your team, you read newspaper articles biased about your team, and most importantly, you are biased about your team. The best rule to follow is to avoid betting on any game involving a team to which you have ANY loyalty.
Rule 3: NEVER bet on a game because it’s on TV. It’s okay to bet on a game that’s on TV, but don’t bet on a game JUST because it’s on TV.
Rule 4: ALWAYS bet the same amount on every event you bet on. To put it another way, don’t play $250 Pittsburgh vs. Dallas, $150 New England vs. Indianapolis, and $500 Oakland vs. Chicago. The only reason sports bettors do this is because they are more confident about Oakland vs. Chicago, less confident about Pittsburgh vs. Dallas, and a little confident about New England vs. Indianapolis. Too often, the “best” pick of the day turns out to be wrong, a backdoor results in a turnover, or a late interception causes a change in the outcome of the game. DON’T FALL FOR THE 5 STAR BLOCK OF THE DAY. Here’s why: Let’s say Steve bets $500 on Oakland +7 vs. Chicago; $250 at Pittsburgh +4 against Dallas and $150 at New England -3 against Indianapolis. Also, let’s say Tom makes EXACTLY three of the same selections, but he bets $300 on each game. Both players have bet $900.00. Suppose Oakland doesn’t cover, but Pittsburgh and New England do. Steve won 2 games and lost 1, but lost $100.00 ($250+$150-$500). Tom on the other hand won 2 games and lost 1 but won $300.00 ($300+$300-$300). There is nothing more frustrating than having a winning percentage, but losing money.
Rule 5: NEVER bet more than 2.5% of your bankroll on a single event. If your balance in your sports betting account is $1000.00, then you must wager $25.00 per game. The reason is very simple. If you bet $25.00 per game, you would have to lose 40 games in a row before your account is broken. If you bet $100.00 per game (10% of your balance), you only have to lose 10 in a row before your account is bust. In other words, by betting 2.5% of your account balance on any given game, you MAKE SURE that you can withstand even the worst losing streak. Be sure to follow Rule #4 as well… Don’t bet more money on one game and less on another.
Rule 6: Once you increase the amount you bet per game, DO NOT reduce the amount you bet per game. Also, you should only increase the amount you bet per game once you have increased your bankroll by 25%. Taking our previous example further. If the bankroll is $1,000.00 then the bet is $25.00 per game UNTIL the original balance increases to $1,250.00. At this point, the amount wagered per game increases to $31.25 per game (or 2.5% of $1,250.00). You would continue with this amount until the balance increases by 25% (to $1,560). If you start losing and fall below the last benchmark, DO NOT REDUCE the amount bet per game. If you do, you will find yourself in an endless cycle.
By following these 6 simple and fairly basic rules, you will find that sports betting will be less stressful and more fun.