Without a doubt, how you manage your money is going to be the most important factor in determining whether you end the season a winner or a loser.  It decides whether you go broke or make some extra cash by betting on sports.  

Of course picking winners is important, and that’s where we come in.  We will give you the edge you need to win, but managing your bets is going to be up to you.  That’s what I put this guide together.  I want to help you put a plan in place on how to grow your bankroll using our experts.

1.  Establish Your Bankroll

How much money do you have set aside for betting?  Obviously you shouldn’t be more than you can afford to lose, just like you shouldn’t throw money that you don’t have in any other investment opportunity.  There are risks involved and you will have your ups and downs.  Everyone does.

2.  Establish Your Risk Tolerance

The higher % of your bankroll you bet on each game the higher your risk.  Generally if you think a pick will hit at a rate of 55% you should be betting 5% of your bankroll for maximum earning potential.  However, others are more risk adverse and like to bet half that at 2.5%.  I don’t recommend anyone bet more than 5% of their bankroll on any one game.

3.  Stick to the Plan

You have one of two choices in my book: either establish your bets amounts in the beginning and stick to it or fluctuate as your bankroll rises and falls.  I prefer to stick to my original plan.  The reason is if I start the season by losing 3 straight and then winning 3 straight I might be 3-3, but if I bet a % of my bankroll the loses cost me more than the wins gained me. 

4.  Don’t Press

For most gamblers there just seems to be something about a losing day or a losing week.  If these gamblers get down with the early games on Saturday or Sunday they want to press their luck and load up late.  This means either increases their bet sizes or betting games they had no intention of wagering on when the game started.  

My recommendation is bet it and forget it.  Get your plays in the morning, make your bets, and then don’t make any additional bets.  Of course if new picks are released that’s different, but don’t increase or decrease the amount on those bets based on how the earlier games are going.

I’ve seen guys who hit 60% over a course of two or three seasons have stretches where they lose 10-11 games in a row then go broke.  I’ve also seen one bad day take out a gambler who decided to load up on the big game with a quarter of his bankroll.  

Don’t be one of those guys.  Keep an even keel, ride through the ups and downs, and end the year in the black.

More on our series on becoming a winning sports bettor: