One of the most well-known wagering activities is sports betting. It’s no surprise that the average sports bettor wants to be part of this small group. With billions being wagered each year, and only 2-3% making a full-time income, it is not surprising that they are looking to make a living as a bettor. Sports betting is a wild beast that many will find difficult to control, regardless of whether you are looking to make some extra money or replace your income completely.
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Gambling on sports is just like any other business. You must analyze, evaluate and assess your progress. You don’t have to be the best at picking winners in order to make a decent profit over time, it would surprise many.
Discipline is the most important component and it is what stops almost everyone from making a serious go of sports betting. You may have experienced periods where you picked more winners than losers, but your bankroll is still shrinking. You’re not the only one!
It is all about math and discipline to bet on sports, and increase your bankroll. It is possible to make a profit betting on sports, even if you are blind. Money management strategies and not being able to pick winners for many years are what distinguish the pros from the rest.
The first thing you should do is to determine how much money you can afford to invest in your bankroll. There is no fixed amount, just the money you feel comfortable putting aside for your sports betting endeavors. Your bankroll should not be used to borrow money or rent money.
You should also try to stick with sports you are passionate about or have an interest in. This isn’t a rule of thumb, as there are many resources online that can help you. However, it is a good idea to choose sports you enjoy. You should be consistent in your bet sizes as well as the types of bets that you place. Line betting is a popular option. Teams are handicapped so that the odds of each team winning are the same. Here consistency is key.
Limit your bets to 1-2% of the bankroll. “Units” are the most common name. Units can be described as the fraction of your bankroll that is smaller. Eg. A bankroll of $1000 would indicate a $10 unit. You will often see handicappers referring to unit amount rather than dollar amounts.
Proven money management and betting progressions are what the pros use to take their sports betting gambling to the next level. These systems turn the odds in their favor and allow them make a profit, even if they only win 33% of the bets. These strategies work, and that is why 2-3% of professional sports bettors use them.