How to avoid a big sports betting loss.
Key Points
– Money management is a key to avoiding a big sports betting loss.
– Sports bettors should diversify like investors.
Avoiding a Big Sports Betting Loss
The large sports betting loss can be disastrous for both experienced and novice gamblers. There is some good news though. To prevent significant losses, there are some easy steps that any sports bettor can take.
It all starts with managing the bankroll.
Strong Bankroll Management
The best way to prevent common sports betting mistakes like big losses is to have a clear understanding of your bankroll. You should also understand the concept of unit size and how it relates to your bankroll.
It is recommended for any bettor to wager between 1 and 5 percent of their bankroll on any given bet. Keep in mind, you won’t ever experience a significant sports betting loss if you never place a large wager.
You could still see a run of losses that add up quickly and eat up your bankroll. However, a huge loss is avoidable as long as you are wise with your money.
Beginning bettors typically don’t have a strong understanding of bankroll management. These bettors should start by wagering no more than 1 percent of their bankroll. They are usually infrequent bettors at first and don’t even really have a bankroll.
Once the infrequent bettor begins to have some success and gets less nervous when making bets, it’s time to graduate to 2 percent. It would be wise to stick to 1 and 2 percent for a period of time before wagering any more.
Consider that a bettor could easily bet on 10 games in a football weekend. At 2 percent of the bankroll, that would be a total risk of 20 percent. That means one bad weekend can eat up a fifth of your bankroll. That’s not good.
What many inexperienced bettors lack is discipline. They love it when they have only bet 2 percent of their bankroll and lose. The losses aren’t as great. However, when they win a few bets in a row, they get greedy for those big payouts.
The bottom line is that bettors must stick to a bankroll management plan. If you don’t bet a large portion of your bankroll, you will avoid a big sports betting loss.
EDITOR’S CHOICE: HOW TO WIN BY BETTING MLB STREAKS
Diversify to Avoid a Big Sports Betting Loss
It will happen. Every bettor, no matter how good, will experience a losing streak. One easy way to avoid big losses and help a bettor recover from a losing streak is to diversify bets.
There are a number of ways to diversify your bets. Think about the investor that diversifies his portfolio. He does so in case one of his investments tanks. He has other investments that can make up for the one that is not performing so well. It’s the same for sports bettors.
One method of diversifying bets is alternating high risk bets with low risk ones. Maybe you find a couple big moneyline favorites that are low-risk opportunities. At the same time, you wager on a few underdogs with a strong chance to pull the upset.
The key is to find the bets that offer strong value. Find bets where you can gain an advantage over the sportsbook. One big moneyline win can go a long way in keeping a bankroll in the black.
Bettors can also diversify by choosing different bet types. They can bet on point spreads, moneylines, totals, props, and much more. Remember, bettors need to win 53 percent of the time when the odds are -110 just to break even.
A bettor may have a strong streak of betting game totals. Maybe they find NFL player props to be their thing. Whatever it is, the constant search for some low-risk bets combined with high-risk bets at higher odds continues.
Regardless, it’s important to keep this fact in mind. Even if you are a bettor who wins 53 percent of the time, it means you lose 47 percent of the time. Losing that often is one of the big reasons why bettors should stick to a bankroll management plan where they wager no more than 5 percent.
Diversify your bets and protect your interests. Doing so will give you the resources to always be able to bet when you discover a line that offers an edge. Avoiding the big sports betting loss means you are always in the fight.
Never Ever Chase Losses
It’s a trap that too many bettors fall for. They increase their stake when things aren’t going their way. Too often, bettors think that just because they are having a losing streak that they are due for a win.
The discipline goes out the window and the bettor thinks he can make up for all the losses with just one ‘sure thing’ bet. One of the worst things that can happen in a situation like this is for a bettor to actually win.
They place a wager they shouldn’t have and win a huge payout. Now, they think their method of chasing losses works. Before long, that bettor will go through his entire bankroll and be broke.
Maintain your composure and discipline when you lose. Stick to your money management plan and bet with the 1 to 5 percent range. Winning in the long-term requires this. When you chase losses, you will almost always experience a huge sports betting loss.
Just Don’t Bet
Have you ever placed a bet just for the sake of placing one? You shouldn’t. You should be seeking out advantages and betting for value.
Just because there is a full slate of NFL or NBA games on a given day, that doesn’t mean you need to place a bet. If you don’t find a situation that you like, just don’t bet.
That is one way that you will most certainly avoid a big sports betting loss. If you don’t bet, you can’t lose. There are no guarantees in sports betting, but if you do not lay down a wager you can’t lose.
Sports betting is all about minimizing your losses. Casual bettors as well as the pros understand the importance of avoiding the big sports betting loss. Follow these steps – manage your bankroll, diversify, and don’t chase losses – and stay away from the big losses.