Sports Betting Money Management Strategies
The key to successful sports betting is establishing a bankroll and setting a budget. These two things will help you maintain a level head while you’re gambling and avoiding overspending on high-risk bets.
Bankrolls are important because they protect you from losing streaks and ebbs in luck. You want to make sure you have a consistent amount of money to wager every month.
A bankroll also allows you to diversify your bets and increase your odds of winning. It can be difficult to know how much you should bet on a particular sport or team, so it’s a good idea to track your losses and wins using an Excel document or notebook.
Sports Betting Basics
The most basic type of sports bet is a moneyline bet. A moneyline is based on the implied probability of a result, with low-risk moneylines (favorites) paying smaller returns and higher-risk moneylines (underdogs) paying bigger returns.
A total bet is a wager on the combined number of points scored by two teams in a game, including overtime or extra innings. Over is a bet on the team that will score more points than the total set by the sportsbook and Under is a bet on the team that won’t score more than the total.
There are many different types of bets in sports betting, but the most common are straight bets and parlays. Taking the time to understand each of these bet types can give you the edge you need in the long run.