Money Management Tips

When it comes to betting on the NFL or other professional football matches, it is important to remember that money is your life line, without any money you will be unable to continue betting or making a profit. This is why we emphasize that money management is one of the most vital aspects that any sports bettor must take into account. The most important rule you should always follow is: Never bet anything you cannot afford to lose. Now that my rant is over, we can get to the tips part of managing your money, or bankroll as you will.

There are different ways of maximizing the use of your current bankroll, as well as ways to limit your losses. Obviously, there are also certain things you should not do when betting that could bankrupt you.

Betting Type

The type of bettor you are will determine how to proceed with safeguarding your finances; whether you are an aggressive bettor or a passive bettor. If you don’t know what type you are, these are three most common types:

1. Aggressive Bettor. You are the type of person that likes to bet big, especially when you receive a tip on a game. You are impulsive and usually bet from your gut instinct. Although, you also are able to cope with losses much better, and are able to understand the game from a broader perspective.
2. Passive Bettor. You are the type of person that takes their time placing bets. You will carefully place even the smallest of bets. You rarely place big bets for fear of losing too much money. These bettors tend to overthink and analyze every aspect of the game in order to get an advantage when betting.
3. Combination Bettors. These are some of the more common types of bettors. You do your research, although you also combine your instinct when betting. You will place small bets on games you are not that interested or invested in; while you place bigger bets on those games that you are confident will win. This type of bettor is what you should all strive for.

Each type comes with their pros and cons, and the biggest con for any type of bettor is how they manage their money.

Bankroll Management

The other aspect that will impact how you place your bets and manage your money is the size of your bankroll. There are all kinds of people that have different bankroll sizes. We hope that the money you put into your bankroll is extra cash you do not need to live on. There are obviously three bankroll sizes, small, medium, and large.

Small

Small bankrolls consist of the minimum deposit amount for each sportsbook (which is around $25) and a few hundred dollars. So, you will really only have about $25 to $500 in your bankroll. When you have small bankrolls, we tend to advise to only use roughly a maximum of 80% of your total bankroll on any given week; if you wish to use less than 80%, you are welcome to. This will ensure you will have a remaining 20%, if you lose all your bets, which will let you get back on your feet. From that 80%, we advise to only use 5% of it on each bet you make. This represents a sizable amount of your bankroll on each bet, but you it is useless or even impossible to place $1 bets.

Medium

Medium bankrolls consist of $500 to about $2,000 (in special cases, it may extend up to $5,000). You have a little more freedom with your money, as you can either place more bets or larger ones. Either way, we still advise you only use up to 70% of your bankroll on any given week, leaving you with 30% to use as a backup. Of that 70%, you should really aim to only use 4% on each wager, or if you want to place fewer wagers with higher amounts, bet a max of 8%.

Large

Large bankrolls consist of $5,000 and up. You may think that your money will last forever, but without a proper plan, losses will turn into bankruptcy, especially if you like placing large bets. With bankrolls of this size, we advise to only use about 60% of your total bankroll per week; if you go over that amount, it could affect you negatively. From those 60%, use roughly anywhere from 4% to 8% on each bet. Pick which bets you are most confident on, and place the larger 8% bets on those.

Guide to Remember

This simple table will help you remember everything we just spoke of, so use it!

Bankroll Size	% of Bankroll used per Week	% of Bankroll used per Bet
Small ($25-$500)	80%	5%
Medium ($500-$5,000)	70%	4% small bets / 8% large bets
Large ($5,000+)	60%	4% small bets / 8% large bets

 

Things NOT To Do

The easiest way of helping someone, especially with their finances, is to tell them what NOT to do. There are different aspects of sports betting that will always be present, and this will have an impact on how you bet, which will affect your money.

Blind Betting

When you place a bet, do not place it just because you wanted to or you felt like it. Sure, you could do this if you have the money to throw around, but most don’t. Always be sure to research and follow up on the teams you want to bet on. This will make predicting the winner, as well as giving you more confidence of your wager. After you place a bet, even if you lose, ask yourself “Would I place that same bet again?” If the answer is yes, then you were confident that you bet would win. If it is a no, you need to reevaluate how you are picking your bets, whether you need to change up the way you handicap. This is the fastest way of losing all of your money.

Get Rich Quick Thinking

Many people who start betting on the NFL tend to believe what movies tell them, that you can place a big bet, win big, and retire happy. That, however, is the biggest load of crap anyone could believe. If you want to make betting into a part-time job, as many successful bettors have, you will need to be patient. Betting is a little like the stock market, if you want to make a steady profit, you need to play the long game. For those of you who think you can quit your day job and solely place bets to make a living, that is the wrong way of thinking.

Keep Emotions in Check

You need to be able to view all bets in a rational manner. This is why you should never let your feelings get involved. The number one way of doing this is by following the golden rule of never betting anything you cannot afford to lose. This will allow you to accept any losses, as well as take any profits and use them effectively. If you get angry or stressed, take a breather, as that could cause you to try desperately to regain any losses.

Once Again, Mixing Finances

I just have to say it again. Never mix your finances. Always use money you can afford to lose!