Betting Bankroll Building Tips
There’s nothing that matches the excitement of placing a sports bet and then sitting back, watching all the money flow in, as your favourite player/team lives up to his/its promises. However, unlike as we expect, it doesn’t happen very often. Hence, a good percentage of sports bettors end up losing money in the long term, with many having no clue about the possible reasons!
Of course, all sports bettors are aware that they need to consistently opt for the best odds and derive maximum value from sports betting promotions and bonuses. But it’s the mistake of overlooking some important points that causes them to lose a lot of money.
Nevertheless, there’s good news! There are some useful tips which can ensure that you consistently build and maintain a solid sports betting bankroll.
Tip 1 – Being highly selective
Majority of sports bettors place bets on all televised events. Sometimes it may be because they genuinely have great interest in the sports they bet on, or that they follow some players/teams diligently, or perhaps because they just want to make the game/event slightly more exciting. However, you’re not at all being selective if you bet on anything and everything that’s televised. In fact, in all such cases it’s the broadcasting companies that are selecting the bets on your behalf!
You must take a good look at the odds available for all such televised events and should go for a bet only if it stands out in the real terms. On the other hand, avoid placing a bet if it doesn’t stand out at all, and wait for better opportunities instead.
Tip 2 – Never increase your stakes mindlessly during losing/winning streaks
Nothing denying that winning feels great! It actually increases your confidence by a great deal. However, being overconfident and winning regularly can be a highly dangerous combination in the sports betting world. Many people mindlessly increase their stakes when they’re on a winning streak, feeling as if they’re invincible. A sports bettor who has already bagged £ 1000 on a certain weekend may not think much when placing a £ 250 bet at the fag-end of that weekend, when he normally doesn’t go beyond £ 10 bets. Why risk a good percentage of your profit just because you had a good weekend?! You must stick to your regular betting strategy and place the same £ 10 bet. Doing so on a regular basis will ensure that your bankroll stays healthy in the long term.
And then there are many punters who when they experience a losing streak, mindlessly try to take a shot at winning big by placing oversized bets. This is another major mistake, as you don’t think about what may happen if you lose that oversized bet too! Would you place even bigger bets then?!
Tip 3 – Accumulator bets can cost you big!
Many sports bettors consider parlay or accumulator bets as the ideal bet types because they offer huge payouts at the cost of small amounts of money. It’s actually these bet types that the bookmakers love the most! Every such accumulator bet you place features an inbuilt house edge wherein the bookie needs to pay out no more than a certain percentage of the betting money it accepts (normally 95% or less). Let’s look at the happenings after you place such parlay or accumulator bet, with 95% payout. You can expect your returns from the first leg to be around 95%. The returns from the second leg will also be 95%. Now, 95% of 95% becomes 90.2%! So, placing a five leg accumulator bet may reduce your overall returns to a whopping 77%! Place a 10 leg accumulator bet and your returns could dwindle down to 60%, and to 36% in case of a 20 team accumulator bet! Now you see why bookmakers are so fond of these bets!
Tip number 4 – Never bet just because you’re sure of a player or team to win
Switch on any sports channel and you may surely hear some announcer/commentator saying that a certain player or team looks like a very good bet to win the match! It’s actually one of our pet hates! How can someone say that a team/player is a good bet to win if he’s unaware of the odds on offer?! A good number of people commit the mistake of placing their bets exactly the same way – by blindly betting on players or teams, without paying any heed to the odds. For instance, you may think that Manchester United have a very good chance of winning the Champions League. Now, that’s just how you feel. You should stop and consider their actual chances instead. If you believe they indeed have a solid 1 in 8 chance of winning the league, would you really back them at 4/1? Now, if you see a bookmaker offering 12/1 odds on the same possibility, you should jump up and instantly place that bet! Simply put, you must bet only if you’ve all the reasons to believe that you’re getting good value for money.
Tip 5 – Take a broader view of the situation
Have you ever placed bets where you had backed your favourite player/team, without paying any attention to the opposition? For instance, you may blindly back Chelsea against some lesser-known Eastern European side, or Novak Djokovic against some player outside of Top 100 etc. All such bets are pretty dangerous as you may be well aware of one side, but know nothing of the other. You must carry out some research into the opposition and only then place your bets.