How Much Should You Wager on Sports Betting?
No matter what the Vegas Dave-type characters of the sports betting landscape might tell you, sports betting is a risky endeavor. Even the most season of professional bettors win just over 50% of the time.
With that in mind, what should you bet?
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What Should Your Betting Budget Be?
First and foremost, you should never wager what you are not willing to lose. As mentioned, a lot of things can happen over the course of a game, match, or season, and more often than not you will lose especially if just betting casually and not informed.
By setting a “bankroll†each month, consider the amount to be what you would budget yourself for “entertainment†each week. One idea would be at the first of the month or in sync with your monthly income, deposit the amount you want to play with into the sportsbook of your choice.
If that money runs out, don’t allow yourself to deposit until the next interval. If it’s up, let it roll into the next one.
What Should Your Average Bet be?
As far as an average bet, it should be proportional to what your total/bankroll is. As far as a rule of them, most professional bettors consider a “unit†(average bet) to be 1-2% of their total bankroll. Meaning if your budget is $1,000, your average bet should be no more than $20.
While this is the method that both bettors should follow, another method is the Kelly Criterion. In short, the Kelly Criterion states that your bet size should be in-line with your level of confidence.
As an example, if your confidence level of a given bet is 20% higher than your average bet, the amount of the bet should also be 20% higher.
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Whether you’re new to sports betting or a betting pro, our How To Bet and Sports Betting Strategy and Advice pages are for you. You can get started with our 101 section — including How to Bet on Sports — or head to more advanced strategy — like 10 Tips to Become a Sharper Sports Bettor — to learn more.
Johnny Perun is a featured writer at BettingPros. For more from Johnny, check out his archive and follow him @JohnnyCovers.