When you are betting on sports you should always set aside a certain amount of money, which we refer to as your “bankroll”, in which you can afford to lose. Like with any type of gambling, you never want to bet betting on sports with money you cannot afford to lose.
Managing your bankroll is extremely important, and includes details like how much cash you can afford to lay down on each bet, how often and if you should vary the size of your bets, questions about whether or not you should hedge your bets, and basically every financial decision you make about your gambling dollar.
As a general rule, gambling experts advise that you never wager more than 2% of your total bankroll on any one play.
One of the biggest mistakes that most aspiring bettors make is ignoring bankroll management altogether. Even recreational gamblers should ideally have at least some plan for how to manage their money when betting. This is a necessity for anyone serious about making consistent profits.
Having a proper bankroll enables you to make more educated betting decisions. When a specific amount of money is set aside solely for betting purposes, that money becomes nothing more than a tool for betting. This is how you should view it. The focus should not be on how much you might win or lose per se, but rather on trying to make good selections for the right reasons. This is a lot easier to do when you’re practicing good bankroll management.
Betting too much can be a very damaging mistake, and yet it’s a very common one. Everyone has a finite amount of money, and losing too much of it through betting can lead to all kinds of problems. There’s always the possibility of losing your entire bankroll, but even those who can easily afford their losses can still be affected.
You absolutely shouldn’t chase losses either. This is another mistake that’s both damaging and sadly all too common. It would probably be fair to say that most gamblers have, at some point, chased their losses, and very few of them have done so with positive results. In fact, chasing losses almost always ends in disaster. Many gamblers learn this the hard way and choose to never do it again. Unfortunately, a lot of gamblers repeatedly make the same mistake, staking more and more money in an attempt to recoup losses.