Lesson 2: Bankroll Management

A bankroll in sports betting refers to the amount of money that you set aside specifically for placing bets on sports events.

It is essentially the funds that you’re willing to risk in order to participate in sports betting.

Your bankroll serves as the foundation for your betting activities and determines the size of the bets that can be placed.

A bankroll is the same as your budget.

Setting A Betting Budget

When starting sports betting, it is important to set a budget for yourself. Determine how much money you can afford to lose without it affecting your daily life.

This amount should be an amount that you are comfortable with losing and won’t cause any financial strain in your life. 

How Much Money Should I Start Sports Betting With? 

When it comes to how much money you should start sports betting with, there is no one-size-fits-all answer.

It depends on your personal financial situation and comfort level.

Some beginners may start with a smaller amount, such as $100, while others may start with a larger amount, such as $500, $1000 or more.

My recommendation is to start with at least $100 just to get comfortable with placing bets.

The key is to start with an amount that you are comfortable with and that won’t have a significant impact on your financial well-being if you were to lose it all.

Establish A Betting Limit

Establishing betting limits is another important aspect of bankroll management. This involves deciding on a maximum bet size and sticking to it.

It is easy to get caught up in the excitement of sports betting and want to bet more when you are winning or try to chase losses when you are losing.

However, this can lead to reckless betting and potentially losing more money than you can afford.

To give you an idea of how much money to put on a single bet I want to give you some examples of good bankroll management based on the $100, $500 and $1000 budget examples we used above.

Generally you should only put 1% to 5% of your budget on each of your bets. Here’s a table of what this strategy would look like with a 1% to 5% percentage betting strategy:

If you look at the table above it means that with a:

• $100 budget: You should never bet more than $5 on a single bet
• $500 budget: You should never bet more than $25 on a single bet
• $1000 budget: You should never bet more than $50 on a single bet

By setting a maximum bet size, you can ensure that you are not risking too much on a single bet and maintain control over your bankroll.

Stick to your limits and avoid chasing losses, as this can lead to poor decision-making and further financial losses.