When it comes to sports betting, there are a few things that are as crucial as managing the amount you wager. A common term you’ll hear from bettors is a “unit,” or simply the amount of money you’re wagering on each bet.
Let’s take a closer look at some factors to consider when determining the amount.
It’s usually a good rule of thumb to have a fixed amount that you’re willing to gamble with each month, week, or day, also known as your “bankroll”. Another good rule of thumb is that your “unit” should be 1-2% of that total bankroll within your bankroll.
For example, if your bankroll is $1,000 a month, your unit size should be in the $10-$20 range to be portable for the ups and downs of regular daily and weekly betting.
Using the idea of 1-2% of your total bankroll as a one size, the Kelly Criterion moves away from the idea that all bets should be the same size (one unit). Instead, the Kelly Criterion states that your confidence in that particular bet should determine the size of the bet.
In other words, the more confident you are that a bet will hit, the more you should increase your unit size accordingly.
To be responsible
When the best in the world get something right about 55% of the time, it’s probably a very, very difficult thing to do. It’s important to remember that unless you’re among the less than 1% of people who have the time, resources, intuition and commitment, you should tackle the endeavor for what it is: Entertainment.
That being said, it’s wise to only bet so that losing everything doesn’t change your lifestyle and daily financial decisions.
Whether you are new to sports betting or a betting pro, our How to bet and Sports betting strategy and advice pages are for you. You can start with our Section 101 – inclusive How to bet on sports – or go to a more advanced strategy – like 10 tips to become a sharper sports bettor – to learn more.
Johnny is a well-known author at BettingPros. For more from Johnny see his archive and follow him @JohnnyCover.
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