The ultimate guide to managing your money and turning a profit while sports betting – a 10 step plan
Setting up a betting budget is one of the easiest ways to avoid getting into financial trouble while gambling. If you only bet with money you can afford to lose, you will never get yourself into debt. However, many people struggle to work out how to put together a budget like this. If this sounds like you, then you have come to the right place. Below you will find a 10 step guide to setting up and managing a successful sports betting budget.
Step 1 – Assess your finances
You will want to start this process by taking a look at your finances. You will need to be aware of how much money you are earning and the amount of money you are spending on outgoings. You obviously don’t want to bet with money that you need to pay your bills. We don’t recommend trying to use betting as another income stream. It would be best if you bet because you enjoy it and enhance your experience of watching sport.
Step 2 – Choose the right amount of money for your budget
Now that you understand what your personal finances look like, you can now work out how much you can afford to bet. As we mentioned above, you do not want to bet with any money that will cause you financial strain. It would help if you only bet what you can afford to lose. This means that if you have an unlucky month and lose every bet you place, you won’t put yourself in any financial danger. Once you have worked out how much you are going to give yourself to bet each month, you are ready to move onto the next step.
Step 3 – Set up a separate current or savings account for your budget
You may want to consider setting up a separate bank account to keep your betting money in. It is a good idea to keep your betting money separate from the rest of your money, so you are not tempted to take from another pot so you can bet more.
Step 4 – Look up all the upcoming sports events
Now, you will need to decide what sports you are going to bet on. Again, you will have the best chances of winning money if you know the sport well. Once you have picked a sport (or two), you will want to list all the upcoming events or matches in the sport over the next month. Pick out a few matches that you would like to bet on.
Step 5 – Plan how you will split your
Now, you will look at the matches you want to bet on and decide how much money you are willing to bet on them if the odds are right. You may want to split your money evenly across each event – for example, if your budget is $400 and you want to bet on 4 NFL matches, you could spend $90 on each and still have some money left over. If you find something you want to place an unexpected bet on, you then have spare money to do that. Or you may decide that you want to put $200 on one event and $50 on the other three. Establishing your spending plans in advance will help you to stick to your budget.
Step 6 – Place your bets
Now, we have reached the most fun part of the plan – placing your bets. When you are choosing what matches and results you want to bet on, you should keep an eye out for the best odds. You can do this by searching through Sportsbooks yourself or using a betting site comparison website. The same budget system can work really well when betting at online casinos like Stardust Casino.
Step 7 – Do not overspend
This is the essential step on the list. If you overspend, then the whole system falls apart. There is no point in setting yourself a budget if you are not going to stick to it. When you do stick to your budget – don’t forget to congratulate yourself. One of the benefits of having a separate bank account just for your betting budget is that it makes it a lot harder to carry on spending, especially if you have to transfer money into the account before you can place your next bet. If you overspend one month, be kind to yourself and wipe the slate clean. Then, start new next month again.
Step 8 – Don’t put your winnings back into your spending pot
New gamblers are often tempted to put any money they win right back into new bets. As they think this allows them to make money. However, sports betting is not an investment, and you can’t guarantee that you will make a profit. Sportsbooks make a profit when gamblers bet (and then lose) their winnings instead of saving them. Put your winnings into your primary bank account and treat yourself to something nice or use them to pay off a debt or bill.
Step 9 – Calculate your profits
Once you reach the end of the month, you should review your performance. Look at how much you spent, how much you won, and if you have any money left over in your budget. Look at what types of odds worked well for you and where you lost money. Take this all into account, and adjust your rules, methods, and budget for next month. The time spent reviewing is not wasted. It will make you a better gambler.
Step 10 – Decide if you want to roll over any leftover money
If you have any money left over in your budget account at the end of the month, you will need to decide what to do with it. You can either roll the money over to next month and give yourself more to play with. Or you can buy yourself a treat to reward yourself for not overspending and sticking to your budget. Rewarding yourself can help you to build up your self-control.