Today’s Starting Bankroll: $1,906.70 (Yesterday’s Bets)
If there is one thing that I have learned in 20+ years as a recreational sports bettor it is that the difference between a winning sports bettor and a losing sports bettor can be seen with their bankroll management.
In a world with millions of sports bettors you will find a million different thoughts on how you should manage your bankroll but there for the most part are some general guidelines that you should follow:
Starting Size
When beginning your journey as a sports bettor, one of the most crucial decisions you’ll make is determining the size of your starting bankroll. Your bankroll isn’t just a number; it’s the foundation of your entire betting strategy. Start too small, and you’ll find yourself quickly wiped out by the inevitable losses that come with betting. Start too large, and you risk more than you’re comfortable losing, which can lead to poor decision-making.
Your starting bankroll should be an amount you can comfortably afford to lose without impacting your day-to-day life. This is often referred to as “disposable income” – money that, if lost, won’t affect your ability to pay bills, save, or live your life as you normally would. This ensures that you’re betting responsibly and reducing the risk of financial stress.
My recommendation if you are just starting out would be to take $50 from each paycheck that you might use for DoorDash and save that money until you reach $500.
Starting with a $500 bankroll is often considered the sweet spot for sports bettors, balancing the ability to grow your funds with the need to protect your investment. Here’s why this amount works so well, compared to smaller or larger bankrolls.
A $500 bankroll offers enough flexibility to place a variety of bets without putting too much of your money at risk on any single wager. With this amount, you can comfortably follow the 1% rule, where you’re only betting $5 per game. This approach allows for the inevitable losses that come with betting, without quickly depleting your funds.
If your bankroll were smaller, say $100 or $200, you’d be forced to make smaller bets that could lead to frustration due to slower growth, or you’d risk too much on each bet, increasing the chances of going bust.
On the other hand, starting with a bankroll significantly higher than $500 might encourage overconfidence, leading to larger bets and potentially bigger losses. With more money at stake, the emotional pressure increases, which can cloud your judgment and lead to impulsive decisions. A $500 bankroll strikes a balance—it’s a substantial enough amount to feel committed, but not so large that a few losses would be devastating.
So, I have my $500 deposited and I am ready to bet. Now what? It’s time to dive into effective bankroll management to ensure you don’t go broke.
Bet Type & Amount
When managing a $500 bankroll, it’s essential to stay disciplined with both the types of bets you place and the amounts you wager. The cornerstone of effective bankroll management is sticking to the 1% rule, meaning you should only bet 1% of your total bankroll on any given wager. With a $500 bankroll, this translates to placing $5 bets. This approach minimizes risk while giving you the opportunity to build your bankroll gradually over time.
Also, and this is just a personal opinion here, but I would never bet anymore than 3% of your entire bankroll at once. So, from deductive reasoning if your betting 1% of your bankroll per each bet, but you never want to have more than 3% of your bankroll in play, you should never have more than three bets going at once.
Despite what you will see on social media (TikTok, IG, etc.) You should only focus on straight bets, such as betting on a single team to win or covering the spread, it is the most prudent strategy with a $500 bankroll.
Straight bets are the most straightforward and offer the best chance of success because they don’t require multiple outcomes to go your way. By consistently betting $5 on straight bets, you maintain control over your bankroll, ensuring that even a string of losses won’t significantly deplete your funds.
While the temptation to place parlays can be strong, it’s crucial to limit these high-risk bets. With a $500 bankroll, only a very small portion, less than 0.33% of your bankroll—or about $1.50—should be allocated to parlays.
Parlays can offer large payouts, but they are much harder to win since they rely on multiple outcomes. By keeping your parlay bets to a minimum and sticking with straight bets, you maximize your chances of long-term success and protect your bankroll from being wiped out by a few bad breaks.
You will notice in my journey of trying to become a professional sports bettor that even with a $1,900 bankroll I only bet .10% or $1.90 on parlays because of how high the variance is to win these.
Discipline & Patience
This is the biggest pillar of successful bankroll management in sports betting. Without having this principle, even the most well-thought-out strategies can quickly fall apart, leading to unnecessary losses and frustration.
One of the most important aspects of discipline is avoiding overexposure of your bankroll to too many plays at once. It can be tempting to spread your bets across multiple games or sports, but this approach increases your risk and can drain your bankroll quickly. By limiting the number of plays you make, you ensure that each bet is carefully considered, maximizing your chances of success.
Chasing losses is another common pitfall that disciplined bettors must avoid. It’s natural to feel the urge to recoup losses by placing larger bets or making more frequent plays, but this can lead to a downward spiral. Responsible bankroll management means accepting losses as part of the game and sticking to your predetermined betting limits, regardless of recent outcomes. By staying disciplined and not letting emotions drive your decisions, you maintain control over your bankroll and avoid unnecessary risks.
Accountability is also crucial in sports betting, and tracking your bets is an essential part of this process. Keeping detailed records of your wagers, including the type of bet, amount wagered, odds, and outcome, allows you to analyze your performance objectively. This accountability helps you identify patterns, learn from mistakes, and make adjustments to your strategy as needed. Without tracking your bets, it’s easy to lose sight of how your bankroll is being affected and make the same mistakes repeatedly.
Finally, forcing bets just to have action is a surefire way to undermine your bankroll management efforts. Betting for the sake of excitement rather than based on careful analysis often leads to poor decisions and unnecessary losses. It’s important to remain patient and only place bets when you have a strong reason to believe in the outcome. Responsible bettors understand that there will be days without a solid betting opportunity, and they’re willing to sit those days out rather than risking their bankroll on weak plays.
Conclusion
In the world of sports betting, the difference between long-term success and consistent losses often boils down to bankroll management. As I’ve learned over 20+ years as a recreational sports bettor, discipline, responsibility, and accountability are the keys to navigating the ups and downs of this challenging hobby.
By starting with a balanced bankroll, like $500, and adhering to the 1% rule, you create a solid foundation for growth while protecting yourself from the risks that come with overexposure. Focusing on straight bets and limiting high-risk plays like parlays ensures that you stay on track, while tracking your wagers and avoiding emotional decisions helps you learn from both your wins and losses.
Ultimately, the path to becoming a successful bettor isn’t just about picking winners—it’s about making smart, calculated decisions that protect your bankroll and set you up for long-term success or as it is called bankroll management.
Day #11 Recap
$200 ➡️ $200K Challenge Bet: Trea Turner Over 2.5 HRR
- We had a chance to get to Level 1.5 with just needing a hit in the 7th inning of the Phillies vs Diamondbacks game.
- Turner went 1-4 with a double and run scored, but we just couldn’t get that third elusive HRR and we now start back over at Level 1.1
Denver Broncos vs Indianapolis Colts Over 37.5 (Box Score)
- This game was very slow in the 1st quarter and had us a little worried. The reason we took the over in this spot was because of how many QB’s these two teams were going to play that were already established in the league.
- Zach Wilson, Sam Ehilnger, Joe Flacco and even Anthony Richardson before his injury all have been successful NFL QB’s.
- The offenses started to come alive in the 2nd quarter with 20 points being scored and with Denver leading 13-10 going into the half it looked like the second half could be a shootout.
- It was, easy winner on this bet in the 3rd quarter and the teams ended up putting up 64 combined points with the Broncos almost hitting this over by themselves.
Sheffield Wednesday vs Plymouth Over 2.5
- In the end a 4-0 scoreline would tell you that this was an easy winner but if you bet it, or were paying attention to the match you would know that we again had to sweat it out past the 80′.
- Thanks to an early 2nd half own goal by Plymouth that gave Sheffield a 2-0 lead with about 40 minutes left to play once Windass put another one in the back of the goal in the 82′ we cashed this bet.
- Sheffield went on to tack on one more in the 96′ to finish the rout off.
Sampdoria vs Como Over 2.5
- We are 12 days into this challenge and I have yet to sweep any days bets. I really thought I had done it when Sampdoria and Como were at 1-1 headed into halftime.
- Those intrusive thoughts were exactly the sports betting jinx that I knew was coming and the 2nd half ended up with not one goal ending the match 1-1 in regular time and keeping us from a sweep on the day.
- Sampdoria did end up winning the PK shootout and moving on in Coppa Italia
2+ RBI Milestone Parlay
- This should have been closer to hitting than what it actually was. I mean two of these guys hit HR’s, unfortunately they were solo shots.
- Jose Ramirez: 2-5 w/ 1 RBI
- Austin Riley: 2-5 w/ 1 RBI
- J.D. Martinez: 0-3 w/ 0 RBI’s
Day #11 Profit/Loss: -$3.42
What I Learned:
Established QB’s Thrive in Preseason: My thought process going into my first NFL Preseason bet was that I was going to focus on matchups that took QB’s that have started in the NFL that were now going to see a lot of preseason action as backups. This could not have gone any better with the Broncos and Colts putting out all of those QB’s. I think I am not going to over think this and continue with that strategy. Again, with proper bankroll management its important to not force bets.
NY Mets Hitters are Awful: On paper if you look up and down the lineup of the NY Mets you will see guys like Lindor, Nimmo, Martinez, Winker, Alonso and McNeil who all should be hitting the baseball. Instead none of those guys have over a .260 batting average. I think I am going to stay away from this lineup for the time being.
$200 ➡️ $200K Sports Betting Challenge
Level 1.1 ($2 ➡️ $4)
- Nolan Arenado Over 2.5 HRR (+140)
Day #12 Bets
#1) Coppa Italia: Salernitana vs Spezia Over 2.5 Goals (-118)
#2) EFL Championship: Luton vs Burnley Over 2.5 (-118)
#3) MLB: Bobby Witt Jr Over 2.5 HRR (+135)
Parlay of the Day: 2+ RBI Milestone
Jonathan India +800 | Alex Bregman +700 | Corey Seager +425
Remember to keep bankroll management on the top of your mind and always bet within your means! Notice the Parlay of the day bankroll management bet size – $1.90.
