Bankroll management is the key to being a winning bettor in any sport. Any bum can pick a winner and cash in once, but it takes knowledge and discipline to win money over the long haul in gambling.
The most important rule
The golden rule in bankroll management is to bet about 2-3% of your bankroll for each bet. This means that if your bankroll is $5,000 for a year, then each time you make a bet it should be about $100-$150. This amount that you consistently bet is referred to as a unit. Some people wager one unit on every fight, while others vary their units. If you like to be on the conservative side, I would bet the same amount on every fight. If you want to be more liberal with your money, then you can vary your units.
Don’t chase your losses
Chasing your losses is a very common mistake for many sports bettors. Bettors usually go on a bad run and then try to win all their money back with one or two big bets. This is exactly what the bookie wants you to do. Never chase your losses. Bad days will happen in sports betting and you need to just take your lumps and pick it back up another day.
Wager within your means
In the example above I used a starting bankroll of $5,000. If you can afford to bet with $5,000 then go ahead and do it. However you should never bet with any money that you can not afford to lose. This means rent, food etc… Unless you’re a professional, betting should be seen as a form of entertainment.
Keep in mind these three bankroll management tips, and you’ll be in better shape than 95% of bettors out there.