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In this video, Matt answers the sports betting essential question of "How much money should I be putting on a bet?" It is one of the most common questions asked in the sports betting world, so Matt tackles this one in this sports betting tutorial.
Essentially, this question is asking about bankroll management, a sports betting 101 concept. Your bankroll is the amount of money that you are comfortable betting on sports. This is a number that you have to come up with yourself, as nobody can answer this for you. The most important part is to bet responsibly- your bankroll should be an amount that you are comfortable living without.
Bankroll management is a sports betting for beginners concept asking how should you go about managing your bankroll. This is incredibly important to understand if you want to make money betting on sports.
For starters, the general rule of thumb is one bet should never be more than 5% of your bankroll. That is a bankroll management best practice. Bets you place should be up to 5%, but never more.
One common beginner sports betting strategy is to bet a flat rate on each specific bet you take, but that is not a strategy that Matt recommends. Not every bet is created equal, so it does not make sense to put the same amount of $ on every bet. Some bets are going to be worthy of betting a bunch of money on, while some longshot bets are not.
One betting concept that Matt details is what "units" are in sports betting. Units are used as a way to create a uniform understanding of how much to put on a wager. Instead of using actual dollar figures, instead it makes sense to have a scale that everybody understands. 1 unit = 1% of your bankroll. So, a 5 unit bet is going to have 5% of your bankroll on it.
In terms of understanding how much money, or units, or % of bankroll to actually put on a bet, one method that Matt lives is the Kelly Criterion Method. This is a mathematical formula based on the odds of the bet, plus the win % of the bet, to spit up a % of bankroll to bet. Matt uses this for betting player props.
Matt also details his tiered scale of betting based on the market width.
Thoughts? Let us know in the comments or by email contact@oddsjam.com!
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