Sports betting sites are exciting and engaging, but they can also be a drain on your cash if you’re not careful. Smart sports betting investors will tell you that money management is key for cutting your losses and maximizing your payouts. Scattering bets far and wide without considering how much money you have, the risks involved in certain bets, and how much you can afford to spend is not a good way to ensure winning back your initial investment.
MANAGING YOUR MONEY
Managing your money smartly on new bookmakers is similar to the strategies you might use for other football betting sites, except that there are some other things to pay more attention to.
- 1. Avoid Chasing Losses
When you create an account with a new betting site it might be tempting to just place a lot of bets to get a good feel for the website. It might also feel very exciting. But as your deposit money starts to get smaller and smaller, you’ll feel as though you should be placing higher bets to win it back or depositing more into your account to fill it back up. Instead, you should keep steady levels of betting money and stay consistent. Don’t chase your losses!
- 2. Plan How Much to Bet
Part of being a consistent bettor is planning ahead about how much you should be betting at a time. Most people plan to bet a certain percentage of how much is in their account, such as 2 – 3% of their total money.
- 3. Examine Deals – Too Good to Be True?
New betting sites offer a lot of deals and promotions, but you should be careful when accepting them. Some of these deals might not be as good as you think. For example, some signup bonuses give you 100% of your deposit up to a certain amount. This sounds great, except that they require you to place a certain amount of money in bets based on your initial account balance before you can withdraw. That means if you put $500 into an account and got $500 from the company, you would have a total of $1000 in your account. Some websites require you to bid at least 3x your initial balance before you can withdraw. Is it really worth it?
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