Dimers Summer School: Bankroll Management

Sports betting is a fun and addictive pursuit that can quickly make you broke and unhappy if you’re not careful. Similar to other habits like drinking, smoking, and eating sweets, moderation is KEY.

Having a beer or a slice of pizza is enjoyable in small doses, just as placing a few bets can be fun. However, you wouldn’t try to drink an entire keg of beer or eat an entire pizza in one sitting, just like you shouldn’t bet your entire paycheck on ANYTHING. Avoid overindulging in any area.

As part of our Dimers.com Summer School series, we take a look at the key areas that will help you manage your bankroll and ensure you're not benched early.

How to Effectively Manage Your Bankroll

If you decide to bet on matches, games, races, or fights, always ask yourself the MOST important question before placing a bet.

How much money are you prepared to lose?

Imagine if every bet you placed were to lose. You know the amount you’re uncomfortable losing—only you have this answer.

Is it $10, $100, $500, or $1000?

A clear answer allows you to set a betting budget, just as you would for any other hobby. Once you’ve determined your betting budget, you now have a bankroll. 

For this example, let’s say you choose $1000. Now let’s transition into the key principles of bankroll management to set you up for success.

Bankroll management isn’t a hidden trick for success—it’s simply a method to ensure you don’t bet more than you can afford, helping you avoid overextending your funds.

Set a bankroll amount you’re comfortable with and stick to it. Avoid making frequent deposits and withdrawals, as this can make it easy to lose track of your overall financial picture.

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Why Managing Your Bankroll Is So Important

It’s essential to have a form of bankroll management because when you’re betting, you’ll enter into the most toxic relationship of your life. It’s called variance, and let me explain it to you: when things are good, it's the best, and when things are bad, it’s the worst.

You know when you’re at a roulette wheel and it lands on red six times in a row, and you convince yourself the next spin will land on black. Well, you’ve just had your first dance with variance. (PS, the next spin landed on red again, which I’m sure you knew would happen.)

You will inevitably have both cold and hot streaks when betting. Ensure your emotional bankroll aligns with your financial bankroll.

One of the most common mistakes among new—and even experienced—sports bettors is betting too much on outcomes they’re already emotionally attached to as fans.

MORE: Best Player Props for Today

Determining your unit size

With your bankroll established, let’s move on to the next crucial step: determining your unit size. This refers to the amount, or range of amounts, you plan to stake on each bet.

For most bettors, it's best to keep your bet sizes consistent, ideally between 1-3% of your bankroll per wager. Conservative bettors should stick to 1-2%, while more confident bettors might go up to 3% or, in rare cases, 4-5%.

However, even professional bettors rarely risk more than 1% of their bankroll on a single event, so staying within the 1-3% range is a disciplined and widely recommended approach.

With a $1000 bankroll, most bets should be between $10 and $30, occasionally up to $40 or $50.

Chasing Wins and Variance

Let’s take a look at an example. You’ve just won five bets in a row. Each one was for $10. This next part is where greed and variance appear in your mind.

You may be upset that you didn’t win more. If you had bet X amount on those five bets, you would have won way more, and you should increase your bets because you’re on a hot streak.

That mindset is why the saying "the house always wins" exists. You’re in the midst of that dangerous dance with variance.

MORE: Dimers' Best Bets for Today

Take a look at the other side of the coin and see how it changes. You’ve just lost five bets in a row. Each one was for $10. You may be upset that you’ve lost five straight bets and now want to bet more to recover your losses. You want to bet $50 on that sixth bet and get back to even.

In both situations, you’re chasing winning bets and falling into the traps the sportsbooks have set for you. Separating your emotions and understanding variance should help you recognize when you’re about to make a bad bet.

After taking a moment to reflect, you will realize that you don’t like that bet twice as much as other bets; you certainly don’t like it three times as much, so there is absolutely no reason to bet two or three times as much on it.

You can disregard this advice if you’re one of those who has to experience it before you learn. You may think you’re smarter, luckier, or are just better than most bettors, and these things don’t apply to you.

You can go make some bad bets. You can experience this and pay for this lesson. If you’re one of these bettors, my only advice would be, when you lose, because you will, don’t lose the lesson as well. 

Finding sportsbooks for the best odds and bonus offers is easy on the Dimers Best Betting Sites page. Find the best offer in your state and click through to sign up. The process is fast and easy for most sportsbooks with registration completed in less than a couple of minutes.

Responsible Gambling

Remember to please gamble responsibly. If you sense that you're taking your luck too far, know when to call it quits and don't be afraid to seek assistance. Keep in mind that gambling is all about having a fantastic experience! If you or someone you know is grappling with gambling issues, reach out to 1-800-GAMBLER for crisis counseling and support.