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Originally published on OnlyPlayers.com

When betting on sports, it can be tempting to put a lot of money on one event and hope you hit it big. But the better strategy is a slow and steady one.

What is your bankroll?

Your bankroll is the amount of money you choose to deposit into a sports betting site. This is completely up to you and depends on how much money you have and are willing to spend. It could be $10, $100, $1,000, etc.

The best way to determine your bankroll is to put a set amount of money into sports betting sites at a set time (whether it be every month, every few months, or just once). That way, you don’t end up sinking all of your money into sports gambling.

Break it into units

If you’ve ever read sports betting articles or seen other people online or on social media offer their betting advice, you may have seen or heard people refer to “units.” Those units are a way to measure a bet, and can be helpful when determining how much to bet and when tracking how much you are winning or losing.

Breaking your bankroll into units can help you manage your money more intelligently. For most people, one unit is usually equal to five or 10 percent of their total bankroll. For instance, if you deposit $100, one unit would be $5 or $10.

Wager based on confidence

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Once you’ve determined your bankroll and determined what one unit equals for you, you can start betting. There are multiple ways you can go about it, but the best method is to either bet one unit every time or bet based on confidence.

For example, if your bankroll is $100 and you choose $10 as one betting unit, you can just wager $10 on every bet you place, or you can bet $10 on something you feel somewhat confident about, bet $5 (a half unit) on something you feel less confident about, and $20 (two units) on something you feel very confident about.

You can choose to manage your bankroll however you want, but breaking it down into units and betting based on confidence can help you minimize mistakes and build your bankroll efficiently and intelligently over time.

Picture Credit: Flickr, Pixabay