Introduction To Sports Gambling With Good JuJu
Before You Start, Know Your Risk & Check Your Ego At The Door
Create a bankroll
There are two considerations here. 1) how much can you invest initially in order to maximize the utility of sign-up bonuses? 2) How much risk are you willing to accept initially with each bet you make?
Let’s address the first consideration.
If you have $3,000 to deposit, then you can leverage two different books to maximize their sign-up bonuses and guarantee at least $600+ for your bankroll. (see example below for explanation)
But what if you don’t have $3,000? That is OKAY. You can apply this strategy with a $300 bankroll (as an example), clear $60+, and use that to start betting on those sites. At any bankroll, you can start the process of building your bankroll.
Regardless of how much you start with, make sure it is an amount you are comfortable with (i.e. use your entertainment budget, not your home bills budget to figure this out)
How much risk are you willing to put on each bet you make AFTER you maximize your sign-up bonuses? This should be viewed as a percentage of your bankroll
Rule of thumb… 1% of bankroll. If your bankroll is $500, $5 per wager is plenty. As your bankroll grows, so will your bet size.
There are other systems of betting, such as using Kelly criteria to determine your bet size. Focus initially on flat staking at 1%, and as your knowledge builds, consider these other tactics.
Once you have taken the bankroll into account, it’s time to put the money to work. Before you start, the psychology around sports betting is a major detriment to gamblers. Get the following in your head.
Be patient. There is a very real learning curve and this will not be mastered overnight.
Get rid of ego. You don’t know X, Y, or Z. Don’t pretend. A gut bet is a bad bet.
Never bet more than your unit size.
Never make a bet because you lost the last one. Never double down a bet because “the team just started slow”. Never make a bet that was good at one number AFTER it moved to a worse number. Don’t CHASE.
Never make a bet for any reason other than cold calculation.
This is an intentionally extreme statement. It is supposed to be fun. Make a “Pizza Money” bet occasionally, but be smart about it. Use free bets, use 1/4th unit size, do anything to clearly differentiate in your mind “I know I am throwing money in the wind here, but I do want to have some fun”. Make this an inconsequential portion of your gambling strategy.
It’s time to get started, you have two goals initially: 1) leverage your sign-up bonuses and 2) get comfortable responsibly navigating sportsbooks.