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If you don’t have a sound budget in place, then you can run into trouble down the road. That holds true for the game of life, and it’s also applicable for betting on sports. For those who are looking to find long-term success with the hobby, the importance of budgeting is tough to overstate. Here’s what you need to know about putting one in place.

Why you should have a budget in place

A sports betting budget helps you have a better handle on how much money you’re spending on wagering. If you frequently hit the deposit button without paying any mind to the overall ups and downs of your account, you may wind up spending more than you’d want.

By having a budget in place, you’ll be much more mindful of the amounts that you are putting into play for each wager, as well as how much you’ve made or lost on an overall basis. If your goal is to bet on sports responsibly, then a budget is a must.

What is a bankroll?

In this context, the term bankroll generally means the amount that you have in your sportsbook accounts at the present time. However, you should look at the bigger picture and consider bankroll to be the total amount that you are comfortable betting overall.

Barring a fantastic run of success, you’ll have to make deposits into your account at some point. Your total bankroll should be the amount of funds that you have on-site, as well as the amount that you feel comfortable depositing when it’s time to replenish.

For a standard rule of thumb, your bankroll should be the equivalent of what you would spend on another entertainment-related expense. It should be funds that you don’t need for other expenses or necessities, as there’s always the possibility of a complete loss.

Calculating your sports betting budget

When you first sign up to play at an online sportsbook, the natural hope is that your initial deposit will translate into regular profitable payouts that you’ll be able to bet with for as long as you want. Unfortunately, it’s not that simple.

It’s challenging to win at sports betting consistently. As a result, the chances of having to add money to your account again are high. When thinking through your total budget, you need to factor this into the equation.

As you move forward, those who track their results will be able to factor in their success rate for a big-picture view of the exact ins and outs of their accounts. For starters, just remember to track any replenishments that may be necessary as you continue to play.

How big — or small — should your budget be?

There’s no one-size-fits-all answer to the budgeting question, as it’s based on your personal situation and comfort level. To begin, it’s important to honestly assess your current situation. You can get started by asking yourself the following:

At the top, the amount that you use for betting on sports should be funds that you don’t need elsewhere. Next, betting frequency helps to determine how much you’ll need based on your wager size. Finally, you’ll need to forecast any potential additions to your account.

Once you have your basic budget in place, you’ll want to establish a unit size. The general rule is that any single wager should only be a small portion of your total bankroll. For a conservative approach, the unit size could be 1% to 2% of your bankroll, while a more aggressive style could call for 3% to 5%.

How that translates into the actual amounts that you bet will depend on your personal situation and comfort level. As an example, a starting bankroll of $500 would equal conservative betting amounts of $5 to $10 per wager or $15 to $25 if you are being more aggressive.

Ways to enhance your budget

Many sportsbooks offer bonuses when you sign up, but the incentives don’t begin and end there. Most apps often have regular sportsbook promos for existing bettors, such as the following:

While you don’t have to use every promo offer, you’ll come to find that there are a number of great chances to get a little extra with little effort on your end, other than opting in or accepting the terms.

Sports Betting 101

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Ground rules for deposits and withdrawals

You can make deposits as necessary, but some bettors prefer to keep a certain amount in their account at all times. When it goes above or below a certain level, that’s the time to make a deposit. As always, the amounts should be something you can afford to lose.

For withdrawals, it’s good practice to regularly sweep profits. The winnings are yours to keep, after all, and it’s much easier to risk them again — or get too aggressive with your play — if you leave excess amounts in your account.

If you win a large amount, such as on a same-game parlay, you can certainly keep some funds on hand to up your bankroll and stakes. Just be sure that you don’t leave too much behind and wind up lamenting what might have been if you took it out instead.

How a sports betting budget can help your game 

If you have a sports betting budget in place, you should begin to have more respect for your bankroll and the amounts that you put into play. By extension, you should be more inclined to bet responsibly while looking to make the best possible decisions whenever you place your bets.

Sports betting is filled with risk. There’s simply no getting around that. If you’re risking money with the hopes of winning back more, then there’s always the possibility of a complete loss. However, budgeting can help you keep better track of the ins and outs of your account.

When you have a handle on that, you’ll begin to get a greater sense of what’s working and what isn’t with your betting. As those revelations emerge, you’ll be more inclined to adapt your game and improve or dial back wherever needed. Budgeting won’t automatically make you better at betting on sports, but it’s a helpful tool that can point you in that direction.