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How to Manage Your Bankroll: Keep Stats and Set Rules for NFL Betting

by - 9/10/2015

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Bankroll management is one of those boring topics that tends to get overlooked by bettors, but it's of the utmost importance for anyone looking to make a profit by wagering on sports. If you are a serious gambler, managing your money is akin to a business owner managing his or her books. Would you expect any business person to not have detailed records and knowledge of the amount of money they made or lost last year? Which areas of their enterprise grew and which didn't? As bettors who are looking to win, we should approach our craft with the same sense of detail. Here are a few tips for managing your bankroll during the upcoming NFL season.

Tip No. 1: Start a bankroll and keep it separate

The first step in managing a bankroll is to actually start one. Many bettors skip this step when starting out in the sports betting world and begin by depositing money into Bovada, putting in more money if they lose, withdrawing after a win and then repeating the process. While I am not recommending that you carry around a wad of cash like in the old-school gangster films (because that is not a good idea), you should assign a separate set of money that is to only be used for betting. The reasons for keeping a bankroll are simple. You will always be able to bet if a juicy line pops up, you will not have to dip into money designated for personal expenses, and you can gamble without emotion since you will not technically "need" the money. The best bet is to keep money in your account and only withdrawal profits.

Tip No 2: Set betting limits and rules

Just like with anything else in life, bettors need discipline, self-control and a set of rules to be successful in sports gambling. You can approach betting as a hobby, which is not a bad thing at all, but if you plan on consistently turning a profit then you need to set betting limits and rules to follow. Sports betting can be an emotional undertaking, particularly after a bad loss, and losing streaks feel like they can last an entire season. Set a big bet limit, maybe something like 10 units, and a daily limit that you are comfortable losing-maybe 10 percent of your bankroll. Set rules like no emotional betting or stopping after three straight losses. Only you know your limits and weaknesses, so set rules that are personal to you.

Tip No 3: Keep stats and records

Even if you keep a bankroll, money can get mixed up or spent (which is not a bad thing), so keeping stats and records is of the utmost importance. Download an app or create a simple Excel spread sheets where you can document every game, spread and results. The key, however, is to continue to keep records even when you are losing money. One great side product of keeping records is the knowledge you will gain by reviewing them every so often. Take a detailed look at your records and find out where you are losing money and where you are winning it. Maybe betting on big favorites is a tendency of yours that is losing money. Or maybe you have a knack for picking road winners. You'll never know where your betting strengths and weakness lie until you begin keeping stats.

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