Money, money, money! Who doesn’t love money? Mix that with the thrill of possibly instantly becoming rich, and you’ve got gambling. However, you should always, always bet smartly. Here are three simple steps to managing your money when betting.
Determine how much you’re willing to lose.
Always assume you’re going to lose money, and if you happen to win money, great! But be prepared to lose money, so never bet money you aren’t prepared to lose. That being said, it’s best not to bet money needed to pay rent, bills, or any living costs. Bet what you can afford to lose.
Of course, everyone can afford to lose different amounts. One way to look at it is to see it as spending money or “fun” money. For example, a basic ticket to Disneyland for one day is about $100. Most people view a trip to Disneyland as a luxury and unnecessary, so they pay with their extra money, their fun money. They use the money they have after they’ve paid and set aside the money needed for all necessary costs. People buy a ticket to Disneyland knowing they aren’t going to make any money in return. That’s a financial loss, but to them, it’s worth it.
Betting money works the same way. You can bet $100 and assume you’re going to lose it. If you win, great! If not, you were prepared to lose it. I started out with depositing $25 on FanDuel at the beginning of one NFL season, and said to myself “that’s all I’m willing to lose.” And two years later, I still have money in the account. I’ve won some and lost some. I started small with what I could afford to lose.
People spend their extra money in different ways and betting is one way to spend it. So, determine how much you’re willing to lose. Are you willing to lose a trip to Disneyland? Seeing a movie in theaters? Whatever the amount, big or small, be prepared and financially stable to lose it.
Choose a unit size.
A unit size is an amount of the bankroll used on a single event. Typically, bettors bet 1%-2% on a single event. Most professional bettors rarely go above 1% on a single bet. Unit sizes are used to show confidence on a bet. For example, if a person says they’re betting 4u (4 units) on a bet, then they are super confident, so they’re betting four times their normal betting amount.
Reevaluate your bankroll.
Life happens. So, consistently reevaluate your bankroll to make sure you can still afford to lose that money. Dial back your money if you’ve been losing lately. Sometimes the best strategy is to sit out and reevaluate. Increasing your unit size (betting more) to make up for losses is a bad strategy. Most likely, you’ll end up losing more than before. So sit back, take a breather, and reevaluate.