Sports live betting is not an easy walkover, it has to be done wisely and intelligently. When you bet live, your bankroll is the amount of money you are investing and risking with the bets, so it has to be managed smartly. One of the biggest reasons why sportsbooks keep making money is due to the fact that they can always rely on the inexperience of the rookie gamblers. If you are inexperienced, you will always bet more than you should and it is a genuine rookie mistake. If you intend to turn profits from your bets then you should get friendly with live betting. Here are six steps that you can follow to boost your bankroll and get friendly with live betting.
- Discipline
Discipline is the key to success whether you are live betting or trying to accomplish anything else. The first thing to do as a rookie is to know how you can manage your bankroll. If you have placed bets before then you know that it is very tempting. People make a foolish mistake by placing large amounts of bets due to one reason – the bigger payouts. The probability of you winning massive bet is none to minimal. So, you have to show discipline if you intend on making any profit when betting.
- Consistency
If you ask the main difference between a bad day and a really bad day, the experienced betters would say – not being consistent with your bets can make that difference. You are always required to make similar bets every time. What is meant by that is if your usual bets are of $10 for each game and you placed four bets that day, even if you lose all four bets, you would only lose $40, and that’s bearable, after all, you know what your odds of winning and losing are.
- Why are you betting?
It is important to know why you are betting if you want to get familiarized with live betting. Some people place bets because they think it’s entertaining while others, they do it for a living. So, you have to determine why you are investing your hard-earned money.
- Invest wisely
Betting is anything like an investment. As you do with any investment you make, you have to consider your bet’s potential Return of Investment. The general rule of thumb as per the betting experts is to bet anywhere between 3-5% of your bankroll. So, even if you are in a losing run, much of your bankroll will not be affected.
- Throw some of your profits back in
Once you get consistent with making profits on your bets, you should increase your bankroll amount by adding some of your profits to it. Thus, you are not required to add more money to your bankroll; you can simply add the profits you make. Hence, there will be more money to place your bets.
- Define your gambling style
There is no such thing as proper ‘gambling style’ and your strategy should depend on the situation of the game you are betting on. But if you want to define the gambling style, you can prefer tight, loose or aggressive. The more aggressive you are the bigger bankroll you need.
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