Become a Successful Sports Bettor with Bankroll Management! | SPORTS BETTING TIPS

[00:02] here with Teddy Covers and Marco D'Angelo of wageralk.com. Today we're going all things bankroll management. Why? Because we believe here at Wager Talk that that is the most important key to your success as a

[00:16] you first. >> Bankroll management is so key. It is going to make or break someone. Can you kind of explain one step backwards why >> So, it's not going to make someone. it's only going to break someone. You know, I

[00:31] mean, the the issue that most betterers have is they overestimate their winning percentages and they overestimate the chances of them going on a negative run. doing this since the '9s. Marco, you've been doing this since the 80s. We've all

[00:47] had good years. We all have bad years. But more than that, you have good weeks, you have bad weeks. And over the course of time, you expect to have more good weeks than bad weeks. But inevitably, the best handicappers in the world are

[00:59] going to go through negative stretches. So the biggest issue that people face when they're overestimating how many wins they're going to get or how what that they burn their bankroll during any slump. And I did it when I was a

[01:16] it when you were beginning better. I remember double or nothing through the whole NBA playoffs. And Reggie Miller game, I I had a double or nothing. Going with my bookie on the couch and then and

[01:28] then true story. Uh and that was a double or nothing with the biggest bet I I've been getting my ass kicked and double or nothing and double or nothing. Once you build a bankroll, you can't do that stuff anymore. And you're talking

[01:41] you have no bankroll, I'm not going to tell anyone that has the bankroll, oh, know, if you have $100 to bet, you're not making a $3 bet. You're making a $10 bet or a $15 bet or a $20 bet. But as your bankroll increases, you can't do

[01:56] that. Your percentage of bankroll has to be small and that means money Teddy's speaking to I'm guessing guys that are betting nickels and dimes and right? We always talk about that at Wager Talk. This is for the long haul.

[02:10] parlays, those ones you see on, you know, DraftKings or those crazy FanDuel slips with the egregious cash outs. That's a whole another video. These are the guys that are wanting to do this, maybe not for a living, but as a really

[02:24] great part-time hobby and assure that their wife is not going to kill them for a year. >> Well, if you want this as a side hustle, so to speak, yes, but you got to treat it like a business. That's the very

[02:36] first thing you got to do. And if you were starting a business, you would have right? So that is your bankroll, your capital. You take that and you have to protect that. And by protecting that, for me personally, and yes, I agree with

[02:51] you. You learn the hard way. You you learn from your mistakes and what you do. For me, I'm on a conservative nature. I will never have on any single day more than 10% of my bankroll in play. And that's and I'm talking when

[03:06] I'm in a on a Saturday in college football or college basketball when you have a monster slate. Uh, I minimize what my plays are because that also minimizes your risk and it's step and repeat every day. You're going to have

[03:20] losing days. You have to be able to accept the fact that a losing day is the cost of doing business and you don't try to chase. That's the mistake that most people If you ask me one mistake that people make the most, you have a guy

[03:34] that maybe, let's say he's a $100 player, he bets a Thursday night game, he loses. All right, Friday night there's another game. He makes another $100 bet. Saturday he might make four plays. Goes two and two. Sunday he goes

[03:47] one and two. Now he's down 300 plus juice going into Monday night. All of a sudden >> that guy is not a $100 better. >> Yeah. He's betting 400 because he wants to show a profit for the week. And

[04:02] that's how you take a you know a losing week into a disastrous week. Those are the mistakes that people make. And especially if you're betting at credit shops versus here. And that's why I always said, remember the debate when

[04:16] betting in a different state? You're going to ruin families. You're going to there was always bookies. There was always a guy on >> there. Always going to be bookies. >> All they'll take bets on credit, right?

[04:29] out. >> Yeah. You can't lose more than you have in a legal sports book. Correct. Nobody's giving you credit. You got to you said the single most important statement, and I want to re-emphasize

[04:42] that. If you want to do this successfully, long-term as a business, you have to treat it like a business. If you treat it like a casual hobby, you'll actually want to say, "I'm going to make money long-term betting on sports,"

[04:57] you're not risking huge percentage of your bankroll in any given wager, and you're taking it as a professional approach and not a, "Oh, well, I'm down 400, let's bet 600." Exactly. like which again we've all done. I'm not I did it.

[05:11] I'm confident we've all done it as beginning bettererss. But if you last in casual better, if you're going to last more than a year or two, >> bankroll management is the most important skill you can have is that way

[05:25] you don't blow it when you have a bad day or a bad week or inevitably you're going to have a bad month and that matters. to elaborate, you could but if you're somebody that's tying everything up in parlays,

[05:37] >> you're going to be a loser. >> Sure. And and especially, you know, you that bet. Oh, I'm really good. I'm going to bet five times my normal amount. That's the one you lose. Oh, I just went I won I hit 7% this weekend and lost

[05:50] money. That's what we try to avoid. >> I'll say this, uh, give a little Picket. Ever since I attached my legal sports books to my picket account, I have realized, hey, maybe college football totals are not your thing. You

[06:04] information, maybe you should not bet them. Going 1 and8, that kind of killed me on a year that I went 74 and 72 in college football. I mean, I didn't make had a couple nice outright underdogs, but it was a rough year for me. But

[06:17] holding yourself accountable on some of these apps that you can attach to your legal sports books are a really great way to look at it. If not, go old That's what I did for years. You can kind of start to see, oh wait, maybe

[06:29] player props isn't my forte. Maybe if I didn't bet those, my college football or went a little bit different. >> And and and that's a really key point. People think money management, money management. If you recognize what your

[06:43] best sports are and what your best wages in those sports are, you can make appropriately sized wages and still be in action on other stuff as you try to improve that skill, but for a lower bankroll amount.

[06:55] >> Oh, trust me, Teddy. If the PLL they would let me bet more than 250 bucks a college football ever again. All jokes aside, Marco D'Angelo, wageralk.com. You guys can check him out on bet on every week. Teddy covers wageralk.com. You can

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