Sports betting can be a fun hobby or even a full-time money-maker. however, it is crucial that you understand the importance of choosing a staking strategy for sports gambling.
In this article, our resident betting expert explains the importance of gaining a mathematical edge, how staking plans work, choosing the right plan for you, keeping your discipline when betting, and other useful information.
What is a Staking Strategy?
A staking strategy is a system you use to properly manage and monitor how much cash you use on sportsbook gambling. The reason professional and profitable bettors adopt a staking strategy or plan is to enhance their chances of making a profit while reducing the risk of overspending when gambling online.
Online sports gamblers use many types of staking plans, including flat or level stakes and percentage staking. It’s crucial you find the best approach for you to manage risks and better preserve your bankroll.
The Importance of Staking Plans
Your first step should be to create or adopt a betting system that works for you. You’ll find examples of differing gambling systems further down this page. When you have the right system, it’s time to create the best staking plan.
Both the system and plan are equally important, and you lose strength from one by neglecting the other. A solid strategy won’t yield the desired results without a strong plan - it can boost your profits and improve your bankroll management.
Level stake: A simple staking strategy
A great way to check the effectiveness of your gambling strategy is to work off level stakes. If your strategy doesn’t return profits off level stakes, it’s likely flawed and could eventually prove costly if you don’t change course. But what is a level stakes plan?
In its simplest form, a level stakes plan involves risking the same stake on every wager, regardless of the sport, odds, and form. This approach is easy to follow, quick, accurate, and great fun. It’s best for those who are betting on selections, while a level stake approach isn’t always as effective when laying teams. Your stake could be one point for each bet if you wager regularly or higher if you gamble less frequently.
A more advanced staking plan allows gamblers to move the needle to reflect the odds offered on their prediction. Remember, the lower the odds offered, the more likely a bet will win, whereas the higher the odds, the less likely a pick will come good. The higher the odds, the lower your stake in the hope of risking a little to win a lot. The tighter the betting odds, the greater the stake to ensure you’re landing a return worth winning.
Level Stake Example
Let’s suppose you have a $1000 betting bankroll for the purposes of this example. You decide to use 2% of your pot for each bet, meaning you risk $20 per wager. You decide to wager on an English Premier League match involving Manchester City and Manchester United, backing Man City to win at odds of +100.
If Man City win, your bet returns $40, meaning you have a $20 profit. But if the wager loses, $20 is deducted from your bankroll for this period. Level staking is a simple way to track your spending and helps maintain gambling discipline.
Fixed Win/Risk Staking: for more advanced bettors
The fixed win or risk staking plan is more complicated than the flat staking plan, but it offers many advantages. The stake is determined by the desired profit or acceptable loss, allowing the player to target an exact return while placing a cap on the potential risk.
You can use your bankroll to determine how much you’d be comfortable losing on a bet. Stick to the usual $20 from the previous example or move it accordingly. You could stake $10 on an outsider you think has an OK chance or $40 on a bet you’re confident will win. Moving the needle on your stakes allows for higher potential returns, which appeals to most gamblers.
Fixed win/risk example
Suppose you’re betting on the Kentucky Derby and target a $50 return from your wager. That’s the number you’re happy to target after reviewing the race and feel it’s achievable.
You select a runner with odds of +150, and from your calculations, you know you must stake $33.33 to win $50. You place the bet, and if you win, you return your $33.33 stake and the $50 profit, but if you lose, the bookmaker takes $50 from your bankroll.
Choosing Your Staking Plan
Both of the above examples of the level stakes plan and moving your stake to match the odds are mathematically sound and proven, used by gamblers worldwide for generations. If your preferred approach proves your gambling strategy is worthwhile, it’s time to find the right percentage of your bankroll to risk on a bet. Thankfully, that’s much simpler than it sounds, and we’ll explain more in this section of our article.
A common mistake used by gamblers - especially those with a strong betting strategy - is to think only about the winners, becoming obsessed with beating the bookies. A pro gambler will calculate the expected losing sequence. You must decide how much you can afford to lose to gambling and then calculate how many losing bets in a row would wipe out your budget. When you have the answer to that question, you’ll know your ideal bankroll. You can then calculate the percentage of your bankroll for each stake.
Remaining disciplined is as important as finding winners at generous odds for the right stake. You must avoid what’s known as ‘chasing your losses,’ where you raise your stake in an attempt to regain losses from previous bets. Win, lose, or draw, you must stick hard and fast to your staking plan.
Most problems surface when chasing losing bets, but watch out for the opposite, which is greed. If you’re gambling $10 and finding winners, you may want to lift your stake to $20, knowing you could double your returns. But you could also double your losses just as easily and every bit as quickly. Don’t let poor results move your staking strategy, and make sure a successful period doesn’t cloud your judgment. A good gambler is judged over a year or season, not a week or month. Play the long game.
Find Sports Betting Education and Advice on Whop
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