Set a Manageable Bankroll
Some millionaires wince at losing a $5 bet while there are trashmen who have no sleepless nights about losing $500. This measures what we call pain threshold and it has to do with how much you can afford to lose over the course of a season without getting the cold sweats if you lose it all. For some that bankroll might be $500 for an entire 17-week NFL season while for others it could be $500,000.
Only you know what you’re comfortable with and it must be considered discretionary income, similar to that you would spend on a season of golfing, fishing, boating, or any other recreational activity. At least with this one, you can have more money in your pocket at the end of the season than you did at the beginning. That’s certainly not the case with the other hobbies.
Size Matters
One unit is essentially one percent of your bankroll. Therefore, if you have a thousand dollars set aside for the season then one unit will equal $10. Doesn’t sound like much but if you want to stay in the game, bet with your head and not over it. Some industry pundits will advise that all bets should be the same amount while others contend that different levels of confidence on a wager should be expressed in terms of unit size.
A one-unit bet is a side or total worth betting while a five-unit wager is a rare breed indeed but one where you believe the risk is worth the reward. And anything in between, 2, 3, and 4-unit wagers should have corresponding degrees of confidence. But make sure that your units do not exceed five units and make sure that those wagers are few and far between.
Also, make certain to limit the number of wagers you place on a Sunday. And remember, the odds on NFL teams are constantly changing, but right now the Chiefs remain the favorites to win the division at all of the top betting sites. But just because they are favorites doesn’t mean Kansas City is a sure thing. Sometimes there is value on long shots so make certain to do your due diligence and explore every angle.
Should You Pay for Advice?
Paying for advice isn’t a bad idea in most professions, that’s why we have consultants. However, if you want to try to earn a living, or at least a few extra bucks, betting professional football then you are better off left to your own devices.
The professional handicappers or as some call them, scamdicappers, will charge you for their advice on a game or series of games depending on the plan. The problem is that most of them, although not all, are modern-day snake oil salesmen. They often misconstrue their records, or outright lie about them, in order to attract fresh meat to the slaughter.
The issue is that a bettor needs to win 52.4 percent of his wagers (at a standard -110 vigorish) to simply break even. But if you are paying additional money for the picks, that number escalates accordingly. One of the world’s most famous sports bettors, Billy Walters, claims he has a lifetime win percentage of about 57 percent. But as his understanding of the game increased, so too did the size of his bets, which ultimately led to him having a hugely successful career.
“I know what every sucker thinks, because I used to be one. I can assure you that every successful gambler I know has been through some monumental failures on his way to getting there.” – Billy Walters
Understand that there is plenty of free advice on the internet and after doing your homework, it is important to cull opinions from different perspectives. These resources can be found at sports betting forums and NFL handicapping columns by veteran cappers who are paid by the site, rather than you, to disseminate their opinions. Eventually, you will follow those who are transparent about their records, whose strategy is sound, don’t make outrageous claims, and gives their advice freely (in more ways than one)!
Choose the Right Online Sportsbook
Don’t take your friend’s advice about where to bet. It’s a recipe for disaster because chances are, he has only deposited and never asked for a payout. You see, online sportsbooks make depositing your money and funding your account an absolute breeze. The tricky part can be getting paid. But your buddy doesn’t know this, and certainly won’t share this with you, because he’s never consistently won. And why is that? Because he has no discipline when it comes to sports betting and he hasn’t read this article!
Make sure to investigate which online books have a proven track record of paying out in a timely fashion. There are sites that vet the major online sportsbooks and they will tell you about the good, the bad, and the nefarious. One of them actually ranks sportsbooks with a letter grade from A+ to F. Choose wisely, have fun, and make money!
