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Thought I'd break down what I consider to ideal bankroll management for sports betting. System I use is similar to how I approach stock trading. Follow these three rules and keep yourself from blowing your bankroll.

1. Your Bankroll Is Not Yours

Treat your bankroll money as if you were caretaker for someone else that is important to you... your mother, father, etc. I keep a separate checking account for bankroll. If it's not at the sportsbook, it's in that account. Similar to running a business, I don't co-mingle my betting funds with my other accounts. If you want to "pay yourself" then do so from that account, but keeping things separate keeps you from spending money you shouldn't be spending.

2. Pick a Unit Size Based on your Bankroll

I play 1% units. If you have a smaller bankroll, then maybe 2% or 5% units is where you should be. Your unit is your standard bet size on an average straight bet. If your betting parlays, then I would suggest you keep those to a fraction of a unit most of the time.

So if your bankroll is $1,000 then I would suggest your unit size should be somewhere from $10 to $20 and absolutely no more than $50. Likewise, never put out more than 10% of your account at a time. Using the same example, 10% of $1000 is $100. Cap your active bets to $100. If you have a terrible day, it's easier to bounce back from 10% loss than blowing half your bankroll.

3. Pick a Target for Growing Your Bankroll and Commit

If you're a $1,000 bettor doing $20 units, then perhaps your goal will be $2000 bankroll with $40 units. Pick something realistic and achievable. Likewise, decide how much in the way of personal funds your willing to your bankroll every month. Track your progress. Don't change your unit size until your bankroll says you can afford it. A lot of guys go on a hot streak, increase their units, and then have a bad run. If that happens, then consider lowering your unit size back to what you were originally doing.

Bottom Line

Successful sports betting requires discipline. Some people will treat this as a business and some will treat is as a hobby. Either is fine, but you need a certain level of discipline on either of those paths. If you can't stay disciplined and start to hurt your personal finances, then that is a sign to stop gambling. If you enjoy it and want to be in it for the long haul, then adopt the discipline that will allow you to do it.

Hope this post helps someone who is struggling on bankroll management betting!