In Sports Betting You Need More than Enough Cash in the Bank to Cover
If you are someone engaged in NBA sports betting, the first thing to remember when it comes to money is that you should never bet with cash that you don’t have. Don’t use the rent, food or gas money. Don’t take out a loan of any sort to make a bet. No matter how sure you think it is, you have to always keep in mind that there are no sure things where sports betting is concerned.
Show Me the Money – NBA
The question is—where are you going to get your money from to bet? Do you have excess funds? That’s great. Have you been saving up for the season? That’s fine too. Whatever money you have on hand with which you’re going to wager, it needs to be cash that you are willing to lose. That’s the first thing that any bettor has to accept—there’s a chance that they are going to lose their stake.
This is different from saying or thinking that you will lose your cash. You want to think in a positive way and even though you admit that you may lose your money, you also want to affirm that you’re going to do everything you can to make money at sports betting. That means working at it in a business-like manner. And that translates into determining your expenses, bankroll and weekly budget.
Many beginning sports bettors don’t take the time to figure their expenses. When sports betting on the NBA, you’ll have yearly and weekly expenses. Be sure to deduct these expenses from your bankroll.
A few examples of basic expenses include any previews you may purchase, special websites to which you subscribe and any handicapping service you may use. Thus, if you start with a $1,000 bankroll and your expenses at the start of the season total $100, you’re down $100 from the start. That’s okay because you’ve made an investment with that cash. But the thing to realize is that if in the first two weeks to make a $100 profit, you’re not up $100, you’re even.
Your Budget and Bankroll
Your budget is different from your bankroll. Your budget is what you’re going to spend on sports betting each week while your bankroll is the total amount of cash that you have to invest for the season.
If your bankroll is $1,000 and you’ve spent $100, you’re left with $900 to invest over the course of the season. Legitimately, that bankroll can last about 10 weeks if you make eight $11 wagers a week. Of course, that’s if you go bust on every bet. If you win enough wagers, you’ll make a profit.
If you do average a 60% win rate over that time in ten weeks you’ll have a bankroll of around $1,350 after you deduct the sportbook’s commission. You may have other expenses to deduct but your profit would be around $350 since you originally started with $1,000.
If you hit a really good streak during that ten-week period, you could be up by $450 to $550. But don’t try to make your bankroll grow with risky bets such as hard to hit parlays. If you do, you may lose your entire stake.
The primary thing to do when it comes to NBA sports betting is to treat it like a business. Keep track of all expenses, do your research and be selective in your wagering. Doing these three things will keep you in the mix for the entire season.