Money Management Tips For March Madness

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March brings on one of the hottest sports betting seasons of the year. There are more televised, highly completive college basketball games than most average bettors are ready for. Many people are overwhelmed by the choices and blow their whole bankroll before the Final Four even begins. Here’s a few tips to help you manage your money to enjoy the entire tournament.

Set a maximum amount that you could potentially afford to lose if the worst happens. This is important because the amount will help determine how much you wager on each bet. This money will be referred to as your bankroll.

Once the bankroll is established a bet unit amount needs to be determined. One unit will become your standard wager amount. Typical units are 2-5% of the entire available bankroll.

Decide on what sort of overall betting strategy you want to employ. Here’s a few examples:
A very conservative strategy would be to set your bet unit at 2%, never bet more than 2 units (regardless of how sure you are of the play), and recalculate the unit amount at the beginning of each new wagering day (adjusting it up or down in relation to the new available bankroll due to wins and losses on the previous betting day). If your bankroll were $500 your unit amount would be $10 to start. If you won $75 one day the next day your unit amount would increase to $11.50. If losses had occurred the new unit amount would decrease. With this strategy no more than 10% of your bankroll (5 units) should be in play at any one time.

A more moderate approach would be a 1-2-3-5 repeating progression. When you bet this way you are using won money to increase your betting amount more quickly and take more advantage when hot streaks occur. With a $500 bankroll and a 4% starting unit amount of $20 if you win the first bet you make the second bet double the amount of the first ($40). If this wager wins the next bet amount would be three times the first ($60). If the third bet wins the fourth bet is five times the original wager ($100). The 1-2-3-5 here is equal to our $20, $40, $60, and $100. If all of these win you will have increased your bankroll by eleven units to $720! If there is a loser at any point in the progression you should return to the initial one unit wager.

If the five-unit wager hits the next wager would take you back to one unit. Many betters like to recalculate their unit amount any time they go up or down 10 units. When using this strategy it is obviously best to only have one wager in action at any given time because you must know the result of the previous wager before making the next one. This is a particularly effective way to ensure having a bankroll that lasts.

A third, more aggressive way to play is a straight-up 50% progression Start with single units (unit amount should be 4% or less because the amount of units bet can increase quickly) and up every time there is a winner up the bet 50%. With the $500 bankroll and a 1% unit amount of $5 bets would increase this way with a string of winners: $5, $8, $12, $18, $27, $40, $60, and on and on (This is not a regular pattern, few people win that many in a row!) Some players re-calculate the unit amount after every loser although this is not necessary. This system results in big wins on hot streaks and controls losses during the cold spells.

When you pick a strategy stick to it and most importantly never chase your losses. Making one big bet to make up losses is not smart play and although it may occasionally work in the long run it will kill any bankroll. Play smart and pay attention to your money!