Tips for Football Betting

Betting is a fun and thrilling activity, but it can come at the price of many losses if you are not careful by taking precautions for risk management for your bankroll. Football betting has become immensely popular worldwide, which has resulted in an upward trend of betting activities. Here are some tips on how to evaluate risk for each of your bets and manage your bankroll accordingly to lessen possible losses. 

Set A Bankroll Budget and Stick To It

The number one rule for risk management when it comes to football betting is to set a budget for your bankroll and stick to it religiously. If you are having trouble figuring out how much to set your bankroll, financial advisors suggest that about 10% of your net income as your recreational spending since betting is considered an entertainment venture. 

Hence, if you make about $3,000 in net income per month, you can dedicate about $300 to your bankroll. Of course, if you work over time or receive money for holidays or your birthday, this can increase your bankroll if you choose to deposit those monetary gifts.

Do Not Bet Anymore Than A Small Percentage Of Your Bankroll

You want to be sure your bankroll goes as far as it can so that it can last as long as possible. This is especially true if you are working with a very low budget bankroll already. Punters follow the rule of not betting anymore than 5% of their current total bankroll. 

For example, if you want to make an over/under bet for your favorite football team and you currently have $2,000 in your bankroll, this means that you should not wager anymore than between $100 for that specific bet. Keeping your bets low means that if they were to lose that you won’t be losing out on much.

Especially if you have had any recent winnings that were added to your bankroll if you were lucky enough to cash in on a bet, it can stretch them out farther by following this rule of thumb to not bet any more than 5%. Betting 2% to 4% can continue to stretch your bankroll even further.

Diversify Your Betting Strategy

While you may have a favorite football team that you are always rooting for in a specific league, it’s best to spread out your wagers in a more diversified betting portfolio to increase the chances of possibly winning one of them. You may primarily root for and bet Manchester United’s team from the Premier League during their matchups, but it could be a good idea to Esteghlal Football Club since they are currently #1 in the Persian League as of mid May 2024 just as an example.

Don’t Chase Losses

Oh no! You lost an over/under bet for your favorite football team’s most recent match. While you may feel tempted to chase a loss after it happens by placing another bet, let it go and learn from the loss. Rather, you can go back to diversifying your bet strategy if you find that betting on a specific team in one league is currently not working whereas doing different types of bets, even if it means on a team in a different league, could work out better for you.

Research, Research, Research!

The more research that you conduct before placing a football bet, the more that it could benefit you. Even if you end up losing the bet, you will at least know what went wrong and what other research you should seek out before placing the next bet.

Make it a point to research historical data like player performance stats, prior team performance statistics, and the wins and losses for teams in which you are interested betting on in a matchup. Be sure to utilize various credible sources to collect your data such as local news broadcast websites, sportsbook coverage, and scholarly resources.