Video Summary

To become a serious sport bettor, it's essential to establish a betting bankroll and only bet what you're willing to lose. The first step is to determine your betting frequency: casual, frequent, or professional. If you're just occasional, a separate bankroll for a few big bets per year isn't necessary. However, if you're more serious, you'll need a plan, including a betting bankroll, separate account, and bankroll tracking.

Start by defining your bankroll size, considering your financial status and the level of risk you're comfortable with. A good starting point is a minimum of 1,500, with a goal of reaching 2,000 in a year. Set your unit size, which depends on your risk level: low (2% of total budget), middle (4%), or high (5%). Keep your betting money separate, outside of your checking or savings account, and use a spreadsheet to track your wins, losses, and profits.

When you're ahead, avoid taking out profits too soon, as this can lead to reckless betting. Instead, set an upper limit for your bankroll, like 2,000, and take out profits only when you reach that mark. Adjust your unit size as needed, considering your confidence in your picks and the potential value in each bet. With a solid bankroll management strategy, you can maximize your returns and achieve your betting goals.