Picking winners is an obvious requirement to successful sports betting. However, it isn’t the only important aspect of it. Making a substantial amount of money requires a lot more than just predicting which teams will win. The majority of casual fans can pick a strong percentage of winners just by looking at the matchups and rolling with the favorites. That doesn’t mean they will be able to generate profits.
The key is to find the reasonable favorites and value underdogs that will help drive your profit margins. That will make sure that you are focused on positive risks rather than sucker bets.
Here is a look at staking plans and why they are important to successful sports betting strategy.
What Are Staking Plans?
Staking plans are simply a method for determining how much you should stake on any given wager. There are plenty of different types of plans but they all follow the same concept with a defined set of rules that dictate exactly what amount you should stake for every wager that you place.
A staking plan helps you manage your risk and eliminates the potential for bigger losses than you can stand to take on any given wager. By making sure that you constantly risk the same amount of money, you limit the potential hits that you can take while being influenced to look for value when searching for lines that you want to bet on.
The Level Staking Plan
Level Staking is the simplest type of Staking Plan since all you do is stake exactly the same amount of money for every wager. There is no set of rules for how much you are going to wager but a good rule to follow is five-percent of your starting bankroll. You don’t want to risk too much but you don’t want to risk too little either so betting five-percent of your total bankroll on every wager will make sure you always maintain 95-percent of your bankroll regardless of whether or not a wager hits or loses.
The Percentage Staking Plan
Percentage Staking is similar to Level Staking but there is a set of guidelines you follow based on whether your win or lose. The percentage is fixed but you can slightly increase or decrease the number based on whether you win or lose.
For example, if you start with something like two-percent of your bankroll, you can adjust that rate to five-percent if you win or stick with two-percent win you lose. The point is to stay under five-percent of your bankroll and adjust it based on confidence level.
That’s the plan you stick to whether your are coming off a win or a loss. And it’s the same plan whether you bet at Bovada, SportsBetting.ag or any other sportsbook. And the same goes if you’re betting NFL, MLB or any other sport. Nothing should make you waver from the staking plan.
Which Staking Plan Is Best?
There are plenty of different strategies and additional staking plans available online. The key fundamentals behind them are all the same. The point is to have a defined amount of money to risk on every wager based on your bankroll as well as on your wins and losses if you choose to do so.
One of the most important aspects of successful sports betting is managing your bankroll. Staking plans are a great tool to help enhance your ability to do this while focusing on consistently generating profits.