Understanding Units & Bankroll Management
First and foremost, it's essential to be familiar with some of the key terminology in this article. To understand a unit, you must first be familiar with the concept of setting a bankroll.
What is a bankroll?
Your bankroll is the amount of money that you have specifically set aside for betting.
How do I set my bankroll?
The single most important thing to remember when setting your bankroll is that it should be an amount of money that you are 100% comfortable with losing. The expectation is certainly not to lose your bankroll, but it's important to be responsible and always prepare for a worst-case scenario. Betting within your means is a key element of bankroll management.
You should not need to withdraw money from your bankroll in order to pay bills or for other life expenses. This money should be specifically allocated for sports betting and should be treated like a business with the intent to grow your funds over time. Two of the biggest mistakes that sports bettors make are setting their bankroll too high and withdrawing funds rather than growing their unit size.
In life, everyone is in a different financial situation. There is no exact formula for setting your bankroll. Follow the criteria above, and set aside an amount that you feel comfortable with.
What is a unit?
A unit is a standardized measure of your bet size. Each unit should represent between 1% and 5% of your total bankroll, depending on your risk tolerance.
At SteadyPicks, each unit represents 4% of our bankroll.
For example:
Let's say you set a total bankroll of $1,000.
0.25 unit = 1% of bankroll ($10)
0.50 unit = 2% of bankroll ($20)
0.75 unit = 3% of bankroll ($30)
1.00 unit = 4% of bankroll ($40)
When should I risk betting multiple units?
This question can become a very slippery slope. In short, the only time you would raise your bet is if you feel you have a larger edge than usual on a game. In those cases, it may make sense to raise your wager, but you should always do it within reason. There are absolutely zero guarantees in sports. When you see bettors on social media promoting their "max play lock of the year", this is horrible (and dangerous) betting advice.
If the bet has been quantified down to a larger-than-usual edge by a qualified resource, then it may make sense to raise your stake. However, if you question the edge or where the information came from, then be very cautious about raising your stake. Remember that even the best sports bettors in the world only win between 50% and 60% of their bets.
We often see posts on social media referring to 50-unit and 100-unit plays. Please understand that these individuals are foolish and reckless. Stay far away from any resource that would advise risking 150% to 300% of your bankroll on one single pick. Think about the math on this. The industry is filled with bad information. Don't let yourself fall victim.
Irresponsible gambling is not only at an all-time high, but it's openly being promoted on major media platforms. From promoting same game parlays to pushing negative EV bets, we highly encourage our community to be very careful about where they get their betting information from.
What is a bankroll?
Your bankroll is the amount of money that you have specifically set aside for betting.
How do I set my bankroll?
The single most important thing to remember when setting your bankroll is that it should be an amount of money that you are 100% comfortable with losing. The expectation is certainly not to lose your bankroll, but it's important to be responsible and always prepare for a worst-case scenario. Betting within your means is a key element of bankroll management.
You should not need to withdraw money from your bankroll in order to pay bills or for other life expenses. This money should be specifically allocated for sports betting and should be treated like a business with the intent to grow your funds over time. Two of the biggest mistakes that sports bettors make are setting their bankroll too high and withdrawing funds rather than growing their unit size.
In life, everyone is in a different financial situation. There is no exact formula for setting your bankroll. Follow the criteria above, and set aside an amount that you feel comfortable with.
What is a unit?
A unit is a standardized measure of your bet size. Each unit should represent between 1% and 5% of your total bankroll, depending on your risk tolerance.
At SteadyPicks, each unit represents 4% of our bankroll.
For example:
Let's say you set a total bankroll of $1,000.
0.25 unit = 1% of bankroll ($10)
0.50 unit = 2% of bankroll ($20)
0.75 unit = 3% of bankroll ($30)
1.00 unit = 4% of bankroll ($40)
When should I risk betting multiple units?
This question can become a very slippery slope. In short, the only time you would raise your bet is if you feel you have a larger edge than usual on a game. In those cases, it may make sense to raise your wager, but you should always do it within reason. There are absolutely zero guarantees in sports. When you see bettors on social media promoting their "max play lock of the year", this is horrible (and dangerous) betting advice.
If the bet has been quantified down to a larger-than-usual edge by a qualified resource, then it may make sense to raise your stake. However, if you question the edge or where the information came from, then be very cautious about raising your stake. Remember that even the best sports bettors in the world only win between 50% and 60% of their bets.
We often see posts on social media referring to 50-unit and 100-unit plays. Please understand that these individuals are foolish and reckless. Stay far away from any resource that would advise risking 150% to 300% of your bankroll on one single pick. Think about the math on this. The industry is filled with bad information. Don't let yourself fall victim.
Irresponsible gambling is not only at an all-time high, but it's openly being promoted on major media platforms. From promoting same game parlays to pushing negative EV bets, we highly encourage our community to be very careful about where they get their betting information from.
