Setting Your Unit Size & The Importance Of Bankroll Management
First and foremost, it’s important to be familiar with some of the key terminology in this article. In order 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. This does not mean you are setting out to lose, but rather it’s about being responsible and always preparing for a worse case scenario. Betting within your means is a key element to bankroll management.
You should not need to be withdrawing 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 different financial situations. There is no exact formula to 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 3% of our bankroll.
For example:
Let’s say you set a total bankroll of $1,000.
1% of bankroll - $10 unit
3% of bankroll - $30 unit
5% of bankroll - $50 unit
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 0 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 55-60% 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 who 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 you get your betting information from.
Always bet within your means. Do your best to stick to a bankroll management structure in order to give yourself the best chance of winning. Check out SteadyPicks Premium
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