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Betting Guides
How to Manage Your Bankroll | Sports Betting Advice
How to Manage Your Bankroll
What is a “bankroll”?
A bankroll is money that you can set aside and invest for betting purposes only. Please only invest an amount you can afford.
What are “units”?
Units are a simple way of measuring the size of a bet. 1 unit = 1% of your bankroll. So if you have a bankroll of $10,000, a 1 unit bet would be $100, a 5 unit bet would be $500, and so on.
Compound Interest and how it works
As your bankroll grows, so will your unit size. For example, if you win $500 on an event and your bankroll increases to $10,500, 1 unit will now be $105 for you as that is now 1% of your bankroll. The same applies if you lose an event, you will decrease your unit size. You can adjust your unit size per event or monthly.
This is an investment strategy pro bettors use because it allows your bankroll to grow faster as you win, while protecting you from downswings and variance. Using this strategy with my bets over the years, I have grown a small amount of money into a bankroll that I invest to earn a full time yearly income. It requires patience and discipline, but this is the only legitimate way to win long term and make an income from betting.
Think of sports betting like the stock market; It will have ups and downs but if you keep putting your money in good positions it will go up over time. You have to stay the course to have long term success.
MMA Betting Odds | Current UFC Betting Lines
HOW DO DECIMAL BETTING ODDS WORK?
Decimal odds are the easiest type of odds to understand.
To calculate your winnings using decimal odds, simply multiply your stake.
Your “Stake” is the amount of money you wish to bet by the decimal number. For example…
If you placed a $100 bet at odds of 2.00, you would simply multiply 10 by 2.00 to calculate your return.
100 x 2.00 = 200.00 = $200 return from your $10 bet ($100 profit)
How about placing a $150 bet at odds of 1.57?
15 x 1.57 = 235.50 = $235.50 return from your $150 bet ($85.50 profit)
HOW DO AMERICAN [MONEYLINE] ODDS WORK?
American odds are calculated based on how much money you have to bet in order to win $100. The odds are always accompanied by either a plus [+] or minus [-] symbol. The symbols determine whether you need to bet more than $100 (-) or less than $100 (+), to win $100.
This may sound confusing at first, but it doesn’t take long to get used to.
Lets jump right into an example of how American odds work. Remember that American odds are all about how much money you have to bet, in order to win $100.
Imagine the odds looked like this for a particular fight…
Fighter A = -150
Fighter B = +200
When working with American odds, you need to remember that the minus [-] symbol always means that you will have to bet more than $100 to win $100. Minus [-] odds are considered the “favourite”. Odds with the plus [+] symbol are considered the “underdogs”.
If you take a look at the odds above, you can see that Fighter A is the favourite at -150. This means that in order to win $100, you would have to bet $150.
Fighter B on the other hands is a +200 underdog. This means that you would only have to bet $50 to win $100. Here are a couple more examples using more challenging odds…
Fighter A = -600
Fighter B = +1000
In this example Fighter A has odds of -600, which means that you would have to bet $500 to win $100. Fighter B on the other hand has odds of +1000, which means you’d only have to bet $10 to win $100.
Working with American odds will take some getting used to and it can be difficult to work out the exact amount of money you will win from your bets at first.
You can practice working with American betting odds by visiting FightOdds.io and using our Odds Converter to calculate your returns.
HOW DO FRACTIONAL BETTING ODDS WORK?
Fractional betting odds are favoured in the United Kingdom & Ireland and they’re the most popular type of odds used in Horse Racing. Although they may look confusing at first, they’re actually not that hard to work out. Lets jump right into looking at an example of how Fractional odds work…
If you wanted to bet $50 at odds of 6/4 six to four, this is how you would work it out:
First you have to add the numbers of the fraction together, in this case it would be 6 + 4 = 10. Then divide this number by the second number, in this case 4. 10 divide by 4 = 2.5. Then multiply this number by your stake. 2.5 x 50 = 125. Your return for a $50 bet at odds of 6/4 would be $125.
(6+4 = 10) 10 divided by 4 = 2.5
2.5 x 50(stake)= $125 ($75 profit)
If you get stuck and you’d like some help calculating how betting odds work, please don’t hesitate to get in touch.
How Do Betting Odds Work?
Struggling to understand how betting odds work? This guide will help you.
There are 3 different kinds of betting odds; Decimal, American and Fractional. American odds are often called Moneyline odds.
HOW DO DECIMAL BETTING ODDS WORK?
Decimal odds are the easiest type of odds to understand.
To calculate your winnings using decimal odds, simply multiply your stake.
Your “Stake” is the amount of money you wish to bet by the decimal number. For example:
If you placed a $100 bet at odds of 2.00, you would simply multiply 10 by 2.00 to calculate your return.
100 x 2.00 = 200.00 = $200 return from your $10 bet ($100 profit)
How about placing a $150 bet at odds of 1.57?
15 x 1.57 = 235.50 = $235.50 return from your $150 bet ($85.50 profit)
HOW DO AMERICAN [MONEYLINE] ODDS WORK?
American odds are calculated based on how much money you have to bet in order to win $100. The odds are always accompanied by either a plus [+] or minus [-] symbol. The symbols determine whether you need to bet more than $100 (-) or less than $100 (+), to win $100.
This may sound confusing at first, but it doesn’t take long to get used to.
Lets jump right into an example of how American odds work. Remember that American odds are all about how much money you have to bet, in order to win $100.
Imagine the odds looked like this for a particular fight…
Fighter A = -150
Fighter B = +200
When working with American odds, you need to remember that the minus [-] symbol always means that you will have to bet more than $100 to win $100. Minus [-] odds are considered the “favourite”. Odds with the plus [+] symbol are considered the “underdogs”.
If you take a look at the odds above, you can see that Fighter A is the favourite at -150. This means that in order to win $100, you would have to bet $150.
Fighter B on the other hands is a +200 underdog. This means that you would only have to bet $50 to win $100. Here are a couple more examples using more challenging odds…
Fighter A = -600
Fighter B = +1000
In this example Fighter A has odds of -600, which means that you would have to bet $500 to win $100. Fighter B on the other hand has odds of +1000, which means you’d only have to bet $10 to win $100.
Working with American odds will take some getting used to and it can be difficult to work out the exact amount of money you will win from your bets at first.
You can practice working with American betting odds by visiting FightOdds.io and using our Odds Converter to calculate your returns.
HOW DO FRACTIONAL BETTING ODDS WORK?
Fractional betting odds are favoured in the United Kingdom & Ireland and they’re the most popular type of odds used in Horse Racing. Although they may look confusing at first, they’re actually not that hard to work out. Lets jump right into looking at an example of how Fractional odds work…
If you wanted to bet $50 at odds of 6/4 six to four, this is how you would work it out:
First you have to add the numbers of the fraction together, in this case it would be 6 + 4 = 10. Then divide this number by the second number, in this case 4. 10 divide by 4 = 2.5. Then multiply this number by your stake. 2.5 x 50 = 125. Your return for a $50 bet at odds of 6/4 would be $125.
(6+4 = 10) 10 divided by 4 = 2.5
2.5 x 50(stake)= $125 ($75 profit)
If you get stuck and you’d like some help calculating how betting odds work, please don’t hesitate to get in touch.
Betting Odds Converter
Use our Betting Odds Converter to easily convert Fractional, Decimal and American Odds. You can also view corresponding odds by their implied probability of winning (expected win %).
Enter Your Odds (Converts Automatically)
Note: To convert American underdog odds simply remove the + sign. For example, instead of +200 just enter 200.
How to Use the Betting Odds Converter
Enter the odds in your preferred format and instantly view how they are converted into other types that are used.
Since not all sports betting sites use the same format by default, you can use this tool to quickly convert odds into a format you can understand. You can also see the probability of winning that the oddsmaker implies by setting the line at what it is. This is useful for beginners to help you understand what you are betting on.
HOW DO DECIMAL BETTING ODDS WORK?
Decimal odds are the easiest type of odds to understand.
To calculate your winnings using decimal odds, simply multiply your stake.
Your “Stake” is the amount of money you wish to bet by the decimal number. For example…
If you placed a $100 bet at odds of 2.00, you would simply multiply 10 by 2.00 to calculate your return.
100 x 2.00 = 200.00 = $200 return from your $10 bet ($100 profit)
How about placing a $150 bet at odds of 1.57?
15 x 1.57 = 235.50 = $235.50 return from your $150 bet ($85.50 profit)
HOW DO AMERICAN [MONEYLINE] ODDS WORK?
American odds are calculated based on how much money you have to bet in order to win $100. The odds are always accompanied by either a plus [+] or minus [-] symbol. The symbols determine whether you need to bet more than $100 (-) or less than $100 (+), to win $100.
This may sound confusing at first, but it doesn’t take long to get used to.
Lets jump right into an example of how American odds work. Remember that American odds are all about how much money you have to bet, in order to win $100.
Imagine the odds looked like this for a particular fight…
Fighter A = -150
Fighter B = +200
When working with American odds, you need to remember that the minus [-] symbol always means that you will have to bet more than $100 to win $100. Minus [-] odds are considered the “favourite”. Odds with the plus [+] symbol are considered the “underdogs”.
If you take a look at the odds above, you can see that Fighter A is the favourite at -150. This means that in order to win $100, you would have to bet $150.
Fighter B on the other hands is a +200 underdog. This means that you would only have to bet $50 to win $100. Here are a couple more examples using more challenging odds…
Fighter A = -600
Fighter B = +1000
In this example Fighter A has odds of -600, which means that you would have to bet $500 to win $100. Fighter B on the other hand has odds of +1000, which means you’d only have to bet $10 to win $100.
Working with American odds will take some getting used to and it can be difficult to work out the exact amount of money you will win from your bets at first.
You can practice working with American betting odds by visiting FightOdds.io and using our Odds Converter to calculate your returns.
HOW DO FRACTIONAL BETTING ODDS WORK?
Fractional betting odds are favoured in the United Kingdom & Ireland and they’re the most popular type of odds used in Horse Racing. Although they may look confusing at first, they’re actually not that hard to work out. Lets jump right into looking at an example of how Fractional odds work…
If you wanted to bet $50 at odds of 6/4 six to four, this is how you would work it out:
First you have to add the numbers of the fraction together, in this case it would be 6 + 4 = 10. Then divide this number by the second number, in this case 4. 10 divide by 4 = 2.5. Then multiply this number by your stake. 2.5 x 50 = 125. Your return for a $50 bet at odds of 6/4 would be $125.
(6+4 = 10) 10 divided by 4 = 2.5
2.5 x 50(stake)= $125 ($75 profit)
If you get stuck and you’d like some help calculating how betting odds work, please don’t hesitate to get in touch.
Sports Betting Lingo
Bankroll
Money that you can afford to set aside and invest for betting purposes only.
Chalk
The betting favourite, more often one that is heavily favoured to win.
Chasing Losses
The act of making reckless bets you otherwise wouldn’t have, just because you lost a bet.
Favourite
The side that is projected to win by oddsmakers.
Juice
The commission a sportsbook earns on each bet that is made. If the odds are even on a bet, a sportsbook will generally make the bet -110 so they keep the -10.
Live Betting
Betting on a game while it is unfolding. Also referred to as “in-play betting”.
Lock
A term used by inexperienced bettors to describe an “easy winner”.
Tip: There is no such thing as a “lock”. Anything can happen in sports, including outcomes that are impossible to predict such as injuries and bad ref/judge calls, so proper bankroll management is essential.
Moneyline
Betting a team to win the game straight up.
Mush
A gambler who is considered to be bad luck.
Parlay / Accumulator
A type of bet where you combine two or more bets, earning a higher payout if all of them win. If one of the combined bets loses, the whole parlay loses.
Pick’em
A game in which there is no favourite or underdog. Oddsmakers believe that neither side has a clear advantage over the other.
Push
The result of a tie between the bettor and the sportsbook. The bettor is refunded their money, and doesn’t lose any juice.
Steam
When a sudden and large line movement occurs across the sports betting marketplace. Steam occurs when a large amount of money is being placed on a certain bet.
Underdog
The side that is projected to lose by oddsmakers.
Unit
Units are a simple way of measuring the size of a bet regardless of the individual’s bankroll size. 1 unit = 1% of your bankroll. So if you have a bankroll of $10,000, a 1 unit bet would be $100, a 5 unit bet would be $500, and so on.