Why Bet Tracking and Bankroll Management Are Vital for Responsible Sports Gambling
Bet Tracking for Sports Betting
Sports betting in the United States has never been more popular.
Gambling on sports is clearly on the rise as it generated $3.16 billion in the first 10 months of 2021, which was a 230% increase in revenue in only one year, according to the American Gaming Association's Commercial Gaming Revenue Tracker.
With sports gambling legalized in more than two dozen states — and growing — more sports fans will become bettors now and in the near future.
While betting on games can be fun and exciting, it’s important to establish your limits and to know when enough is enough. That means it’s more important than ever to be a responsible gambler.
But how can you avoid becoming a Problem Gambler with the rise of sports betting popularity?
Two simple ways to make sure you don’t bust your bankroll is by tracking your bets and incorporating bankroll management into your process.
What is Bankroll Managment?
Being a responsible gambler who properly manages their bankroll is a key part of being a successful sports bettor.
The worst thing a sports gambler can do is be reckless with their money. Of course, bettors should never make any wagers with money that they can’t afford to lose.
Here are some other ways to properly manage your bankroll.
- Establish a starting bankroll
- Use a flat-betting approach that is between 2% and 10% of a players’ bankroll
- Avoid multi-leg parlays
- Shop for the best odds
- Consider hedging
Responsibly managing your money, even after winning big money, is the first step. But that’s not the only process you should use in your sports-betting endeavors.
What is Bet Tracking?
With dozens of new sportsbooks opening up shop, there are plenty of deals for prospective gamblers to take advantage of. That, along with shopping around for the best odds, could lead bettors to use multiple digital sportsbooks.
Keeping track of your bets across the major American sportsbooks — such as DraftKings, FanDuel, Barstool, and others — is a simple and effective way to avoid confusion and mismanaging your bankroll.
Tracking your bets will also allow you to see your overall win percentage, calculate return on investment (ROI) and profit
While some will use online tools or manually track their bets, there’s now an even better solution to track your bets and responsibly manage your bankroll: Lines’ Bet Tracker.
What is Lines’ Bet Tracker?
Lines’ Bet Tracker is the best way to optimize your chances of being a successful sports bettor and maintaining responsible bankroll management.
With Lines’ Bet Tracker, gamblers can easily track their current bets across more than a dozen of the most popular American sportsbooks — including DraftKings, FanDuel, BetMGM, Barstool, PointsBet, and more. That’s more than double other online competitors.
Lines’ Bet Tracker also calculates win rate, profit, and ROI on straight bets, parlays and props which allows bettors to use one platform for everything they need to see their past and present wagers.
Lines’ Bet Tracker also incorporates betting limits that automatically warn gamblers when they are close to or have exceeded their allotted budget.
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