There are several definitions of the word ‘risk,’ and each one includes a chance or possibility of loss, which is appropriate for a discussion on baseball betting since no other sport offers the volume or variety of ways to lose.
The flip side is no sport offers the volume or variety of betting options for winning that baseball does…as long as the bettor is knowledgeable and disciplined when it comes to bankroll management.
Everyday Betting vs. Not Betting Every Day
Baseball doesn’t offer anything unique to other sports when it comes to betting options. There are MLB futures, conventional moneylines and totals within a game, and the ever-growing player props markets.
Likewise, there isn’t anything different when it comes to the data bettors must consider before placing a bet. Just like football, basketball, or hockey, factors such as injuries, weather conditions, offense vs. defense, and historical performances balanced against current form are part of the handicapping process.
What makes baseball different is the volume of betting opportunities thanks to 30 MLB each playing 162 regular season games. They don’t call a baseball season a daily grind for nothing, and that daily grind can wear on undisciplined bettors as much as it does players.
Rule #1: Just because oddsmakers hang hundreds of numbers on baseball each day doesn’t mean you have to bet a single one of them.
Budgeting a Fixed Bankroll
Establishing a bankroll for betting baseball at top sportsbooks is a personal matter, and the amount is unique to each bettor. There are some tips, guidelines, and suggestions for all bettors when it comes to managing that bankroll to help ensure long-term success.
Each bettor needs to come up with a standard wager, or unit, that they are comfortable with. For many, the standard unit is 1% of the total bankroll. From there, each bettor can adjust wagers based on their confidence in the play.
Using simple numbers for calculations, if the budget or bankroll is $1,000 for an MLB season, the standard wager would be $10. From there, the wager could be increased by units of $10 depending on the certainty or conviction a bettor has in the play being considered.
It’s also a good idea to find at least two reputable sportsbooks to use for a given season, and to split that $1,000 bankroll between the outlets. Some shops may offer a different variety of prop bets, for example, or offer a slight difference in the amount of juice or vig.
There are often pronounced differences from one book to the next with regard to the return on investment – or ROI – for baseball futures. If you’re convinced the New York Yankees are going to win the AL East, why bet them at +300 at Sportsbook A if Sportsbook B is offering +320?
Rule #2: If you can’t stick to a budget for everyday expenses like rent, food, and utilities, you have no business betting on baseball or any other sport.
From Spring Training to the World Series
You’ve set your bankroll and have made your deposit or deposits. Now what?
Budgeting that bankroll really begins with the type of baseball bets that are going to be made. It’s always nice to have a diverse portfolio when planning for your overall future by investing in stocks, bonds, commodities, etc., but the same might not be true for a bankroll to bet baseball.
Maybe you’re a straight moneyline player, and even break that down into playing only small favorites or medium underdogs. Game totals might be your thing, or it’s player and team props and nothing else.
Most bettors will split things up between the different ways to play MLB odds, and an example of how a bankroll could be budgeted is this:
- 25% for preseason MLB futures
- 60% for regular season games
- 15% for postseason series or individual games
Rule #3: Bet on your strengths.
Education, Emotions & Endurance
Making educated plays requires finding reliable information and data sources. Unfortunately, there are a lot of unreliable sources out there, and many snake oil salesmen among handicappers do not come with warnings like those found on the side of cigarette packs.
The stats are easy to find, but converting raw data into meaningful betting information requires experience and know-how. It is advisable to monitor sites or individuals selling MLB picks by keeping tabs on their free offerings before investing part of a bankroll in the plays being sold.
Taking emotions out of any bet is a difficult and often impossible task. Here again, experience is required and one tip is to avoid betting games involving teams you really, really like – or really, really hate.
With a season that lasts from February through October for bettors, it is imperative to track all of your wagers to establish a true ROI. Keeping tabs on your winning and losing plays can help a bettor find their strengths and weaknesses, and lead to greater success in baseball betting.
