Illinois now allows sports betting, so if you’re just starting out, you may have some questions. One of the most common is: what is the appropriate amount to bet?

Unfortunately, there is no one-size-fits-all solution for every financial situation. Each individual’s risk tolerance and circumstances are unique, so it is important to consider specific factors when determining the best approach for you.

Let us assist you in determining the appropriate sports betting bankroll for your specific needs by guiding you through the process. First, let’s address another common question.

Can I make money betting on sports?

Making money from sports betting is possible, but it is not easy. Only a small number of people are able to consistently earn a profit over time. While it is achievable, it requires a lot of hard work and dedication.

Afterwards, it is important to assess the sum of all parts. While some may view themselves as successful gamblers after a big win, a closer examination of their overall journey may reveal that they actually ended up losing money.

In conclusion, while it is possible to improve your skills and achieve success in sports betting, it is important to maintain your primary source of income. Becoming proficient in this area takes dedication and hard work, making it a challenging pursuit for some. However, many people still find enjoyment in the excitement of sports betting.

Calculating returns from sports betting odds

To begin, consider this: What is the potential payout if you win? Ultimately, your total return will be influenced by the total amount wagered and your track record of wins and losses.

Let’s put that aside and focus on the smaller details. By factoring in the odds and your bet amount, you can calculate the potential return for every game or event you bet on.

• If the odds are positive: Potential return = Amount of bet / (odds/100)
• To calculate the potential return when the odds are positive, multiply the bet amount by the odds divided by 100.

The formulas differ based on the orientation of the odds. Below are two examples using odds of -110 and +110, each with a $100 bet on either side:

• Negative: 100*(110/100) = $90.90
• Positive: 100*(110/100) = $110.00

An estimated figure can be obtained using a method. When the odds are negative, such as -110, this number represents the bet amount required to win $100. Therefore, in this case, a $110 bet would result in a $100 return if successful.

If the odds are positive, such as +110, it means that you could potentially earn $110 from a $100 bet that is successful. So, if you were to bet $100 and win, you would profit $110.

How to calculate implied probability from odds

Analyzing sports betting odds can offer a plethora of useful insights. By studying the odds, you can determine the favored team and potential payout, as well as the likelihood of a specific result as calculated by the oddsmakers.

This scenario, referred to as implied probability, necessitates some calculations as well. The formulas required for these calculations will vary depending on the direction of the odds.

• If the odds are negative, the implied probability is equal to (Odds divided by the sum of the odds and 100) multiplied by 100.
• To calculate the implied probability when the odds are positive, use the formula: 100/(odds + 100) * 100.

In both scenarios, we start by addressing the part within the parentheses before moving on to solve the remainder of the equation. This is how it is done when dealing with odds of -130 and +110.

• 130 divided by (130 + 100) multiplied by 100 equals 54.2%. In other words, the ratio of 130 to the sum of 130 and 100 is 54.2% when expressed as a percentage.
• In other words, when 100 is divided by the sum of 110 and 100, then multiplied by 100, the result is 47.6%.

Immediately, we can infer that the sportsbook views the favorite as the more likely winner. However, grasping the implied probability helps us envision the potential outcome more accurately. It is important to note that there is no guarantee that the team or player perceived as the frontrunner will ultimately be successful.

Importance of setting a betting budget

It is important to have a set betting budget if you plan on participating in sports betting frequently. This budget should be an amount that you are comfortable with risking and can afford to lose without causing financial strain.

If you come to a total that makes you uncomfortable, it likely exceeds your current financial limits. Adjust it down until you reach a level that feels more manageable. Keep in mind, you can always raise the amount later on as you become more skilled and your finances grow.

It is important to establish a budget that includes the amount you feel comfortable betting per wager, as well as the total you are willing to spend on a weekly or monthly basis. While the excitement of sports betting can be enticing, having a well-defined budget will prevent you from exceeding your limits.

How to manage your sports betting bankroll

Once you have set your budget, it is essential to recognize the importance of effectively managing your finances. Think of your money as worker bees going out into the field. The objective is for them to come back safely and also bring back more wealth.

Highlighting the importance of managing your bankroll can decrease the likelihood of engaging in unnecessary risks or betting solely for entertainment. While it is expected to incur losses while placing bets, implementing a solid strategy for managing your funds can assist in overcoming any obstacles in sports betting.

Your overall bankroll should include the money you currently have on hand as well as any future deposits you anticipate needing to add during slower times. It is important to have a total amount that you are comfortable with and do not need for other expenses. Remember, betting should be done for entertainment purposes.

Stick to consistent wager sizes

Consistency is key when aiming for long-term success in sports betting. It is essential to incorporate discipline into your betting strategy, which includes keeping your wager amounts consistent.

This also helps with monitoring, a subject we will discuss shortly. Keeping consistency in your betting amounts means that you are wagering the same amount of money for all of your bets.

To prevent your budget and bankroll from becoming disorganized, it’s important to consistently place bets of the same amount. Only bet what you can comfortably afford per game and avoid increasing your stakes until you are fully prepared.

Keep expectations in check

Having a strong understanding of sports betting may give you confidence in your success, but be prepared for a reality check. Consistently making a profit in sports betting is challenging, so it’s important to keep your expectations realistic.

This reality check is meant to remind you to approach sports betting with a balanced perspective. While it can be fun and profitable, it is important to remember that it is not a guaranteed way to make quick money.

From the beginning, recognize that there are tasks to be completed and obstacles to overcome. Remember that no amount of research can guarantee success. It is commendable to have confidence in your decisions, but being overly confident can lead to complications.

Tracking your betting results

In order to evaluate your overall performance in sports betting, it is important to keep track of your results. By simply adding up your bankroll and withdrawals, and subtracting deposits, you can get a clear understanding of your current financial situation and how your funds have been utilized.

To get a better understanding of your performance, it is recommended to track your results based on the specific type of bet you placed. This will give you a quick overview of your overall success rate, as well as the amount of money won or lost on each individual wager. By consistently monitoring your bets, you will be able to pinpoint both areas of strength and areas for improvement in your betting strategy.

As time passes, you may find that you have strengths in certain areas but weaknesses in others. By focusing on your strengths, you have the potential to increase profits in the future.

Example of potential sports betting returns

Calculating the potential return on a single bet is simple, but predicting long-term returns involves careful planning and a realistic assessment of potential outcomes. For instance, let’s take a regular 17-week NFL season as an example.

If your plan involves betting on five games per week against the spread with the goal of going 3-2, you are aiming to win 60% of your NFL bets – a success rate that would please any professional handicapper.

You have committed to creating a strict budget and bankroll plan. This plan includes betting $100 per game, totaling $500 per week for 17 weeks. In total, you will be wagering $8,500 throughout the season.

While winning all five games each week would be ideal, I understand that it may not be realistic. If I am able to achieve the 60% success rate I am aiming for, this could be my potential weekly return.

• There are five bets of $100 each, making the total amount wagered $500.
• Win three bets at the standard spread odds of -110 to earn a profit of $272.72 and recoup your $300 wager.
• If you lose two bets, each worth $100, you will lose a total of $200 from your bankroll.
• Totaling up: After getting back $572.72 and subtracting the $500 spent, the net profit is $72.72.
• Total Return: 5% ($72.72/500)

An impressive return of 14.5% was achieved after one week of sports betting, indicating the potential for increased profits with higher stakes. If this rate were sustained over a period of 17 weeks, the calculations would look like this:

• If you place 85 bets at $100 each, the total amount wagered would be $8,500.
• If you have a 60% win rate on 51 bets with standard spread odds of -110, you will make a profit of $4,636.36. Additionally, the $5,100 you bet will be refunded to you.
• Losing 34 bets at $100 each would result in a total decrease of $3,400 in your bankroll.
• In summary, a profit of $1,236.36 was made by subtracting an expenditure of $8,500 from a return of $9,736.36.
• Total Return: 5% ($1,236.36/$8,500).

While it may seem promising, what happens if your overall winning percentage is actually lower? If your winning ratio decreases under the same conditions, the outcome would be as follows: 85 games, $100 wagered per game, and only $90.90 earned on winning bets.

Win%	Bets Won	Total Return	Profit	ROI
59	50.2	9,583.18	1,083.18	12.7%
58	49.3	9,411.37	911.37	10.7%
57	48.5	9,258.65	758.65	8.9%
56	47.6	9,086.84	586.84	6.9%
55	46.8	8,934.12	434.12	5.1%
54	45.9	8,762.31	262.31	3.1%
53	45.1	8,609.59	109.59	1.3%
52	44.2	8,437.78	-62.22	-0.7%
51	43.4	8,285.06	-214.94	-2.5%

While achieving a 60% win rate may sound impressive in theory, it is not guaranteed that you will be able to sustain this level of success throughout an entire season. Our chart shows that as your win rate decreases, your potential return also declines.

To estimate potential earnings for a season, start by determining the break-even point, which is around 52.4% for the NFL regular season. After that, make reasonable adjustments according to your expectations for the season.

If your target is 55%, you may achieve a 5.1% return on investment if all goes well. This strategy can be applied to any sport you choose to bet on, but make sure to adjust it based on the number of games or events you’re betting on and the specific amount you plan to wager per game.

How to start sports betting in Illinois

In Illinois, sports bettors have a wide range of options to choose from. Top operators have launched online and mobile platforms in the state, offering a variety of legal and regulated sportsbooks for sign-up.

• BetRivers Sportsbook
• DraftKings Sportsbook
• FanDuel Sportsbook
• PointsBet Sportsbook
• William Hill’s Caesars Sportsbook

Firstly, make sure to click on our unique links before creating an account to gain access to special bonuses that can boost your on-site funds. After that, enter some personal information and your new account will be set up quickly.

When it comes to betting, it is recommended to start with something you are knowledgeable about. If you are passionate about NBA betting but not familiar with NHL betting, then stick to NBA. If you enjoy golf or UFC, both offer plenty of betting options, so feel free to start with either one.

Getting into sports betting requires some initial learning, but it can become easier with a basic understanding. Just like increasing your bets as you improve your skills, you can also branch out into other areas in the future.

How much money should I risk per bet?

The answer to this question will vary based on your specific situation. Not everyone has the same bankroll size or available funds, so there is no one-size-fits-all response. It’s important to remember that the money you allocate for sports betting should be considered disposable income that you are willing to lose.

Once you have set your budget and starting bankroll, you will be able to determine more precise guidelines. It is commonly recommended that each bet should not exceed 2% to 5% of your total bankroll, but this may vary depending on your specific financial circumstances.

Here’s what you need to remember 

Participating in sports betting can bring excitement and enjoyment, with the added possibility of making some money. But it’s crucial to approach it with realistic expectations. Achieving consistent success in sports betting is a difficult task that comes with many challenges.

Hence, it is important to only wager on sports using funds that you can afford to lose. If you have a more pressing need for the money, prioritize that and save sports betting for a time when your financial situation is more secure.

To improve your skills and grow your bankroll, remember that it requires dedication and effort. Follow a strict financial strategy, stick to a budget, and always keep learning to increase your chances of success.