Sports betting is now legal in Illinois. If you’re new to this, it’s natural to have questions. The most common one is: How much should I bet?

Regrettably, there isn’t a single definitive answer that applies to all situations. Every financial scenario is unique, and each bettor’s risk tolerance differs. Nevertheless, it’s crucial to take into account certain factors as you strive to determine what suits you best.

We will guide you through the process to help you understand what type of sports betting bankroll suits your situation. To start, let’s address another frequently asked question.

Can I make money betting on sports?

Earning money through sports betting is feasible, but it comes with substantial conditions. Primarily, the number of individuals who consistently make a profit year after year and season after season is minimal. It is achievable, but it requires a considerable amount of effort.

Next, it’s crucial to evaluate the total of all components. Some individuals achieve a significant win and perceive themselves as successful gamblers. However, a more in-depth analysis of their journey to that triumph often shows that they actually lost money.

To summarise, it’s possible to refine your skills to consistently succeed in sports betting, but don’t abandon your regular job. It requires significant effort to reach that level, and it’s not suitable for everyone. Nonetheless, the fun side of sports betting is enjoyed by many.

Calculating returns from sports betting odds

First, let’s inquire: What amount can you expect to receive back if you win? Over the long haul, your potential return will be determined by the total amount you’ve bet and your history of wins and losses.

We’ll set that aside and concentrate on the smaller scale. By performing a calculation that includes the odds and your betting amount, you can determine the possible return for each game or event you wager on.

• When the odds are negative (excluding the minus sign): Potential return = Amount of bet / (odds/100)
• When the odds are positive, multiply the amount of the bet by the odds divided by 100 to calculate the potential return.

The formulas vary depending on the direction of the odds. Here are two demonstrations using odds of -110 and +110 respectively, with a bet amount of $100 on each side:

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

You can also use a method to obtain an estimated figure. If the odds are negative, like -110, the number indicates the amount you must bet to receive $100. Thus, in this scenario, a bet of $110 would yield a return of $100 if you win.

When the odds are positive, like +110, this figure indicates the potential earnings from a successful $100 bet. In this case, you would invest $100 and gain a profit of $110 if your bet wins.

How to calculate implied probability from odds

Studying sports betting odds can provide a wealth of valuable information. Not only can you discern the favored side and potential returns, but you can also gauge the perceived probability of a particular outcome, according to the oddsmakers.

This situation, known as implied probability, also requires some calculations. The formulas to be applied here will also differ depending on the direction of the odds.

• When odds are negative (disregard the minus sign): Implied probability = (Odds/(Odds + 100)) * 100
• When the odds are positive, the implied probability can be calculated using the formula: 100/(odds + 100) * 100.

We first tackle the part within the parentheses in both scenarios before solving the rest of the equation. Here’s how it works with odds of -130 and +110.

• Rewritten: 130 divided by the sum of 130 and 100, multiplied by 100, equals 54.2%. Alternatively, the ratio of 130 to the sum of 130 and 100, expressed as a percentage, is 54.2%.
• Rephrased: 100 divided by the sum of 110 and 100, multiplied by 100, equals to 47.6%.

We can deduce right away that the favorite is perceived as the more probable victor by the sportsbook. However, understanding the implied probability aids us in better picturing the possible outcome. But remember, there’s no assurance that the side seen as more likely to win will indeed emerge victorious.

Importance of setting a betting budget

Having a betting budget is crucial if you intend to engage in sports betting on a regular basis. This budget should be an amount that you are willing to risk and can financially withstand losing.

If you arrive at a sum that makes you feel uneasy, it means it’s beyond your current financial capabilities. Lower it until you reach your comfort zone. Remember, you can always raise the stakes later as your skills improve and your funds increase.

The budget ought to encompass the amount you’re comfortable wagering per bet, as well as the total you’re willing to spend weekly or monthly. It’s simple to get swept up in the thrill of sports betting, but having a solid budget helps to ensure that you don’t exceed your limits.

How to manage your sports betting bankroll

Once the budget is established, understanding the significance of managing your funds becomes crucial. This can be visualized as your dollars being worker bees venturing out into the field. The goal is for them to return safely while also generating additional wealth.

Emphasizing the significance of bankroll management could reduce your tendency to take unwarranted risks or gamble just for amusement. It is inevitable that your bankroll will experience some losses as you place bets, but a well-founded approach to fund management can help you navigate through any challenges in sports betting.

Your total bankroll might consist of the funds you maintain on site and any anticipated deposits you might need to top up during less profitable periods. To reiterate, the total amount should be something you’re comfortable with and don’t require for any other needs. Betting should essentially be for amusement.

Stick to consistent wager sizes

Achieving long-term success in sports betting is largely about consistency. This journey requires incorporating discipline into your betting strategy. A significant part of this discipline involves maintaining consistent wager amounts.

This also aids in monitoring, a topic we’ll delve into shortly. Maintaining uniformity in your betting amounts implies that you are risking the same sum of money for all your bets.

If you’re inconsistently placing bets of various amounts, your budget and bankroll can quickly become disorganized. Stick to betting an amount per game that you can comfortably afford, and avoid raising your stakes before you’re fully prepared.

Keep expectations in check

Entering the world of sports betting with a good amount of knowledge might lead you to believe that success is guaranteed. However, brace yourself for a harsh reality check. It’s difficult to achieve consistent profits in sports betting, so it’s crucial to manage your expectations.

This reality check isn’t intended to deter you from engaging in sports betting, but rather to help maintain a balanced view. Sports betting can be enjoyable and potentially lucrative, but it shouldn’t be mistaken for a quick money-making scheme.

Understand from the start that you have tasks to accomplish and there may be challenges ahead. As you acquire experience, be aware that even the best research can’t provide surefire guarantees. Having faith in your choices is admirable, but excessive confidence can cause complications.

Tracking your betting results

To assess your overall performance in sports betting, it’s essential to track your results. At its most basic level, adding your bankroll and withdrawals, and subtracting deposits, can provide a picture of your current funds or where they’ve been spent.

For a more comprehensive analysis, you should monitor your performance based on the type of bet. This will allow you to immediately see your total win-loss ratio, as well as the profits earned or money lost from each wager. Consistent tracking will enable you to identify both strengths and weaknesses in your game.

Over time, you may discover that you excel in certain areas while falling short in others. You can then focus on your strengths, which could potentially lead to increased profits in the future.

Example of potential sports betting returns

Determining the potential return on a single wager is straightforward, but calculating long-term returns requires careful planning and a realistic evaluation of potential performance. For example, consider a regular 17-week NFL season.

Suppose your strategy is to wager on five games each week against the spread, aiming for a 3-2 record over these games. Managing to achieve this rate means you’re winning 60% of your NFL bets – a percentage that any professional handicapper would be delighted with.

You’ve also dedicated time to setting a rigid budget and bankroll plan. Each game will see you placing a bet of $100, amounting to $500 per week over a span of 17 weeks. In total, you’ll be staking $8,500 throughout the season.

Every week, of course, you’d like to win all five games, but you understand that’s not a feasible expectation. If you manage to achieve the 60% success rate you’re aiming for, this could be your potential weekly return:

• Five wagers of $100 each: Total amount bet is $500.
• Make a profit of $272.72 and get your $300 wager back by winning three bets at the standard spread odds of -110.
• Losing two bets each valued at $100 results in a total loss of $200 from your bankroll.
• Add it Up: Receiving $572.72 back and subtracting the $500 spent results in a profit of $72.72.
• Total Return: 5% ($72.72/500)

A return of 14.5% from a week of sports betting is impressive, and it’s clear to see how the sums can increase as you raise your stakes. If we managed to maintain this rate for a total of 17 weeks, here’s the breakdown of the calculations:

• Placing 85 bets each at $100 results in $8,500 total in wagers.
• With a 60% win rate (51 bets) at standard spread odds of -110, you will see a profit of $4,636.36. In addition, the $5,100 you wagered will be returned to you.
• If you lose 34 bets at $100 each, your bankroll would decrease by a total of $3,400.
• Summing it up: A return of $9,736.36 minus an expenditure of $8,500 results in a profit of $1,236.36.
• Total Return: 5% ($1,236.36/$8,500).

All of that sounds promising, but what if your total winning ratio is lower? Here’s the outcome if your winning ratio decreases under the same conditions: 85 games, $100 per wager, $90.90 earnings 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%

Although your original target of 60% winners seems impressive in theory, it’s not assured that you’ll manage to maintain this rate for a whole season. As depicted in our chart, your potential return decreases as your win rate declines.

To project potential returns for a season, begin with the break-even point. For the NFL regular season, this is approximately 52.4%. Then, make realistic adjustments based on what you believe can be achieved throughout the season.

Should 55% be your target, you could potentially see a return on investment of 5.1%, provided everything goes smoothly. This method applies to any sport you wish to bet on, but remember to modify it according to the number of games or events you intend to bet on and the precise amount you plan to wager per game.

How to start sports betting in Illinois

There are numerous options for sports bettors in Illinois. Many top operators have established online and mobile platforms in the Prairie State. Several legal and regulated sportsbooks are available for sign-up, including:

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

To begin with, ensure you click on our exclusive links before setting up an account. Doing so will grant you access to special bonuses that can help build your on-site funds. Following that, input some personal details and your new account will be up and running in no time.

In terms of betting, it’s best to start with what you’re familiar with. If you’re an enthusiast of NBA betting but lack knowledge about NHL betting, then begin with NBA. If you’re fond of golf or UFC, both have ample betting opportunities, so you can freely initiate with either.

Betting on sports involves a learning curve, yet it can become simpler with fundamental knowledge. Similar to escalating stakes as your capabilities enhance, you can always expand into other areas later on.

How much money should I risk per bet?

The response to this query will differ depending on your individual circumstances. The size of your bankroll and the funds at your disposal are not the same for everyone, so there isn’t a single answer that fits all. Keep in mind, the money you set aside for sports betting should be funds you are prepared to lose.

After establishing your budget and initial bankroll, you will find more definitive answers. Traditional advice suggests that each individual bet should not exceed 2% to 5% of your bankroll, although this is still dependent on your personal financial situation.

Here’s what you need to remember 

Engaging in sports betting can be enjoyable and thrilling, and there’s even a chance of making some profit. However, it’s important to manage your expectations. Attaining sustained success in sports betting presents significant challenges.

Therefore, it’s crucial to remember only to bet on sports with money that you can afford to lose. If you need the money for a different purpose, utilize it for that and consider sports betting at a later time when your financial situation is more stable.

If you desire to enhance your skills and increase your bankroll, be aware that it involves hard work. By adhering to a strict financial plan, staying within a budget, and maintaining a mindset of continuous learning, you can greatly improve your odds of achieving this goal.