Video Summary

Bankroll management is often overlooked in sports betting, but it's crucial for long-term profitability. A good bankroll management strategy should aim to keep you afloat during losing streaks and minimize the risk of going broke. It's essential to have a robust bankroll management strategy in place, especially with plus-EV sports betting. A aggressive bankroll management strategy is one that wagers between 0.5% to 1% of the bankroll per bet, while a more conservative approach is to use 0.5% of the bankroll per bet. The Kelly Criterion is a formula-based strategy that uses the expected value of a bet to determine the optimal bet size. It's a mathematical bet that calculates the maximum number of units to bet, given the expected value of the bet. The formula is simple: the probability of winning multiplied by two, minus one. The Kelly multiplier, which ranges from 0 to 1, controls the risk tolerance of the bet. A lower value indicates a more conservative approach, while a higher value indicates a more aggressive approach. The Kelly Criterion is suitable for straight betting, especially on high-probability bets. It's essential to understand the Kelly Criterion and adjust the bet size based on the required risk tolerance. By using the Kelly Criterion, sports bettors can maximize their long-term profits and minimize the risk of going broke.