General principles of bankroll management apply in the Sports Book. The wagerer should have a bankroll sufficient to conduct a reasonable amount of betting with a good margin of comfort. The money should be separate from any other money required for life, so that a bet is never made in desperation.

Each player develops a system that best suits his or her needs. Some will make bets only in denominations reflecting the -110 proposition. This makes it easy to keep track of winnings and losses, and helps compare bets when the time comes to see if your handicapping was competent. Others vary the bet according to the perceived edge, risking more as the edge grows larger, and less (or zero!) when the edge is small. This approach tends to maximize earnings for a given level of risk, but makes comparison and evaluation more difficult.

Whatever the approach to money management, a player should have already adopted a couple of principles before stepping into the sports book:

Bankroll Size

How much money will be potentially placed at risk in the outing? A professional will have a bankroll significantly larger than the recreational player, and will probably make many more bets and higher value bets than an amateur. To play with the pros, a $10,000 bankroll is probably a tight minimum, as it permits betting a couple of hundred dollars at a time without running the risk of going broke in a long losing streak. It barely permits bets of a size that will generate enough profit to support a person. With a "target" income of $26,000 per year, you would need to earn $500 per week on average. This is a 5% return on the $10,000 bankroll each week!

For the vacationer, a bankroll might be smaller, as it is not the basis for earning a living. It needs to be large enough to make it through losing streaks, and to permit comfortable betting when good edges appear. If the gambler is a newcomer, the bankroll need not prevent an overall net loss at the end of the vacation, but it should be at least big enough to extend the fun for as long as possible. Bankroll size and maximum bet are linked together. Most serious wagerers recommend never betting more than 2% of the bankroll. This rule can be relaxed a little if you are only going to be around for a short while and if the bankroll is small. With a $1000 bankroll for a weekend, the maximum bet will be about $20. This is not a lot of action, but it will permit many different bets. With diversification, you maximize the chances of going home with more than you started out with (assuming, of course, that you handicap correctly and only bet with positive edges).

Minimum Win

How much is the least amount of money worth chasing? Is it $10? $100? The recreational gambler has more flexibility with this question than the pro. The pro has to make the bankroll work hard, and can not waste time on piddling profits. The recreational gambler can chase a nickel or a dime if she wants to, so long as it is fun to do so. Nevertheless, if the vacationer has a limited amount of time to spend in the casino, and the desire to maximize winnings, it will be important to establish a lower limit. Often the "minimum win" is the default value of a bet when there is an edge, but not a really tempting one. It is the bet one makes just to "have action" in a game or on a proposition. It is a bet made more for fun than for investment. On a -110 proposition, a bet of $11 will net $10 more if it wins. This may be all that is necessary to have a good time. Many gamblers, even amateurs, have a minimum win up around $100 or even higher, but that implies a bankroll of several thousand dollars or more. There is no rule, really. It is a question of efficiency, comfort, and a good time. Obviously, with a lower minimum win, you will get to make more bets for the same amount of money. If the process of betting is work, then the minimum win should be relatively high, to minimize the toil and trouble of the process. If the mechanics of betting are fun, then a lower minimum win will allow more fun for the same dollars.

Maximum Bet

How much is the most that will be bet at one time? $44? $110? More? Professionals believe that with a set bankroll and a minimum win number, the bet size will take care of itself. And it will, until you confront what you think is an absolutely sure proposition, where the edge is enormous. (First question whether you are correct, as the house is more likely to be correct than you are unless you have special insight, experience or information.) Just as the minimum win might define how you bet when it makes sense to "have action" in a game, but no proposition shows great value, the maximum bet helps you decide what to do when you find the one or two propositions in a session or weekend that really show great value. The 2% of bankroll rule may severely limit your ability to capitalize on these "sure things." Of course, the trade-off is that the bankroll will be much smaller if the "sure thing" craters on you. Therefore, sticking to some principle of maximum bet is a good thing, even in the face of juicy edges. (Recall that the Sports Book itself may have a maximum bet limit of its own on certain propositions; however, these maxima are usually higher than the maximum bet limit of all but the most capitalized of the recreational gamblers.)

Maximum Risk

What are the most remote odds that will be played? 2:1? 4:1? 12:1? Even if you have found a proposition with a very high edge, it may not be worth playing if the odds of winning are still remote. The point is that the prize is indeed worth more than the risk, but the risk may be beyond the wagerer's comfort level. Recall that the idea of "edge" in the first place: if you repeat the experiment a large number of times, you will come out ahead. But if you will not be in Las Vegas long enough to repeat these propositions "a large number of times" and/or if your bankroll will not support a long losing streak before striking it rich, then perhaps it is best to avoid the high-odds propositions, concentrating your action on outcomes with less remote possibilities. Nevertheless, for fun, it is always worth having a little action on a high-odds prop if the edge is large. This is rational play, and makes the sporting event in question that much more exciting.

Minimum Edge

What is the least amount of advantage over the house that will justify any given bet? 5%? 10%? More? Note that the less the edge, the more the risk you take that the terms offered by the house really reflect the "true odds" of the outcome, and the less "value" is found in the proposition. The higher you require your minimum edge to be, the fewer propositions will qualify for any action at all. For the sake of efficiency and safety, it is a good idea to establish a principle about how closely you will tempt fate. Part of this decision relates to your reason for being in Las Vegas (Have fun? Earn a living? Win at all costs?) and part relates to the confidence you have has in the quality of your handicapping.

Make the First Bet Count: It is not superstitious to focus especially hard on the first bet of the day. Often this will mean taking a position with a little bit of money on a solid edge. The idea is not only to try to make the momentum go in favor of the bankroll, but also to prepare the mind for the challenges of evaluating propositions and doing the handicapping. Even though handicapping is the hardest part of sharp betting, mistakes in evaluating the propositions are much more common, due mainly to distraction, haste or thoughtlessness. Starting off the day with the right focus is as important for the enjoyment of the process as it is for money management.

Time to Go Home

Though not strictly a "money management" principle, many players decide in advance how much time will be spent in the sports book at a given sitting. Partly this is designed to have all the bets figured out and placed in time to sit back and relax while the sporting events are televised. There is, after all, a limit on how many propositions a person can evaluate and handicap before running out of chances for promising action. Another reason is that the process is tiring. The player's best work is usually done at the outset, with declining productivity thereafter. Another reason is that when a person engages in productive betting, the bankroll should be growing. There is a tendency to like this trend and to try to keep it going. Whether the bankroll is rising or falling, there comes a time to call a halt to it all and save the effort for another day. Knowing this moment in advance is a great benefit, as it will not present itself at an obvious point later on. Finally, loved ones enjoy knowing when you will return to real life and will not resent the periodic voyages into sports book world if the return is also predictable.