Bankroll Management in Sports Betting
Truth be told, bankroll management in sports betting is something you should pay special attention to. This feature might seem not so important, but don’t be tempted to follow this misbelief.
There are two options: either money management will make you a successful punter, or break you as a sports bettor. It is up to you which path to choose, but if you’re willing to become successful in this arena, you’d better read through the following article.
Unfortunately, most amateur punters pay little or no attention at all to money management in betting. They think that it’s just a matter of using and refilling their credit card accounts. Don’t fall for the easiest way, because in fact, bankroll management is far more complicated than it appears at first glance.
Generally, this notion could also be applied to other spheres and in each case, it won’t be out of place. But as far as we are concerned, we’ll focus on the aspect of money management in sports betting. From the economic point of view, it means to sufficient use the money we earn from business ownership, employment, financial investments and so on. So why not apply its main rules in the sphere of gambling as well?
It is worth noting that money management is implemented not only by gamblers but by traders, business owners, investors, poker players, and simple employees as well.
First of all, you should understand the word “bankroll”, because you’ll be using it a lot in the near future. The bankroll is a certain amount of money you use exclusively for gambling purposes. Before even thinking of placing your very first bet, you should evaluate the level of your income and think whether you can afford to gamble. We’re not saying that you should be a millionaire to start wagering, you just have to take into consideration that you’re not going to win constantly and these failures shouldn’t affect your whole budget in any significant way. So basically, the amount of your bankroll can be either big or small, but the most important thing is to be comfortable with the idea of losing all this money.
After creating a separate fund for gambling purposes, you need to figure out how much money you’re going to bet. When it comes to betting, you never know where you win and where you lose, so you can easily end up with an empty bankroll because of one single unlucky bet. You might say that there is also a 50% probability of doubling your bankroll, but these are the cases when Murphy’s law comes into action, so don’t keep your hopes up. On the contrary, be reasonable! Gambling on sports is all about cold maths and calculation if you think otherwise you won’t be able to succeed in the long run.
Most experienced punters advise betting no more than 3-5% of your bankroll. So if it accounts for, let’s say, $1,000, your bet should be no more than $50. You should also brush up your vocabulary and remember the following terms: flat bet and a straight bet. The first one means betting the same amount of money on each game, while the second concentrates on a single game and involves money line or point spread.
Once you start winning, you can increase your bankroll, but never even think of increasing the percentage you use for your bets. This golden rule works in case you win or lose.
It is very important to take breaks after betting sessions. Emotions and fatigue have a tendency of clouding your judgment. Besides that, you shouldn’t forget that you place bets in order to win and not to for the sake of betting only. That’s why it is very important to be able to stop, especially if you’ve been losing in the long run.
Probably, the last point is: manage your money reasonably. It takes more than pure luck to be successful at gambling, so it would be wise to wager only in cases you are sure you won’t end up with an empty bankroll.
This post is also available in: Romanian