How To Manage Your Bankroll In Sports Betting
Managing your bankroll is one of the most important aspects of sports betting, but can also be overlooked by even the most experienced bettors. Many bettors will spend hours researching potential bets and which teams to back. But, it’s important that you spend just as long managing your bankroll, to ensure that you remain financially sound and aren’t betting more than you can afford.
What Is A ‘Bankroll’?
A bankroll is the amount of money that you specifically put aside to use for online betting. There is no set amount that is required to make a ‘bankroll’, it can simply be a set figure that you feel comfortable with. The bankroll that you set will be the only money that you use when wagering on sports and with a sound strategy, the bankroll would become self-sufficient.
Step 1 - Choose The Size Of Your Bankroll
Choosing the size of your bankroll is obviously the first step in bankroll management. It’s important to remember that you should never bet more than you could afford to lose. The idea of setting a bankroll is that, in theory, you would be comfortable losing the amount that you set aside. So, the amount that you set aside in your bankroll will be different for everybody.
Once you have set aside your bankroll, it’s recommended that you don’t deposit any further amounts. This allows you to keep a realistic, and more accurate, account of how much remains in your bankroll.
Step 2 - Choose Your Bet Size
The best way to maintain and manage your bankroll is to choose a steady bet size. The typical bet size would be between 1% and 5% of your total bankroll. So, if your bankroll was £100, then your bets would always be between £1 and £5. Allowing a variation in your bet size also allows you to place a different level of stake depending on your confidence in your bet.
This can work similarly to the points system that is often employed by betting tipsters. Tipsters will often stake between 1 and 5 points, which allows their followers to follow their tips, but also allows them to stake a figure that is comfortable with them. The more confident a tipster feels about their bet, the more points they will stake. So, applying this to your bankroll, you can split your amount into 100 ‘points’. For each bet, stake between 1 and 5 points, depending on how confident you feel. The steady and small bet size ensures that your bankroll won’t diminish too quickly and although you won’t see any huge wins, if you have good results you can see a steady profit.
Step 3 - Always Double Check Your Bankroll
After every bet, or at the end of each day, it’s important to re-evaluate your bankroll. This allows you to change your strategy at any point to start minimizing losses. For example, if you are on a streak of losses, then you may want to reevaluate your stake size in order to make your bank roll last longer. On the other hand, if you’ve had such a successful streak that your bankroll has actually doubled, then you may want to increase your stake or even withdraw some of your winnings.
Keeping an eye on the overall health of your bankroll is key to ensuring that you don’t lose track of your betting. Without regularly checking your account and seeing how much you have left to wager with, you could end up losing your bankroll completely.
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