Sports betting bankroll management is often overlooked by many in the world of gambling, but it’s something that can be an essential tool for success if used correctly.
Every bettor needs a plan. We’ll delve deep into the concept of bankroll management, betting systems, betting strategy, and how to make good use of various bankroll management tools.
Starting bankroll for sports betting
Experience bettors always work with their own betting methodology. Sports betting money management can range from strict routines to working with a very basic strategy. Whichever it may be, it’s important to have a strategy built on the foundations of sports betting money management system.
The fundamentals revolve around having standardized betting practices. Be aware of what you’re spending. Everyone can get carried away from time to time. Hit your wins and take time to think, there’s no rush. Every bettor has to be aware of their bankroll.
This is something that is ongoing, not something you check in with once a week. Regular bankroll checks allow bettors to moderate betting and avoid overspending. If you are employing various betting strategies, such as matched betting or hedge betting, and staking a varying amount of funds, it’s another reason to be conscious of when wagering.
Evaluate your bankroll
Stay in your comfort zone and don’t bet what you can’t afford to lose. Bettors must manage their own funds and be honest with themselves in the process. What can you afford to lose? This is the question that bettors must begin with and build a strategy around it.
Regular checks of your funds and ensure you are topped up enough for each days’ allowance. At the same time, if the bettor sees he’s withdrawn and there are still a lot of units in the account, it could mean the bettor is playing far too cautiously. Routinely check your funds.
Finding the right balance to bankroll management in sports betting is essential. Set a consistent plan and stick to it. For those that are moving money in and out of their accounts regularly, they need to be even more careful.
Tracking Your Sports Betting Bankroll
Whatever system you decide to go with when betting, ensure you’re keeping track of your bets and movements in your bankroll. Try to keep a decent record of the very basics of your betting numbers to ensure you’re informed about what has happened and what will happen with your funds. These are the basic details to take care of:
- Amount won/lost
- Bet type
- Amount wagered
- Outcome of bet
- Date of bet
The Unit Approach
One of the two pillars of sports betting bankroll management among bettors. The approach involves applying a fixed number of funds on every single bet. This method is often labelled a beginners’ approach and that’s mostly true. An example of this might be playing $5 on every bet – no matter what it is.
One of the best aspects of the unit approach is that it offers the opportunity to choose a unit to use consistently and in moderation. Equally, bettors are free to adapt and change their unit size as they go. Possibly starting at $5 and moving to $10, depending on current form. Whatever the methodology, consistency is the name of the game.
Bankroll Percentage Method
Another option for bettors is the bankroll percentage method, which involves players placing bets based on how much cash they have in their account. An example of this would be if a player feels very confident about a bet and wants to go big, they could place 5% of their funds. However, if they are making a regular bet, they might place 1%. It’s often considered the best strategy as your funds grow proportionally throughout the lifetime of the account.
This particular strategy is for more experienced players. This method allows bettors to limit themselves, which is an excellent way to play. One downside to this strategy is that it can be difficult if players bet emotionally. Hot and cold runs often encourage players to bet bigger. As such the percentage method requires players to be disciplined.
‘Safe betting’ and ‘Longshot’ betting
Folk who are misinformed about the betting industry often assume the biggest winners are the high-rollers, players betting big. But, this isn’t really the case. The majority of the time, the most successful players are those with a plan.
Employing a safe betting strategy is an excellent option for slowly building funds. An example of a safe betting strategy could be playing with a bankroll percentage of 1% per bet.
Longshot betting is a very risky strategy, but can certainly be used once in a while. If a bettor decides to take the 4th favorite in the Kentucky Derby and the odds are strong, then this could be considered a longshot bet for example. ‘Outsiders’ is another common term used to describe longshot bets. Players should avoid making regular longshot bets and sticking to one of the aforementioned methods, though occasionally they’re a good play.
Conclusion: Is bankroll management worth it?
It’s important to remember that every bettor should be using a bankroll management strategy of some form. For players that are looking to employ a more tactical approach to their betting, this is the first place to start.
From beginners to sharps, with the right amount of patience and balance any bettor is capable of becoming a high roller. Financial management is essential and all bettors should see this as the first stepping stone to bringing a sense of order to their betting management.