Bankroll Management in Sports Betting
In order to be successful in sports betting, you should learn some things, like how to use strategy, how to find value bets, etc, but something, which is even more important is learning how to manage your bankroll. Especially for beginners, this is one of the biggest problems, which can cause of lot of loses and a small amount of winnings. Actually, to learn bankroll management, not a lot is required, but you need to know how to do it. So, we from bettingy.com, will reveal all the secrets connected with bankroll management, in order to maximize winnings and minimize losses.
Bankroll Management, How to set goals and rules
One of the most important things is to learn how to follow a plan and set goals. There are a lot of players, who are just betting chaotic and do not even know how much money they win or lose. Of course, goals are quite different for every single player, but let’s see some simple criteria, which you should follow when you set your betting goals.
How to Set Goals?
As we already mentioned, it is very important to set goals, which is a must to be successful in bankroll management. So, we from bettingy.com will give you some examples, in order to help you even more.
To Win X Money for the Whole Week
The first one, which you should pay attention to, is to set a goal for how much money you should win for a week. Of course, this can vary depending on how much money you have in your account, how much time you spend on betting, and a lot of different factors, so that you should set goals, you can achieve.
To double a deposit
A goal, which can be quite helpful for a lot of players, is to double a deposit. This goal can be hard to be reached sometimes, but it can be really beneficial for you. Every time you make a deposit, just set a goal to double it, until you withdraw any funds. Of course, it is good to also set a goal for the period in which you can double it.
To finish the month with profit
A goal, which should be set from every single player, is to end up the month with profit. It does not matter exactly how much, but you should end it with profits. This goal will not only help you manage your bankroll, but will also guarantee you that you will always end up with profits, which is the main aim of online sports betting.
How to set rules
Apart from your goals, to successfully manage your bankroll, it is very important for you to also set rules, which you should follow strictly. There is no way of making a lot of money from sports betting without following some rules, which most of the time are cruical for being successful. As for the goals, rules also depend only on you, simply because everyone should have its own rules, but we will also give you some examples, which can help you set yours.
To never bet more than you have
This is a rule, which should be followed by every one of you. As sports betting is never sure, there is always a chance for losing, so you should never bet more than you have, simply because it may lead to a lot of bank problems to you. So, calculate exactly how much you can bet, and bet no more.
How much to bet
This is another rule which should be set from every one of you, it is kind of related to the first one, but you should keep it in mind. You should know exactly how much to bet, you should also make all the calculations and set your limits, which you can afford. If you lose all of your money on an unsuccessful bet, there is no way to return it, so always know your limits.
Know when to stop
There are a lot of players from all over the world, who simply do not know when to stop, they lose and keep trying, but sometimes, luck is not on your side, and you cannot win. So, every time you start a negative streak, just stop and wait for events, which are likely to win. Only because you lost some bet, does not mean that you will win the next one. A lot of players actually strictly believe in this, do not be like them.
Never follow impossible bets (Ignore emotions)
It can be cruical for you to never follow impossible bets, these bets are often related to favorite teams. Only because you like an exact team, does not mean that it will win for sure, so you do not need to stake all of your money on it. So, be sure to ignore all the emotions, and bet with your brain.
Apart from the emotions, there are a lot of players who persuade impossible bets, with extremely high odds, for example, correct score, which is very hard to be predicted, which actually is not bad, but you should know when to stop, and which bets are barely impossible to happen.
Set time for researching
We told you a lot of times, that you cannot be successful in sports betting without making a research. So, you should set a daily time, through which you only research and learn about placing successful bets. This can change your betting level from beginner to expert. Also, if a type of bets do not work for you, you should consider researching another one and find the one, which fits you the best.
To never let past unsuccessful bets follow you
Another rule, which can help you a lot being successful in bankroll management is to never let past unsuccessful bets follow you in the future. If you let the, you are going to lose a lot. Most of the losses of players come because they lost an exact bet, and want to recover their stake so that they place a lot of bets, which are not based on research. So, if you let past unsuccessful bets follow you in the future, you are going to lose a lot.
How to set your budget for betting
As you already know how to set rules and goals, it is time to talk about how to set your budget. Actually, this is a question, which answer should be given by you. As every single person has a different amount of money, we cannot tell you how much to bet. But, we can give you some very important tips, in order to set your betting budget easier.
- First, you should calculate your monthly budget, and how much from it do you need for home needs, and then decide how much you can bet,
- It can be really helpful to open a separate bank account, which you will use only for betting, this can be perfect for separating your money for betting from money for other needs,
- It is very important to calculate exactly how much money you can set for betting, and put them in your separate betting account.
Bankroll Management strategies
As a lot of people are facing problems with bankroll management, we from bettingy.com, will show you some bankroll strategies, which professional gamblers are using to set their limits successfully and make a lot of money. So, without losing more time, let’s start with the first one.
Fixed Unit Model
Probably the easiest one, which is perfect for every beginner in bankroll management, is the fixed unit model, which does not require any math. For the fixed unit model, you should have a unit size at one or two percent of your total bankroll. Or with more simple words, this unit size will be the amount, which you stake every time.
For example
If you have 1000 dollars for betting for the current month. So, how you can find out how much to bet.
1000 (your bankroll for the month) * 0.01 (percentage) = 10 dollars
, which means you should bet 10 dollars every single time. As you can guess, you should be flexible and stick with that formula, no matter if your bankroll grow or drop. It is cruical to increase or decrease your bets, when you earn or lose. Let’s see another example, if you win 400 dollars. Now, you are going to have 1400 dollars, so again following the formula:
1400 * 0.01 = 14 dollars, which is the amount you can start staking.
To help you see what the fixed unit model can give you, let’s see all the advantages and disadvantages:
Advantages:
- The fixed unit model allows you to track your wins or losses easily,
- It is simple and perfect for beginners in bankroll management,
- Allows you grow a lot.
Disadvantages:
- When you start winning a lot, you may become confident and bet more than you can afford, so you can start losing.
Percentage Model
The percentage model is quite similar to the fixed unit model, but instead of the fixed betting amount, you have there, for the percentage model, the percentage of your bankroll is fixed. In order to make everything simple for you, let’s again say that your bankroll is 1000 dollars per month, so that your starting wager will be 10 dollars, which will change every day.
For example:
Let’s say after you placed 10 dollars, you won 25 dollars, so your bankroll will be 1025, so your next bet should be
1025 * 0.01 = 10.25.
After that you may win another 50 dollars, so your bankroll will be 1075,
1075 * 0.01 = 10.75, which should be the amount you place after.
Now let’s say you lose 125 dollars after a few days of betting, so your bankroll will be 950 dollars, and again you should follow the formula:
950 * 0.01 = 9.5 dollars, will be the amount you should bet next.
Now, let’s again see the advantages and disadvantages of the percentage model
Advantages:
- You can easily stick to that model, simply because everything is changing on your bankroll,
- Percentage model is very good when you are on a winnings streak, simply because the more you bet and win, the higher your bankroll and bets are.
Disadvantages:
- The main disadvantage is that it takes a lot of time to get your money back from a losing streak, simply because your stakes are less.
Potential Return Model
The next strategy, we want to show you is the potential return model, which is a little bit more advanced, simply because not only the bankroll is taken into account when your next wager is determined. For the potential return model, the odds and the potential winning are taken into account.
Advantages:
- The Potential Return Model is more advanced,
- The risk level is bigger,
- The potential return model can be a way profitable than the fixed model.
Disadvantages:
- Your stake amount varies on every single game,
- When you are placing bets on the unfavoured teams, you should bet more.
Confidence Model
Another very popular model is the confidence model, which is depending only on your confidence. The more confident you are, the higher is your stake. Let’s say you bet 10 dollars on every stake, the confidence model, allows you to increase the stake, only if you feel more confident.
For example:
If you are very confident in your bet, you can place 3 times your normal bet, which means you should bet 30 dollars, and depending on how confident you are, and how likely is the wager to be winning, you can increase your stakes.
Advantages:
- If you are confident and like to risk more, the confidence model can bring you a lot of winnings.
Disadvantages:
- If your confidence level is not high, this model can literally lead to bankrupt.
Top 5 Tips for successful bankroll management
As you already know, we from bettingy.com, will always give you the most important tips, which can help you improve yourself, in order to make more and more, so let’s see the top 5 tips about successful bankroll management.
- Know your limits - As we already mentioned a few times above, there is no way to be successful not only in bankroll management, but in sports betting at all if you do not know your limits. Limits can be lifechanging, especially if you never set them before. It is very important to know exactly how much you can bet, how much you can lose, and when to stop. The moment you start setting limits is the moment you move from a beginner to expert,
- Do not chase old losses - Something, which can be very bad for your bankroll is to try returning your losses, by betting a lot more than you can afford. Actually, this is the biggest mistake, which a lot of players are making every single day. So, if you want to be successful it is very important to learn not to try returning money from previous losses. Most of the times if you try to do it, you are going to bet a lot more than you can, and as you know, there is no such thing as a sure bet, so if you lose, you are going to lose a lot more,
- Write down everything - This tip, is actually not valid for some players, but if it works for you, you should do it. For some players, it is a way easier to manage their bankroll by writing everything, so if it is easier for you, you should probably start writing, every stake, every win, every loss, everything at all,
- Never change your model, if it is working - After you know the main bankroll management strategies, you are free to start following them. But, if an exact one is not working for you, you should change it, and find the one, which is the best for you. But, there are a lot of bettors, which find the best strategy for them, but still change it afterward, which is one of the biggest mistakes. Never change something, which is working for you.
- Never become too confident - As you already know, sports betting is not a way to become a millionaire overnight, but the moment you start earning a lot comes, so if you start to earn more, never forget about all the strategies, which helped you improve, and never place chaotic bets, which can only decrease your bankroll, instead of increase it.
Frequently Asked Questions
Q: Why should I stick to an exact strategy if I earn a lot of money?
A: If you found the strategy, which works the best for you, you should never forget about it. It is all right to increase your stakes, and calculate again, but if you do not follow an exact strategy, the chance for losing everything is extremely high.
Q: Can I combine two strategies and follow both of them?
A: Actually, the answer is yes, but the moment you combine them, things are going to become very difficult. So, our advice is to first learn everything connected to sports betting, and only after that start trying to follow more than one strategy.
Q: How can I set my monthly betting limits?
A: This is an answer, which you should found in your mind. We cannot tell you exactly how you can bet, simply because everything depends on you. We already gave you the tips, which can help you set your monthly limits, and the most important one is to see how much you can afford.
Q: How setting goals can be profitable for me?
A: As we already mentioned, without setting goals, there is no way of becoming successful. Without having goals, you do not have actual purpose, and you just betting chaotic, so that you can not improve yourself.
Conclusion
Without learning how to manage your bankroll, you cannot become successful in sports betting. Learning it is actually not quite difficult, only by reading the whole article can change everything. You can simply learn all the important strategies, which you should follow for successful bankroll management, also how to set your limits and goals, which are cruical for it.
In order to successfully manage your bankroll, it is very important to remember, that when you reach the point when you win a lot, you should not forget about your winnings strategies, which bring you there. This is simply because a lot of players forget about that, and start to place bets, which are not calculated and which can only lead to bankruptcy. So, be smart and always calculate and remember to follow a strategy.
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