Bankroll Management for Sports Betting [in 2023]

14.09.2023 19:45

Bankroll management, sometimes also referred to as money management, is the management of funds allocated for betting. Rather than seeing it as one overarching rule, think of it as a compilation of several guidelines. By setting up the proper bankroll management and, most importantly, adhering to it, you can minimize your losses and maximize your gains. However, remember that even meticulous bankroll management won't protect you in the long run if you aren't placing value bets.

 

Separate your betting bankroll from personal finances

The most crucial advice for all is to never mix the money you need for everyday life with the funds you intend to bet with. If you bet twice a year for a mere $20 or set up a Parlay bet every Saturday for $2, you probably don't need to worry about this. Still, regular bettors adhere to this principle. A great method is to open a separate account or use an e-wallet (like Skrill, Neteller, etc.).

This recommendation is so universal it can extend to other realms of capital handling (business, investing, gambling, etc.). Try to visualize a scenario where betting = your business, and manage assets similarly – separating it entirely from private finances.

 

Avoid gambling in casinos

Funds set aside for betting should be strictly for that purpose. Don't waste them on slot machines, roulette, or other similar games! Remember, in nearly every game in the casino, the odds favor the house. However, with sports betting, you can turn the odds in your favor. It's a shame to risk hard-earned money on games that are statistically designed to win over time.

 

Beware of tilt

Tilt is a term predominantly from the poker world. It's the emotional and mental frustration arising when the game isn't going as anticipated, leading to aggressive and thoughtless play. Bettors often experience this too. A few lost tickets in a row due to a goal in the stoppage time or a referee's mistake and we may got a problem. Seasoned bettors know it's just variance, but it can still significantly disrupt our mindset. Those less resilient might start making hasty decisions, increasing their stakes, or betting on opportunities they'd usually avoid. The best solution in such cases is simple: take a break. Even if it's just for a day or two.

 

Place value Single bets

If there were a textbook for sports betting, its first page would likely state: "To be profitable in sports betting long-term, you must place bets with value." We've previously discussed the topic of value bets. To add, almost all successful bettors opt for Single bets. Want to succeed? Follow the example of those who have!

 

Set a maximum bet limit

Opinions on this matter may vary among bettors. Nobody can precisely tell you how much of your bankroll should be bet – everyone will have a different answer. Much depends on whether you place flat bets (all wagers of equal value), use a unit system, or another strategy like the Kelly Criterion. See how our successful tipsters work with their deposits.

The general recommendation is that a single bet's value should range between 1% and 5% of your total bankroll. You can, of course, adjust this percentage as your bankroll changes, using the proportional method, where you bet according to your current bankroll's size. Let's illustrate: If you have $400 in your betting account, and you're betting between 1% to 5% of its total value, your next bet will range between $4 and $20. Using this method, there's little risk of going broke. However, continuously recalculating can become tiresome.

A more convenient alternative might be to gradually adjust your bets. For instance, after increasing your account by 10%, proportionally increase your bet. Conversely, reduce your bet during a downturn. There are various examples of such strategies. The key is to decide on a strategy and stick to it!

 

 

FAQ

1️⃣ What is the best bankroll management strategy for sports betting?

For those new to betting, it's advisable to maintain consistent bet sizes: Choose a unit size that lies between 1-5%. For a more conservative betting style, consider wagering 1-2% of your bankroll on each bet. Meanwhile, more experienced bettors might be comfortable betting up to 3% of their bankroll.

 

2️⃣ What percentage should your bankroll be in sports betting?

After determining your primary budget, it's essential to set a unit size. Typically, any single bet should be just a minor portion of your overall bankroll. A cautious approach suggests a unit size of 1-2% of your bankroll, whereas a bolder strategy might go up to 3-5%.

 

3️⃣ How important is bankroll management?

It's pivotal in controlling your assets, reducing risks, and making decisions grounded in your budget and risk assessment. By allocating a specified amount for gambling and setting loss and profit thresholds, you can prevent depleting your funds in one go.

 

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