How well you manage your money might be one of the main reasons why you are losing it. In this article, I will cover basics of bankroll managament in sports betting and give you some informations which might help you to find the winning way.
What is bankroll?
Bankroll is a budget we are willing to spend in betting. This is the amount we are prepared to risk and it should not effect our way of playing. After we decided the amount, we allocate the money according to set of rules (we will also call it strategy) and those set of rules should be applied to every wager you stake.
Why is bankroll so important for us?
1. You make more rational decisions when you are betting.
It seems so obvious, but it’s not. I’ve seen so many amateur bettors staking the last money they had and that hunger for profit usually narrowed their view. When you have the money which you can afford to lose, you will be able to make more calm and rational decisions.
2. You are less prone to chase your losses.
You can not always win and sometimes you will have a bad day or something. If we apply the first point and add also a set of rules we are playing under, we are able to avoid chasing a profit when you are on a lossing streak.
Which is the most save strategy to start with?
We will discuss this topic more openly in the next articles, but for now, I will write a few words about the basics of fixed staking strategy. This strategy is probably the most basic and straightforwad. We can divide the fixed strategy in two options: level staking and percentage staking. In the first option, you decided for amout of money you are willing to spend on a single wager and then you stake the exact same amount for every wager you place. In the second option, you will have to decide for a percentage of your bankroll you are willing to spend on a single wager and then you stake the exact same percentage of your banrkoll for every wager you place. The most common practice is to stay between 1-5% of banrkoll for a single wager.
Self control is the key
The main purpose of this article is to show you some important basic points about bankroll management and to give you advice where you shoud start. If you will apply the strategy to 90% of your wagers and play another 10% by your own will, you might not get the success you wanted. It is important to start with a strong basis and discipline is a strong asset when it comes to following the strategy.