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Bankroll Management For Sports Betting – OddsMonkey

Bankroll Management For Sports Betting

Sports betting is one of the most popular pastimes in the world with millions of people betting on their favourite sports every single day. Sports betting can be a way to add an extra layer of entertainment to the viewing of their favourite sport or it can be a fun way for people to try and make correct predictions similar to the experience of a casino. One of the most important aspects of successful sports betting that goes under appreciated is bankroll management. Having a successful bankroll management strategy is crucial to make money online and for any potential success you may have when betting. If you do not have a reliable bankroll management strategy you will be almost certain to lose more money in the long run. 

In this article we are going to discuss why a bankroll management strategy is important and the steps you can take to implement one for yourself. These tips will be useful in ensuring you can be more informed while betting and take better care of your hard earned money. 

What is Bankroll Management

Bankroll management is that act of putting in place a system when betting that ensures you don’t spend your money unwisely. A bankroll itself simply refers to how much money you have available to bet with. The simplest form of bankroll management is limiting your bankroll and creating a strict budget. 

How To Manage Your Bankroll

There are four main steps to making your own bankroll management strategy. Of course there are other strategies available but these are the primary steps that must be considered when you make your own strategy:

  • Set a Budget: The first step to making a bankroll management strategy is setting your budget by determining the size of your bankroll. Your budget will be the amount of money you allow yourself to spend on betting. You need to separate a portion of your money and keep it away from the rest of your finances. You must ensure that your budget does not take any money away from things you need to pay for. 
  • Follow Your Budget: Once you have decided your budget you must stick with it. Decide how much you’ll invest over a given period and do not change this. If you lose your money, stop playing. If you use your bankroll but have come away with a big profit, walk away. 
  • Select a Unit Size: Your unit size is essentially what percentage of your bankroll you will play with each time you place a bet. We would recommend only placing 1-2% of your bankroll on each bet as this will stop you from running out of bankroll before your next investment period. Many professional bettors use 1-2% of their current bankroll, so as their bankroll gets smaller so do their bet sizes. This allows for more bets to be placed. 
  • Review Your Strategy: Finnlay, you should regularly review your strategy to make any necessary changes. If for example you have been losing a lot then maybe reduce your unit size so the losses aren’t as bad. Or if you have other things to pay for you might have to reduce your bankroll.

Why Use Bankroll Management

Bankroll management is a very useful method to ensure your gamble responsibly. When used consistently it helps you bet within your means and stops players from spending money they can not afford to lose. In this section we will go over some of the benefits that using a reliable bankroll management strategy brings.

No More Chasing Losses

No matter how much strategy and planning you put into your bets it is still ultimately a game of chance. Therefore losses are only natural and are bound to happen to you at some point. A common mistake made by many bettors is that when they end up on a losing streak and lose lots of money they then decide to keep betting in order to eventually earn the money back. This never works and only results in more losses and addictive habits being formed. By having a bankroll management strategy you will have a budget which will stop you from overspending and a unit size which should make sure you don’t run out of bankroll too early.

You Won’t Continue Betting After Wins

The principle of this benefit is the same but works for wins instead of losses. Many players after winning will rather feel confident and place bets that aren’t thought out, which leads to losses, or when their bankroll runs out they dip into their profits to place more bets. A bankroll management stops this from happening because of all the previously mentioned reasons. As a part of your bankroll management strategy you should also separate your profits from your bankroll to ensure you don’t use it for more bets before your investment period. By doing so you lose more money and start bad habits.

Can Afford Losses

By having a bankroll management strategy losses no longer become a worry or a fear. By having a set budget not only can you afford to lose without it affecting your financial situation but your perspective changes because you’re not betting with money you need. This makes betting more fun as losses become one of the outcomes from your hobby and not a disappointment. 

Make More Rational Decisions

Similar to the last point, by having a budget that doesn’t affect your financial situation, betting becomes more fun as the money you have to lose you are not worried about losing. Any profits are a bonus. This allows you to make more rational decisions as you’re not focused on the money that could be won asn instead enjoy betting simply because it is a fun hobby.

Summary

This has been our analysis of how to create a bankroll management for sports betting and why you should use one. We hope this article has been informative and that you heed our advice to start gambling responsibly today.

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