How to Manage Your Sports Betting Bankroll
How to Manage Your Sports Betting Bankroll
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Anyone can win a lucky bet or two. But, if you want to ensure consistent success and be a profitable sports bettor in the long run, you need a working sports betting bankroll.
Most players overlook the importance of bankroll management, so they often can’t sustain their betting habits.
Since you’re already reading this page, the good news is, you’re different from all of them. You probably only need a few pointers to develop a foolproof bankroll management strategy you can fully rely on.
To help you out, we want to share with you the best tips for managing a sports betting bankroll.
Step 1 – Figure Out Your Starting Point
Before developing good sports betting bankroll management practices, you need to create a suitable bankroll based on your circumstances. When doing so, you need to take into account several crucial factors.
Determine Your Bankroll Size
There’s no such thing as the appropriate average bankroll size. This is to say you shouldn’t go by the numbers anyone else might be suggesting.
The best way to go about it is to be realistic and set a number you can comfortably stick with. This means that you can afford to lose this amount without falling into any financial issues.
When figuring out the bankroll size, take into account different bonuses and free including “betonline” bets you might get along the way. These should give you some flexibility, especially if you put some time aside to look for the best promotions out there.
Set a Bet Size
Once you’ve determined your bankroll size, it’s time to set the exact percentage of it you can comfortably wager on any sporting event or game.
Percentages can vary depending on your skills and financial capabilities. For beginner bettors, this number should be around 1% to 2% of the total amount. For more skilled and aggressive bettors, this can be between 3% and 5%.
Separate Your Bankroll
When you’ve determined the first two aspects, you need to separate your sports betting bankroll from the rest of your finances.
Ideally, keep it in a separate account in which you won’t keep any other money. This will prevent you from spending more than you are comfortable with if you lose control over your emotions.
Step 2 – Track Your Bankroll in Detail
Once you’ve set your bankroll and determined all of the money management details you’ll stick to when betting, it’s time to ensure you have a system in place that will allow you to track your bankroll as you place bets. This should include weekly, monthly, and even yearly data.
The best poker players out there adhere to these practices, and they definitely work. Keeping close track of your expenses will help you change and adjust your strategies as the situation requires.
The most important statistical data to watch for is the type of sports bets you place, the total number of bets, how much you bet, and the outcome of your wagers.
This will provide you with a clear record of how much you’ve won or lost over a set period. Having access to this information, you can adjust your sports betting habits and work to improve them moving forward.
If you’re constantly depositing and withdrawing money without keeping track of the transactions, you’ll quickly fall into bad sports betting habits.
Step 3 – Reevaluate Your Bankroll Once in a While
Every sport is highly dynamic, and betting follows the same trends. As such, you need to adjust your bankroll based on how successful you are.
If you’re on a bad losing streak, you shouldn’t make the same-sized bets you would if you were winning. Make smaller bets until you can get your confidence back, reevaluate your situation, and get back on track.
In sports betting, your luck can change in a blink of an eye. With that in mind, even if you’re a winning player, you should never bet more than 5% of your entire bankroll.
Another good practice would be to set a stop-loss limit so that, even if your winning streak gets snapped by a bad bet, you don’t lose too much money.
Bankroll Management Mistakes to Avoid
We’ve discussed the crucial practices that will help you develop a successful bankroll management strategy. But, to make sure we’ve covered everything, we should also highlight some notable mistakes you should be wary of during your sports betting journey.
Getting Complacent with the Data
One of the most significant mistakes you can make when managing your betting bankroll is to start slacking off in the data input part of the process.
Writing down key information or typing it in a simple Excel spreadsheet is super straightforward and doesn’t require much effort. In return, it can provide you with a lot of value in the form of valuable stats you can rely on. With that in mind, don’t slack off on this, as it can be a costly mistake.
Straying Away From the Rules You Set
This seems like something that’s not even worth mentioning but is, unfortunately, a widespread mistake among many sports bettors.
The reason why you’ve set clear bankroll management rules is to prevent overspending or making bets you can’t afford. There are no locks in sports betting, and you can never recoup your money by chasing losses. So, never stray away from the bankroll limits you set for yourself.
If you are already a serious Texas Hold’em player, you’ll probably know all about good bankroll management. But even if that’s the case, refreshing your memory and going back to the fundamentals can never hurt!