Every sports bettor likes to think they know how to spot a good selection. Whether it’s through gut feelings or statistical research, weighing up the probability of an outcome against the odds offered by a bookmaker to unearth the value is a skill in itself and should help you win more bets than you lose. This is where betting bankroll management comes to the fore.
In order to make betting pay over the long haul, however, betting bankroll management is pivotal in betting on sports. After all, securing a strong return on investment should take priority over the win ratio, even if the latter is still vital. By the end of this guide, you should have a far greater understanding of the principles and strategies needed to maximise your chances of long-term profits.
What is Bankroll Management and How Can It Help You Win More Bets?
The word ‘bankroll’ is a gambling term that refers to the amount of money you’ve set aside for betting. Therefore, bankroll management describes the steps you take to handle your capital in a manner that is built for long-term success.
No matter what level of stakes you play at, this is a key weapon in your betting arsenal.
Why Mastering Bankroll Management is Essential for Sports Betting?
Bankroll management is overlooked by many casual punters, but all serious bettors must look to master it ASAP. It is the key ingredient that allows you to optimise the value of individual bets for long-term profits. Ultimately, it all boils down to one question: how much should you bet on a specific bet?
Failure to answer this question can lead to erratic betting behaviour. In turn, this can result in financial losses even when the outcomes of your selections point towards a profit.
Good betting bankroll management should be a defensive strategy aimed at preserving your bankroll. Every gambler will encounter bad streaks from time to time, but the right system will stop those runs from draining your entire betting balance. Likewise, a strong bankroll management strategy will prevent the danger of losing a big chunk of winnings due to overconfidence during a hot streak. Even when you’re winning regularly, it’s better to build your bankroll in a way that minimises the risks.
Essentially, when coupled with value selections, successful bankroll management keeps the odds in your favour.
What are the key rules to follow in bankroll management?
Bankroll management should carry huge significance for all punters. Nonetheless, it’s not just about finding a plan that works. It’s about finding a plan that works for you!
Every gambler is unique; from financial backgrounds and betting goals to favourite bet types, catering to your individual needs is key. Here are five key rules that should point you in the right direction, whichever route you decide to take:
- Never bet more than you can afford to lose, even when you have several bets simultaneously in action. Have a strict bankroll limit and stick to it. Online punters can set deposit limits on their chosen bookmaker accounts for added support.
- Never let a single bet break the limits of your bankroll management strategy. Even if you’re extremely confident that a selection will win, one bad decision could potentially wipe out weeks of hard work.
- Record every bet you make. Discipline is crucial for sports betting, and a spreadsheet gives you a visual aid throughout. This will also help you spot sports or markets where you tend to make incorrect selections.
- Ensure that bankroll management factors cover all betting terminals. Most punters have multiple betting accounts while you may also place bets in a shop. One system should encompass all activities.
- Never count your winnings as part of the bankroll until an outcome is settled. Anything can happen in betting, and presumptions can quickly leave you at greater exposure. This is potentially the quickest way to blow your bankroll with one bad session.
Know how to manage your expectations, and you should be ready to manage your bankroll.
What Is The Right Sports Betting Bankroll Management Strategy For Me?
In short: the method that limits your exposure while maximising the potential return on investment.
For the longer answer, you need to ask several questions. They include:
- How big is my starting bankroll?
- Do I seek high win percentages with smaller risks (such as odds-on singles) or low win percentages with bigger payouts (multiples or outside markets)?
- Do I place one bet and wait for its outcome or am I likely to have several bets simultaneously in play?
- How frequently do I bet?
- What are my ROI (return on investment) expectations?
Once you’ve answered those questions to understand the type of gambler you are, it’s time to think about the best ways of protecting your money.
The Key Ingredients For Successful Bankroll Management Explained
Bankroll management isn’t something that just naturally occurs. It must be worked at, and understanding the key principles is imperative. Here are some of the ingredients needed in the recipe for success.
Mentality
To enjoy any success in the world of gambling, especially sports betting, the right mindset is everything. You must be prepared to lose bets, as this will inevitably happen even if you stick to heavy odds-on favourites.
A good betting bankroll management plan will make preparations for those losses, including extended losing streaks to soften the blow and keep the overall curve moving in a positive direction.
Strategy
Bankroll management relies heavily on risking the right amount of money on a particular bet. While the exposure won’t always be identical from one selection to the next, establishing solid staking plans should be a priority for all punters.
There are various options, including Level Staking, the Kelly Criterion, and the Fibonacci Method. Without a strategy, there is no sense of control regarding the bankroll.
Targets
Betting bankroll management can aid all punters from casuals to professionals, and is ultimately there to help you achieve your aims. However, all gamblers have their individual goals, which is why you should knowing when to withdraw a percentage of the profits.
Whether it’s withdrawing 10% each time you double your bankroll or any other method doesn’t matter. Keeping a healthy bankroll while actively reaping the rewards of winning is key.
Discipline
Discipline is a word that crops up all the time for gamblers as we’re all susceptible to the dangers of chasing losses. A simple philosophy such as limiting daily losses to 20% of your bankroll can prevent betting disasters. That is one of the chief reasons for bankroll management in the first place.
Successful betting is a marathon rather than a sprint. Maintaining high levels of maturity and control at all times is the only way to keep moving in the right direction.
Evolution
Betting bankroll management needs to follow you throughout your betting journey. However, a strategy that works in the first few months of gambling but can soon lose its appeal. If you started with a bankroll of £100, betting 10% was fine. Betting 10% when your bankroll is up to £10k won’t do.
Aside from managing your bankroll, you need to manage your emotions. Over time, tweaking your staking plans and other betting bankroll management elements is almost inevitable.
The Takeaway: The Importance of Bankroll Management in Sports Betting
Successful gambling isn’t simply about winning more bets than you lose. Ultimately, the chief aim is to build your wealth by maximising the financial rewards. Good betting bankroll management enables you to do this in a sustainable approach that is built solely around the idea of protecting your money for the long haul.
Does that give you immunity against the threat of losing bets, or even your bankroll? Of course not. What it does do, however, is help you overcome many of gambling’s biggest threats while providing direction throughout your gambling ventures.
If you’re serious about making money from sports betting over an extended period, mastering this aspect is a prerequisite that you must not ignore.