Managing Your Bankroll, Explained
As an online sports bettor, managing your bankroll is one of the most important aspects of your betting career. If you don't have a plan for how to manage your money, you will quickly go broke.
In this blog post, we will discuss how to manage your bankroll for online sports betting. We will cover everything from how much to bet each day to how to handle losing streaks. We will also answer some common questions that people have about bankroll management. So, whether you are a newbie or a seasoned vet, this blog post is for you!
How to Manage Your Bankroll
When it comes to bankroll management, there are a few different schools of thought. Some people recommend betting a fixed percentage of your bankroll each day, while others advocate for betting a fixed amount. There is no right or wrong answer here, it ultimately comes down to what works for you.
If you are just starting out, we recommend betting a fixed percentage of your bankroll. This way, you can slowly increase the amount you are betting as your bankroll grows. For example, if you start with a $100 bankroll, you could bet $20 per day.
If you are more experienced, betting a fixed amount each day may be a better option for you. This allows you to take advantage of higher odds when they are available. For example, if you have a $1000 bankroll and usually bet $50 per day, but see a +200 moneyline that you like, you could bet $100 on that game.
Sports bettors should always be cognizant of the size of their bankroll, no matter how often or how much they intend to bet. To be successful, it is necessary to blend sports knowledge and research with mathematical precision.
Three Steps to Manage Your Bankroll
- Determining the size of your bankroll is one way to determine how much you can afford to risk.
- Choose a Unit Size: Once you have set aside a bankroll and determined the amount you want to bet, you must select a size for your bets. We recommend that beginner bettors use stakes between 1%-5%.
- Reassess Your Bankroll: Recalculate your unit size periodically throughout your sports betting career. If you’re winning or losing a large amount of money, adjustments should be made.
Are you on a losing streak?
Of course, no matter which method you choose, there will be days when you lose. It is important to have a plan for how to handle these losing streaks. The first thing you should do is take a step back and evaluate your betting strategy. Are you making bad picks? Are you chasing your losses?
If you are making bad picks, it is time to reevaluate your handicapping process. Take a look at how you are choosing which games to bet on and see if there is anything you can change. Maybe you are relying too heavily on one particular stat or ignoring an important factor. Whatever the case may be, make the necessary changes and get back to winning.
Chasing your Losses?
If you are chasing your losses, that is a big no-no in the world of sports betting. This is when you start betting more money than usual in an attempt to make up for previous losses. This is a dangerous spiral to get into and will usually lead to going broke. If you find yourself chasing your losses, take a break from betting for a while and regroup.
So, there you have it! A complete guide to managing your bankroll for online sports betting. Just remember to bet responsibly, set aside money each day or week that you are comfortable losing, and don't chase your losses!
Do you have any questions about bankroll management? Leave a comment below and we will answer them for you!