When it comes to betting, luck plays an important role in the process. We cannot say that all of the things are out of your control, but definitely most of them. This means that even though skill is involved in sports betting, there is a fair bit of luck as well.
However, there is one thing that is in your control and can decide whether or not you walk away with some profits.
We are talking about bankroll management of managing your finances. By managing your finances/bankroll, you can create a strategy that can turn your bets into profits in the long run.
Additionally, managing your bankroll will significantly lower the risk of burning out on your betting money, and setting strict rules will also help you avoid chasing losses.
Now that we know the importance of bankroll management in sports betting, let’s turn to betting experts for some bankroll management tips.
Contents
Determine the Bankroll Size
This is the starting stage of your betting journey. Setting up a proper bankroll size is really important. But what is the perfect size for a bankroll?
Finding the perfect size is actually pretty simple. Your bankroll should never exceed the amount of money are can afford to lose. Therefore, setting up a budget is taking a portion of your savings (the one you can afford to lose).
If you feel uncomfortable about your bankroll, then you’ve probably gone over the line.
Split Up Your Bankroll and Set Rules
Creating a bankroll is too generic. You want to build a strategy that is more specific. That’s why you should split your bankroll into portions that can be spent on a particular sport or event. For example, you might have a $1000 split into multiple categories. Horse racing is $500, basketball $200, football $300.
You can go a step further and divide that budget by the number of matches you want to bet on for the entire season. For example, there are 18 game weeks in the NFL ($300/18), which leaves us a $16.6 weekly betting budget.
You should set clear rules not to go over this limit at all times.
Evaluate Your Bankroll Frequently
Bankrolls are not set for life. Things change, and so will they. You should evaluate your bankroll often and calculate the ROI from your bets.
A bankroll can be evaluated in case of other financial circumstances that might affect your life, bonus offers, profits, etc.
Set Betting Limits
Another important tool that will help you keep your bankroll healthy is setting betting limits. Yes, that’s right. You should limit yourself by setting clear rules from the start.
What can be limited?
Well, first of all, you should limit the amount of money you spend on a single bet. Most expert bettors never bet more than 2% of their budget. Therefore, you should never invest more money on a single bet on the 2024 Kentucky Derby contenders.
Additionally, you should set losing limits (in case you haven’t got a category budget like we mentioned before). Losing limits is a strategy that will help you get away from a losing streak and help you avoid chasing losses.
Set Goals
Lastly, a bankroll doesn’t mean anything if you don’t have a goal. In betting, it is really smart to set goals before you start the process. This will stop you from losing all your profits in the future.
So, let’s say you start with $500 and your goal is to double it. In this case, when you hit $500, you should always take out your money. However, if you want to continue playing you can leave the original $500 or start with a smaller amount.
Goals will keep you sharp and help you properly handle profits from bets.
Tips for Successful Bankroll Management
Your bankroll is designed to ensure that you stay in your lane, so listen to it. Don’t get greedy and invest all your profits, or go down the rabbit hole of chasing losses.
A properly managed bankroll will help you bring back your losses over a longer period without putting your entire bankroll at risk.
Take advantage of free bonuses or promotions. Every time you get a chance to fill up your bankroll, you should do it.
It is important not to gamble while drunk. It will cloud your judgment and you’ll quickly forget that you have a bankroll strategy in place.
Go for smaller stakes following losses to protect your bankroll
If you are those people who cannot control themselves, it is probably wise not to put your entire bankroll into in-play betting. Instead, you should allocate a portion of your budget each week or month.
Final Words
Bankroll management is the foundation of a solid betting strategy. The process isn’t really difficult. You only have to follow certain rules and always stay true to yourself.
Your bankroll strategy won’t get you rich overnight, but it will also protect you from bankruptcy.
