September 27, 2019

How To Manage Your Bankroll

How To Manage Your Bankroll

Every gambler has a bankroll, even if you are just starting in sports betting. The most important part of being a successful sports bettor is the ability to manage your bankroll well.

What is your Betting Bankroll?

It is the amount you are willing to risk in your betting. Every sports bettor should always be mindful of their bankroll, no matter how often or how much they bet. Even if they are just betting for excitement in the next match, they need to know how to manage their money practically. If you don’t have a method and tend to put an unreasonable amount on each bet, you will end up losing money despite a solid winning percentage.

Simple Steps to Manage Your Bankroll

Determine The Size of Your Bankroll

How much money should you deposit into your sportsbook? Well, the answer depends on your financial situation. Each bettor has a different definition of what they can bear to lose, never bet money that you cannot afford to lose. Be practical in assessing your bankroll, as well as how much you can afford to wage in an online sports betting site. Set an amount you are comfortable with and stick with it, if you are continuously making deposits and withdrawals it becomes easier to lose track.

Choose a Unit Size

For beginner bettors, we suggest that you keep the size of your+ bets consistent somewhere between 1-5%. Sports bettors should wage 1-2% of their bankroll per bet. However, if you are more confident in your sports betting knowledge and skills then it is likely that you can raise your bet size to 4-5% of your total bankroll. We suggest that you bet around 1-3% of your bankroll, it is rare to see a professional bettor wager more than 1% of their bankroll in each event.

Reevaluate Your Bankroll

Sports betting is very dynamic, it’s worth calculating your bet size throughout your sports betting career. If you are winning or losing a huge amount, adjustments need to be made. Don’t bet more when you have a losing streak, just sit back, refocus and reevaluate. If you lower your wager, it prevents you from losing too much.

Tracking Your Bets

There are a lot of ways you can track your bets, however, the very least you can use is a spreadsheet to track the date, which team you are betting for, the spread, total, line, and the number of wages you won or lost. The purpose of tracking all of this is to build a database of wages that you can use to monitor your winning and losing. All of this data gives you the chance to compare your picks to others to be able to become a successful sports bettor.

Set Time Limits

Most gamblers lose more often and their losses go up the longer they play. That is why setting a strict limit to your play can lessen your losing streak. Once you reach your time limit, you can put your money in your pocket. However, if you are winning you can decide to play longer just remember that in the long run, there is a possibility that you will lose. Leaving the game you can be able to protect your bankroll.

Play Slower

One of the greatest ways to protect your bankroll is to play slower. The slower you play the less you bet per hour, the house advantage chips away at your bankroll as you play. the slower you play, the less you lose.

Play Tournaments

It is one of the best ways to protect your bankroll and have a possibility to prolong your playing time and more likely to win in a wage.

There are various ways to manage your bankroll. We recommended that you start with the most basic until you’ve mastered your strategies and build from there. You can use these tips to manage your gambling bankroll to play longer and have a chance to win more.

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