You may have heard stories about gamblers losing a lot of money and going bankrupt. These stories might strike a fear in your heart against gambling. But the real problem lies with their poor bankroll management. Bankroll management is simply a system that keeps a check on your betting budget and manages your bet amount. If there is no proper system of checking your budget, then you can quickly lose money in successive bets. Eventually, you can lose more money than you can afford.
How important is Bankroll Management in sports betting?
When you are betting, you need a bookmaker, a bet selection, and money. It is clear that money plays a central role in the betting market. If you really want to be one of the best punters in the industry, learn how to manage your bankroll. Most experienced bettors have lost a lot of money and eventually, gained the experience to place bets more consciously. One of the reasons why they do not quit betting is because they can manage their money properly. If your mind is set on bankroll management, then you will also formulate a staking plan in your mind. A staking plan is how you stake money in a way that you minimize your losses and eventually go for the final profit. In addition, if you can get a few winnings in, you can even build up your bankroll.
How can you manage your bankroll?
Betting can be very rewarding but can quickly turn addictive if you let your emotions get the better of you. So, there must be a systemic way to approach bankroll management during betting. Here is a bankroll management guide:
Step 1: Deciding on the balance
Before entering the betting industry, you need to decide on a betting budget. This decision will solely rely on your income and financial stability. It is recommended that after getting your income, you set aside all the monthly requirements like food expenses, electricity, phone bills, and a bit of emergency fund. After that, you can decide on your betting budget based on the remaining money.
Step 2: Betting size
After you have decided on the bankroll, it’s time for you to decide on the betting size. The betting size means the percentage of money that you will be putting on a bet. Let’s say, you have Rs. 800, and you want to be 25% of it every time. You believe that Team B will win and place the bet.
- You place INR 200, and Team B loses, you have only INR 600 left with you.
- Another INR 200 stake and Team B loses, you have INR 400 left with you.
- You place INR 200 for the third time, and Team B loses, you have INR 200 left with you.
- An additional INR 200 stake for the final time and Team B loses, you are now broke.
- You don’t place any money, and this time and Team B wins.
In the fifth case, if you had money, you could have recovered all your losses and made a profit.
On the other hand, let’s say you take 12.5% as the betting size, that is, 100. You go for Team A this time, and they win once out of four times in the progression.
- You place INR 100, and Team A loses, you have only INR 700 left.
- Another INR 100 stake and Team A loses, you have only INR 600 left.
- You place INR 100 for the third time, and Team A loses, you have only INR 500.
- You place INR 100, and Team A wins. Now, you get INR 100 in your account, as well as other stakes, thus making a profit of Rs. 100.
It is generally advisable to go for bet sizes of 1%-5%. Conservatives can choose 1%-2%. If you are confident, you can go for 3%. However, if you are really confident, you can go for the upper mark of 4%-5%.
Step 3: Resetting your bankroll
The final step is to reset your bankroll. This means rethinking your strategy. If you are on a losing streak, you might want to sit back, think about a new bankroll management system, alter your betting limits, and then re-enter the betting field. On the other hand, if you are constantly winning, you should not reload your entire money. You can set aside some amount of money for withdrawal purposes.
Bankroll management will not only help you save money, but it can also help you make a profit in the long run. Sometimes, you might lose money, but in the end, get a massive return covering up your losses. An efficient bettor should have proper bankroll management and staking plan.
Apply these bankroll management steps above while you doing sports betting. Register now at JeetWin and place your bets on your favorite sports.