Never bet more than you can afford to lose. A golden saying and perfectly logical, but easier said than done. Money management is one of the most important skills required to be a successful sports bettor. This skill is more commonly referred to as bankroll management, and in this article we are going to teach you all about it.
1. What is Bankroll Management and how much should you bet?
Your bankroll is the amount you are willing to invest and risk in your betting. A typical recommendation is betting 1%- 5% of your bankroll on a bet, depending how likely a win seems. Yes, this might mean that the amount staked on each bet is small to begin with, especially if the starting bankroll is around 100 euros. There is nothing wrong with starting small and building up. Patience is key. With patience and advice from The Footyzone, you will start to see an increase in your earnings and that will allow you to bet more money and earn more money.
There are many different betting strategies that have been applied to sports gambling over the years. For the first 4 years of my betting “career” i did not think about betting bankroll management. I just staked what I felt was right. There were times when everything was going brilliantly, but also times when I was looking at a big fat zero in my account. I am not going to over complicate things with unnecessary over the top strategies. The only plan I recommend following is a simple unit and percentage strategy.
2. Why is bankroll management important?
- Ensures that you don’t go chasing after your losses with big bets.
- Prevents us from getting carried away when on a winning streak (1 big loss could wipe away that streak.
- Still saves you a bankroll if you are going through a bad spell.
- Helps to make better and more rational betting decisions.
3. Other options
As I said, there are other options to managing your betting bankroll, but I think that people over complicate betting with these methods. However, if you would like to try them out, I have listed some of them below.
3.1 Betting the same amount each bet – not the worst idea but would you really place the same amount for a bet with 1.4 odds and a bet with 3,8 odds?
3.2 The Kelly Criterion is well known among sports bettors as a way to decide how much to bet when the odds are in your favor. this method takes into account both the probability of a given team or player winning and the value of the odds offered in relation to that probability. This value is referred to as the overlay. This means that it suggests you bet more depending upon how great the value is, but it also means you have to assess the probability of a given outcome with consistency.
To sum up, bankroll management is extremely important to sports betting. Everyone will go through losing streaks, but with good bankroll management you will still always have money to bet, even if you are going through bad spells. Unless you lose 200 bets in a row of course, then this is not for you. But by following The Footyzone, you will always do well.