“Don’t bet what you can’t afford to lose” is an adage that is particularly applicable to sports betting bankroll management.
Going to the races is very exciting, but it does come with a particular degree of responsibility when handling your finances at the tracks. We explore the ins and outs of excellent sports betting bankroll management, and how it affects you as a bettor. Learn what the best practices are in managing your money, while still enjoying your favorite games.
In a nutshell, it’s the money that you have available with which to gamble. To be able to wager, you first need a bankroll to gamble. This is the amount of cash you have available with which to do so.
It does not mean maxing out your credit card or going into overdraft on your checking account. It’s the money that you do not require for daily living expenses, money which you can afford to lose.
Sports Betting Bankroll Management is how you choose to handle your funds while betting, and where you wish to allocate your funds. It’s almost like a balance sheet of funds that you have. The amount that you’re willing to risk losing is considered your bankroll. Keep in mind that this bankroll is meant to be used for a hobby or pastime.
Gambling is not intended to replace your income. Even the most seasoned and experienced gamblers only win a few percentage points over break-even. In other words, they lose more bets than they win.
Sports betting bankroll management involves deciding how much you can afford to lose, where you’ll play, and what your strategies will be—all this while keeping within the confines of your financial situation. If you don’t learn to control your bankroll efficiently, one bad streak could cause some severe issues for you financially.
Your bankroll is the most crucial aspect of successful gambling online. We explore some of the factors to keep in mind for sports betting bankroll management.
The first step in good sports betting bankroll management is deciding on how much your total bankroll is. When taking into consideration the amount of money that you would like to gamble, it’s best to first work out what you cannot afford to lose.
Anything left over after that; you can safely say that you can risk. A good practice is to keep a floating balance. In other words, say you have decided that you have $100 available with which to gamble.
If you play and win, then any profits over and above the $100 are yours to enjoy. Then what you do is take the original $100 and put it away as a safeguard and play with your winnings. In this way, you can build up your bankroll to a point where you only use your winnings and won’t have to dig into your pocket to fund your wagers.
If you play and lose, then you only top up your bankroll to the $100 limit, which you have set yourself. Be strict and only top up as, and when, you have the funds available. In this way, you’ll always have that $100 with which to play. Be strict with yourself and don’t go over the budget you have set yourself.
After a while, you’ll find that your persistence and self-control will yield good results without having the financial stress or pressures when playing beyond your means.
Another essential thing to decide in sports betting bankroll management is the size of your bets per game. If you’re a beginner, it’s not advisable to bet your entire $100 on one game and on one outcome. You’ll likely end up losing everything if it doesn’t go as planned.
For beginners, we advise using bet units of 1-5% of your bankroll for wagers. Therefore, you’ll use about $1-$5 per wager. If that makes you nervous and you tend to be more on the conservative side, then we suggest you use 1-2% of the total bankroll per bet. If you tend to be more of an aggressive bettor, then you can go ahead and wager around 3% per bet.
The very confident bettor, who maybe has some excellent information on a particular event, can be a bit riskier and play 4-5% of the total bankroll. The above is a guideline for the more inexperienced bettors. Once you’ve learned the various strategies, you can increase your bets as you feel.
Once you have also started winning on your wagers, then you have some more money to play with. You can study the odds and place some larger bets with your winnings, and this way increase your bankroll and your bet size.
Of course, not everything will be set in stone forever. Sports betting is an extremely dynamic sport, and it changes constantly. Your skills and knowledge will also change over time, and so will your winnings. It’s good practice in sports betting bankroll management to examine your bankroll and adjust it as required once in a while.
Your circumstances might have changed, and you can afford more to play with, or sometimes less. If you’re having a good run and winning more often than losing, it stands to reason that you’re no longer digging so deeply into your pocket to fund your wagers.
On the other hand, if you have a bad run, then the opposite is true; your bankroll will dwindle fast. This is where your discipline comes into play, don’t keep funding your bankroll if it’s past the budget amount you have set. Here’s where people get into trouble by trying to bet more and larger amounts to recoup their losses. Stop playing if you’ve exhausted your bankroll and re-evaluate your position.
Adjust your total bankroll and the size of your bets according to your financial situation and your current experience with the sport.
There are ways that you can put your bankroll at risk, have a look at the security aspect of sports betting bankroll management.
If you’re still going to a brick and mortar setting to place your wagers, then one of the more obvious risks to your bankroll is physical theft. Criminals are very aware that the wagering business runs on a cash basis. They stalk bettors and often attack them after a significant event in the hope that they were one of the lucky ones and are carrying a substantial amount of cash.
We can’t say that all brick and mortar wagering offices are unsafe. There are enough stories out there to know that you’ve got to be very cautious when walking around with cash to or from a betting office.
Online betting is increasing in popularity and has given bettors a safety net in that they don’t have to deal in cash to place their bets. Online wagering also allows bettors to have more control with their sports betting bankroll management, as they can see the figures on the screen. Doing away with having to count real money.
Online betting, even though much safer, can also have its risks. There’s the threat of identity theft or financial data theft. Never register or gamble online using bookmakers or sites that are not legally registered, or which can’t provide proof of a license. Before even considering using an online bookmaker, do your research thoroughly. You can browse through our site to find bookmakers that we’ve reviewed and approved as safe and secure.
This process might take a little bit of time, but better safe than sorry when it comes to the safety of your information and money.
Our best intentions and plans often go awry when we are not who we usually are. Alcohol and drugs can affect a person’s judgment and often cloud decisions that would not typically be made if they were not under the influence.
If you know you tend to enjoy either of the above, place your bets before you enjoy that glass of whiskey. Then you’ll know that you won’t be making any rash decisions once the games begin and you can enjoy yourself.
We can’t beat around the bush. Sports, whether you’re betting or not, are a highly emotional affair. People can get angry, be excited, have feelings of euphoria or even despair, and this can occur during one game.
These types of emotions could get you to make random bets which are not in line with your sports betting bankroll management. Regardless of how you are feeling during a game or a horse race, stick to your plan. Don’t let your emotions override your common sense. Accept them as a temporary state of mind that will pass swiftly and continue with your well planned out strategy.
Gambling for beginners should be simple. Finding the best online gambing sites in the USA for gambling on sports should be as simple as picking a name off the list of new US sportsbooks and best us sportsbooks.
Our US sports betting guide can teach you the sportsbook rules. It can also teach you about using a sports betting promo code, gambling over under, and when you’re of a gambling legal age.In short, we can teach you all that you need to know about sports betting bankroll management, the best No.1 bookies to use and more. Why not try our other guides and articles?
Thinking of sports betting bankroll management might not be an aspect of the sports betting scene that sounds like fun. However, it’s the most critical aspect that you could focus on. Knowing more will allow you to wager on various sports, without stress, and enjoy yourself.
A correct setup will ensure that you don’t get yourself into debt or make any other bad financial decisions. Sports betting is a unique event that’s played for both enjoyment and gain. If you make sure that you don’t play beyond your means, and keep to your planned strategies, then you’ll have a successful and fun career as a bettor.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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