Bankroll management is crucial if you dream of making your sports betting experience enjoyable and profitable. All the successful bettors to date have played with their brains while keeping a check on their money. It’s a long-term strategy that will never let you curse sports betting for your lost money. So, let’s look at a complete guide to managing your sports betting bankroll.
Decoding Bankroll Management
The margins in sports betting are extremely thin, which means you win or lose by narrow margins. Sports betting is a cyclic process where you use your money to place bets and get returns if your predictions win. If you’re too aggressive and take action in a moment of heat, your bankroll may dwindle. Thus, there will be no additional income, and your account will not be reloaded. So, you have to manage the money for long-term and healthy sports betting.
Guide to Best Bankroll Management Strategies
Here are some great models you can apply to your bankroll:
Flat Betting Approach
It’s the simplest model that allows you to bet the same amount on every game, one unit. You can risk 1% to 5% on each beat. The safest percentage is 3%. For example: If your bankroll is $100, you can risk $3 on each bet.
Percentage Model for Sports Betting Bankroll
It’s similar to the flat betting approach, but your current bankroll will finalize your unit size. For example, if you start with $1000, you decide the first wager unit to be 2.5%. Up to here, Things are the same for both flat betting and percentage models.
Now, you’re betting on a bet with $25. Suppose you win the bet the new bankroll is $1025. This implies that 2.5% will now be $25.63 for your next wager. This model is helpful and a very responsible way of making money via winning streaks, but if you’re losing, it may not seem very helpful. But start with confident bets and gradually add cash to your bankroll.
Confidence Model
Well, this is a very straightforward approach to regulating your bankroll. When assessing your bets in spreadsheets, find out the ones you’re most confident about. Also, track the history of your confident bets in the past. Now, you can increase the unit of the most confident bet by 1 to 3%. Please don’t increase it more than that and it will be really helpful to make extra money.
Kelly Criterion Model
You determine your winning percentage by an effective formula. The formula is (Decimal odds of your wager * win probability – loss probability) / decimal odds of your wager = suggested wager percentage.
For example, a 55%chance of winning stands -110 wager (0.91*.55-.45)/0.91= 0.055. This means it’s suggesting 5.5% for this wager. Well, you have to study the sports feed of the games and wagers for his model. Sometimes, it may suggest you 25%, but that’s completely insane. So, the proper study of bets can give you good results.
Importance of Maintaining Sports Betting Bankroll
Here’s the importance:
- It helps you control your winning and losing streaks. But, unfortunately, bettors chase the losses and try to recover losses as soon as possible. This is bad, both chasing the losses and becoming overconfident after winning streaks. So, bankroll management will help you come out of these.
- It helps you keep control of sports betting habits. A set line is crucial and makes you a responsible sports bettor with sports betting bankroll.