Bankroll management is an important part of every sports betting strategy. Whichever type of gambling you choose, you need appropriate bankroll management to win in the long run, minimize your losses, and avoid gambling addiction. In this article, we will focus on bankroll management for punters, but as a gambler, you also can use it. Bankroll management is about managing your betting budget, a certain amount of money you deposit into the sportsbook you use and regularly invest in placing bets. There is no one bankroll management for all punters: bankroll depends on the personal financial situation of every punter and his sports betting strategies.
To manage the bankroll first, you need to find out how much money you can afford to deposit in the sportsbook daily, weekly, and monthly. Set aside a certain amount of money that you can lose without any consequences for your financial situation and personal comfort. For example, it could be $80, $100, or $300 in a month. To calculate your bankroll, you need to have financial planning skills and be able to plan your monthly and annual budgets. So, for example, according to your monthly spending plan, you can personally spend $500 on entertainment. Note that additional expenses for entertainment don’t include clothing expenses. This can include travel, going to theaters, concerts, clubs, meeting friends, buying things like books that are not related to your professional development, computer games, and Netflix subscriptions.
The next step is to set unit size, a certain amount of money you can afford to lose for one bet. A bankroll unit size of 5%, if your total bankroll is $500 means the maximum amount of money you can deposit in one wager is $25. As a punter, you need to stick to your total bankroll and bankroll unit size and never spend more money for betting even if you feel very confident about certain bets. If you manage your bankroll it doesn’t mean you are not confident about your bets: professional and successful punters who make money with betting always use bankroll management and are very disciplined about the money they spend
It is vital to keep track of your sports betting deposits and bankroll. It is reasonable to regularly analyze if the size of your bankroll is appropriate or not. If not (you seem to constantly lose in a big way), then you should decrease your bankroll size or unit size. Otherwise, if you can afford a bigger bankroll you can consider increasing your unit size or total bankroll. If you are on a winning streak, don’t increase your unit size just because you feel lucky! Reevaluate your bankroll not because of your emotions, euphoria, or luck, but to be a long-term successful bettor. And being a successful punter is not just about winning money, it is about staying reasonable and getting your emotions out of betting. As already mentioned above, sticking to bankroll doesn’t let you spend too much money and make something crazy (for example, spending half of your monthly budget on stakes in one day). If you make something crazy in terms of money when betting, it is much easier for you to get obsessed with sports betting and or even caught up in a spiral of gambling addiction.
The spiral of gambling addiction means the punter or casino player doesn’t manage his money and loses his money in the long run. To chase their losses gambling addict deposit more and more money in sportsbooks, and their bets are becoming more and more risky. By the way, to keep track of your bankroll you can use special betting analysis tools (apps and software programs) that track your bets as investments over time. Such tools will help you to manage your bankroll more effectively.