Although Bankroll Management is a relatively new word in sports betting, people have been doing it for a long time. There are a number of practices that we can put under Bankroll Management, but basically, it is just how to bet smart.
Let’s go over the concept, how to get started with Bankroll Management, and some of the best strategies and routines available.
While every sharp will have developed their own strategies for managing their betting money, it is never too early to get started. The earlier you develop a concrete strategy, the more you can monitor and fine-tune it.
About nine out of every 10 players have no Bankroll Management strategy. Give yourself a leg-up on the competition by developing one.
It is not a good idea to hope that you will win a big bet one day to finally put you in black. This may happen, but it is much better to rely on strategies and routines, rather than the metaphorical roll of the die.
When you start managing your bankroll, you can also be sure that you will stay within budget. Developing these routines means knowing the maximum amount you will be spending.
With so many good reasons to develop a Bankroll Management strategy, it’s no wonder sports bettors are getting in on this trend. The only question is how to get started.
Getting started with Bankroll Management in sports betting is easier than it may seem at first. It’s a matter of reviewing your budget, a few options for strategy and routine, and making a decision.
Do not stress too much about this initial decision! Once you get started, the next step is to re-evaluate. In other words, this is not a permanent decision. Think of it as a test-run.
So the first step is to decide what your budget for sports betting is. This is the base of what you can do. It is the bankroll you will manage.
From there, ask yourself if you work best with routines or strategies.
Routines are great for a number of reasons. You are guaranteed to stay within budget. You will learn to bet with a cool head, and not let your heart rate get the best of you.
Plus, they are the easiest to evaluate. Because the rules are so strict, it is easy to see changes you make.
There are two main routines to choose from: Unit-based, or percentage-based
This is the easiest Bankroll Management technique for beginners. It’s straightforward, and will let you keep a clear eye on what happens with your money. The idea is that the potential reward is always the same.
Another approach to Bankroll Management in sports betting is the percentage approach. This requires a little more planning.
That’s because how much you bet is a percentage of the funds left in your account. So you should decide how much to put into your account with this in mind.
If these strict rules don’t give you the breathing room you seek, then we recommend a Bankroll Management strategy. Having a strategy, rather than a routine, means finding your own way with a little more freedom.
The downfall is that it makes the evaluation stage a little more difficult.
In this bankroll strategy, you focus on making safe, conservative bets. This conservative strategy is the favorite of lots of the most famous bettors, such as Stu Ungar.
Safe bets are great for newcomers, but there is no reason to abandon this strategy necessarily with more experience. Many have made whole betting careers on this strategy. If you’re a newcomer, we recommend signing up at smooth and trusted sites like Bovada.
We recommend making bets that have a little bit of risk. If the bets are too safe, the profit margins will be too small to make a profit.
You can combine safe bets with a conservative percentage or unit approach as well
Longshots are when you bet on the underdog, or outside in any given contest. You can bet on the slow horse, or the slower soccer team.
Longshot bets should not be a base in your Bankroll Management. However, once you start to understand the base of your sports betting Bankroll Management more, you can start to add these types of bets.
We recommend making safer bets the bedrock of your strategy. Once you get that under control, you can add in regular longshot bets. The more regular you make these types of bets, the easier you will be able to evaluate its effect.
When you start to add these in, don’t change other things at the same time. This way you can see how it affects your bottom line and adjust your Bankroll Management accordingly.
How exactly do you monitor and evaluate your Bankroll Management strategy?
The first step is surprisingly easy: Just sign in, and look at your numbers.
Whatever your strategy or your method of evaluation, the most important is starting bankroll for sports betting.
The earlier you get started, the sooner you will gain laser control over your bankroll and your sports betting.
Your strategy and routine will evolve. And only you can decide what’s best for you. What we know is that Bankroll Management is key to being the best online sports bettor possible.
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About the Author
Henri has been writing about sports and sports betting for over a decade. He knows what the best sports betting sites offer and has seen how they have gotten better at servicing their players. His favorite sports are ice hockey, basketball, tennis and soccer.Read Henri's Profile
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