Sports betting doesn’t only require you to find value and make good bets. It also requires you to last longer and grow your bankroll over time. Just think about it; you won’t be able to start betting if you don’t have money left in your bankroll.
Yes, we know that bankroll management may not be as exciting as the other topics in sports betting, but we can assure you that it’s one of the most important. It’s even more important to consider the average percentage of people winning their bets is only 60%.
Thinking about it, how can you make money if you only win 60% of your bets? Sure, little by little, you can grow your winnings with that number, but if you’re a serious bettor, that wouldn’t be enough. Luckily for you, there are ways to maximize your profits and minimize your losses. You guessed it right! It’s by proper bankroll management.
What is Bankroll Management?
You have probably heard about the term bankroll since we have it in real life. In real life, our bankroll is made to grow by working and getting a salary, or if you own a business, it is grown through profits. You can then use that money whatever you want and keep your bankroll growing by working more.
However, sports betting it’s pretty different. Your bankroll itself is used to grow it, making it riskier if you want to keep your bankroll going. On the other hand, if you’re too aggressive or passive, your bankroll might dwindle or stagnate.
One thing that people often ask about is how exactly you establish your bankroll in sports betting. It’s simple, honestly, as your bankroll should be money you’re okay with losing. It should be extra money you’re not planning to pay for something important as you’ll risk losing it.
Just imagine if you’re planning to pay your monthly mortgage, but you can’t since you lost the money in betting. Quite scary, right? Well, it should be; that’s why we want to emphasize that your bankroll should only contain money you won’t need for something else. So, now that we have established your bankroll, here are some tips for managing it.
Play Within Budget
In sports betting, you can’t just walk around and slam wads of cash to whatever bet you see in NFL lines. You have to make a budget first so you don’t waste away your entire bankroll in a single day. One way you can do this is by creating a unit size.
If you’re relatively new, this is a common question, and experts recommend that you stay within 1-5% of your bankroll in a single bet. Some conservative sports bettors only bet 1-2%, but you can’t win much with that number. Staying in this range allows you to stay measured and disciplined with your bets.
Have a Separate Account for Your Bankroll
This one might be obvious, but you won’t believe the number of people who put their finances and bankroll into a single account. This is a risky decision as keeping your finances in arms reach can be a fast highway to losing away all of your money in that account. That said, you should make a separate bank account for your bankroll if you don’t want to mix personal finances and sports betting together.
Remember, you stand to lose a lot if you get carried away with gambling. Although betting on sports can let you win big and remove some of that stress, betting without a care can get you in trouble. Having a dedicated bankroll is one of the many ways of being responsible when betting.
Don’t Take Too Much Money from Your Bankroll.
The best bettors tend to work their way into making their bankroll grow by building it up over time by investing their winning back into their bankroll. This might be a no-brainer, but many people spend all their winnings immediately after chalking up a win instead of putting it back into their bankroll.
While that’s not a bad thing for most people, especially if you’re just a casual bettor, but if you’re a serious one, you should invest it back into your bankroll to make it grow.
Keep Detailed Records
We have one question for you; how can you manage your bankroll if you don’t have a record of how much money you have in your bankroll? How many wins and losses have you amassed in a specific period?
Tracking your bankroll’s activities is one way to keep it manageable, as you can look up how you spend your money and your betting habits. Knowing these things will give you an insight into your sports betting career and let you know which things you need to work on to be a better sports bettor.
Your bankroll is your lifeline in sports betting; without it, you won’t be able to bet at all. One of your priorities should be to make it last as long as possible and grow it over time. You can think of it as ammo, and what is the use of a gun without ammo?