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Betting Bankroll Management – Sports betting money management

bankrollOne of the most important aspects in making a profit and generally being successful in sports betting, is to have at least some basic money management skills. Bankroll management, as it is commonly called in the betting industry, describes this set of skills, that are vital for a bettor who wishes to properly decide how much money he should stake on his bets.

Regardless if you’re a high roller or an apprentice bettor, it’s too risky to bet without having a staking plan. Many players decide how much money they will put on a bet, based only on their current amount or even worse, their total available money. This is a common misjudgment, made by the vast majority of gamblers. Besides finding the best bookmaker to your liking, you must learn how to manage your money properly, if you wish to increase your chances of making a profit in the long term.

Choose your staking plan

If you have a stable staking plan, you can avoid two of the most common mistakes responsible for losing money: Betting overdose and trying to chase losses.

When you don’t plan how to bet, you basically surrender to your betting instincts and stop controlling yourself. There’s a high possibility of losing all the money you decided to put on your betting account. And in most cases, losing your money won't be the only thing that will affect you, but most importantly, your sense of self worth. Many players never bet again, after having lost their money and do not take the chance to gain their money back by improving their skills. On another occasion, they might abandon a positive betting approach, because in the short term, they had a bad run. This wouldn't have happened if they had employed and maintained a stable bankroll management tactic.

Given that no one can be successful in sports betting every single day and every strategy, even the more successful ones need to be constantly improved, leads us to the following conclusion. In order to gain profit from betting, you must take full advantage of your successful bets and cover the most out of your losing ones. Having a bad run can happen to anyone, however, betting too much during a bad run could prove to be disastrous.

Chasing losses is a situation that almost every bettor has bumped himself into. It’s a matter of human psychology: refusing to accept loss and trying to recoup losses by a number of different ways. Either by increasing the stakes, placing bets in ridiculously high odds or deciding to bet in matches they would have passed in any other case, simply because they’re next up on the daily betting program. The result is in almost every time the same: More losses, even the complete loss of the available amount.

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Control yourself

Bankroll

The basic idea of bankroll management is to define and follow a set of rules that determine how much you should stake on any given wager. These rules should be based on your overall budget, the way you bet, and your betting goals.

Following a successful bankroll management requires strict discipline. There’s a big difference between learning how to manage your money correctly and actually doing so. Even a small loss of self-control could lead into disaster. By setting a few rules about how much you’re going to stake, it becomes easier to maintain self-control.

The first you’ve got to do is decide how much of money you can spend on betting. This will be your bankroll. You must not exceed this limit under any circumstances. Keep in mind that this is money you can afford to lose and not money that should be used on your everyday expenses. The sooner you draw a line between those two, the better. You ensure that at least, regardless of your success or failure in betting, you will not encounter any significant financial challenges.

Choose your stake

The next step is to decide the size of what’s known as a basic betting stake. This is the amount that will make you feel comfortable placing on any given wager. Many suggest that you could not exceed an amount between 1-5% of your overall bankroll. However, at first you shouldn’t go beyond 2% and only increase the percentage if you are comfortable with the increased level of risk, or if you tend to back strong favorites.

Of course, the amount of your bets should be different depending on your personal betting goals. If you’d like to win fast and big, staking a higher percentage might look a better option, but an extremely risky one as well. Even the most successful bettors are satisfied if they manage to double their bankroll during a whole betting season. Do not aim to become rich and famous with a couple of euros available in just one year.

The last step concerns deciding your staking plan. There are two main ways of staking, flat and variable, and an everlasting debate about which is the best one.

Flat Stake

This is the most common and simple form of staking. This staking plan states that you will keep betting the same stake at all times. It is also called the level staking plan and should be the staarting point of all staking plans your're about to use. If your selection system is not making a profit when using level stakes, then you should switch to another one.

The size of the stake can be determined according to your needs and wants. One method is to use what is known as points. For example, if your total bankroll is 100 euros, then you would split the bank into 100 points. So your stake would be 1, 2 or more points. In this case 1 euro would represent 1 point. This means that every bet would be staked with 1 point.

The level staking plan is a safe, low risk staking plan, that can be used as a reference against other betting systems to compare their effectiveness. Any selection system that does not produce a profit at level stakes should be looked at very carefully before you decide to stick with it. A selection system that makes no profit when using level stakes, simply does not have an edge.

By betting with fixed stake on an extensive sample of games, 100 for example, the bettor will be able to draw more statistical data and make a better analysis. These stats will prove quickly and quite safely if the system is profitable or not. Such statistical data are the variance and standard deviation, the profit rate and the maximum drawdown, which will strengthen the bettor’s confidence, before commencing to implement a system that will give him a steady stream of money.

The flat staking plan will allow you to increase your stakes over time. For instance, if set to 100, then after 100 bets the stake must be re-calculated on a percentage based on the current bankroll. This allows you to increase your stake during a good period and decrease it during a bad run of results.

Unit Stake

bankrollThe unit stake plan, also called 1-10 unit stake plan, is the most popular variable stake plan and also considered as the professionals' choice. Every bet is staked with specific units, which correspond to a part of the total bankroll. The stakes vary from 1 to 10, depending on two main variables: The bet odds and the confidence of the bettor. Increasements or reductions on the stake depend on how confident he feels on his chances of success.

This betting system contains an increased risk and obviously requires a lot of experience from any bettor employing it. The player grades every pick from 1 to 10, so if you feel quite confident on a pick, then you could bet 10/10 or 9/10. If you have some doubts you could select 5/10 or 6/10 and for risky picks, the stake should be reduced to 2/10 or 3/10. If you’ve decided for example, that a full bet 10/10 is equal to EUR 100, then each unit will correspond to 10 euros.

This betting system is fitting to punters who have incorporated a great number of variations in their style of play, from overwhelming favorites to huge underdogs and singles or accumulator bets that cannot be wagered with the same amount. The unit stake has proven that it both works and can bring profit to a punter who can take full advantage of his potential.

The unit stake should not be used to protect your bankroll from being reduced. For example, all bets on favorites below 1,50 should be played at 10/10 or all high odds on 2/10. There’s also a golden rule in the beginning, to deduct one unit from the total stake. For example, if you decide to stake a pick 7/10, then you should stake 6/10. According to this tactic a 10/10 bet can not exist, but it’s safer to go with lower stakes at first.

A simpler variant of the unit stake bet, splits them into two bets, one whole and one half that amount. This can correspond into wagering 10/10 or 5/10 bets, while others choose even (2/10) for bets with higher odds. The secret however, for long-term profits, is to define on a value basis, why a bet should be placed on 7/10 instead of 6/10.

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