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BANKROLL MANAGEMENT

 

Like in anything you are going to experience ups and downs with sports betting, and if you don’t manage your bankroll properly chances are you will find yourself broke pretty quick. Proper bankroll management on the other hand will increase the longevity of your bets and help you stay on top of your game.

 

So, what is bankroll management? Bankroll management refers to how you handle your funds while making bets, and it is the most important part of any winning sports betting strategy, so even if you are just looking to add a bit of excitement to this weekend's game, you should know how to manage your bankroll.

 

Below we will walk you through three steps to give you a basic idea on how to manage your bankroll.

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1. STARTING BALANCE 

 

First of all, never bet any money you can’t afford to lose. Your bankroll should be completely separated from the money you need for living, paying bills etc. We recommend that you open a new bank or online account e.g. PayPal purely dedicated to sports betting.  

 

So what size should your bankroll have? It all depends on your comfort level, financial situation and how often you plan to bet. If you only plan to place a few bets a year, you should invest less money than if you are planning on making one bet a week or more.

 

Set a number you would be comfortable losing. For those just starting out with sports betting we recommend somewhere between €100 to €300. If you take your betting seriously and are in it to make some decent pocket money the €300 to €1000 range might be more suitable for you.  

 

The idea is that this amount is going to be all that you need to put into sports betting. If you are just starting out, you may have to reload a couple of times, but the amount should at the very minimum last you a considerable period of time. 

 

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2. BET SIZE

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Once you have decided on a bankroll amount the next step is to determine your bet size, meaning what percentage of your bankroll you will bet on any one event. 

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So, what is the right amount to bet? Well, here are the general rules of thumb:

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• If you want to play it safe, your bets should be 1-2% of your bankroll per single bet.

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• If you are feeling confident and would like to bet a little more aggressive, your bets should be 3% of your bankroll.

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• If you are extra confident in your sports betting knowledge and skills, then it’s possible that you could increase your unit size to between 4-5% of your total bankroll.

 

For beginners we recommend staying between 1-3% of your bankroll. This allows you to stay disciplined in your sports betting while you hone your skills finding value.

 

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3. BANKROLL RESET

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Another key element in bankroll management is to reevaluate your bankroll. This is when you realize profits, reload your bankroll to its starting point or change your bet size. How often you do this is up to you, but if you are placing a lot of bets, we recommend doing this weekly. If you only bet sporadically, monthly will work just fine.

 

Let’s say your bankroll is €500 and that you are betting at a 3% maximum bet. After a great week your bankroll now sits at €800 and it is time to reevaluate. 

 

The first step is to figure out if you want to change your bet size, grow your bankroll or realize some profits. If you choose to realize all your profits, you simply transfer the €300 profit out of your bankroll. This resets your bankroll to €500, and your maximum bet size will remain the same. On the other hand, if you choose to grow your bankroll. The first thing that you need to decide is if you are going to commit all of your profits towards growing your bankroll or if you are going to realize some of it.

 

Let’s say you decide to commit all of your profits towards growing your bankroll. At this point you would take out no money and reset your bet size to 3% of your new bankroll. 3% of €800 gives a new individual bet maximum of €24.

 

If you have a bad week, though, and instead of winning €300 you lose €100. Your bankroll now sits at €400. What you do then is to recalculate your maximum bet based on your new bankroll size. 

 

If we use 3% like before. 3% of €400 is €12, so your new bet maximum for the upcoming week will be €12.

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CONCLUSION

 

As we mentioned earlier good bankroll management is a key element in becoming a successful bettor. As you start to think in terms of units and percentages instead of the actual monetary value of the bet, you will be able to make much better decisions on each bet. These simple steps will help you scale your sports betting and prevent you from going broke.