To achieve and maintain a successful winning streak, a sports bettor needs a few tricks up the sleeve. It takes a while to attain this level, but it’s within reach – with a fair bit of practice and strategy. There are many games in the casino for a bettor or playing online in virtual casinos, but the basics for success remain similar. The first one is a good bankroll management strategy.
What is Bankroll Management?
This is the bettor’s ability to learn how to control his betting bankroll. Bankroll refers to the amount of money expressly set aside for sports betting. A bettor’s chances of success depend on the ability to find value over the run of a betting season. Besides the knack for making the right picks, a bettor needs a system to avoid putting up arbitrary amounts on every bet. If not, a bettor can end up losing stakes even with a substantial winning percentage. This happens when the balance between the winning bets (with more money) and the losing bets (with less money) is lost. Finding this balance boils down to effective bankroll management.
Tips for Effective Bankroll Management
A player needs to be cognizant of his goals
Is the player gambling for fun, as a hobby? Is this a step into making it a full-time pursuit as a professional bettor? Whatever it is, learn to manage expectations. Most newbies want to turn $10 into $100 on the first run. It may or may not happen. Losing is a half-way part of it.
Take time to learn
Study the basic rules of the game, the tricks, and the opponents. In online casinos, take advantage of the free sign up bonuses offered to learn the game. It is like free runs to hone vital skills.
Never place more money than you can afford to lose on a bet
This is cut-throat, and losses happen in the blink of an eye. A player needs to remain within his pre-determined comfort zone. For one player, it may be $20. For another, it may be $2000.
Set aside a betting bankroll
This specific amount of money is used for this purpose, meaning that betting money is planned for. Such allocation should be left alone for, say, household bills.
When making deposits, stick to the planned bankroll
For instance, a player may have a $200 bankroll. The prudent thing is to split it – make a $100 deposit and keep a $100 safety net. The trick in bankroll management is not where the money is but how much a player is willing to invest.
The focus to know when to drop down in stakes
Sometimes, even if the betting bankroll allows higher play, a player needs to lower stakes. This is to ride out a lean moment, or bad luck, to regain confidence. Read the run of the game. Learn to mentally map out the trajectory of the game and drawback to re-strategize.
Withdraw money from the bankroll when necessary
Of course, winnings have to be withdrawn eventually, but there’s a great urge to make celebratory withdrawals after a win. Often, newbies make withdrawals (which are charged) and find out the need to create new deposits shortly after, leading to more charges.
Bankroll Management – Conclusion
In betting, there’s the aspect of luck. But there are also betting strategies to cushion a player from losses and gain an advantage. Bankroll management one of them, and a simple one to gauge if it’s working or not. The punter should just answer this question: are they making more or less deposits?