Manage Your Bankroll For Optimal Success
Sports betting can be a fun way to make some cash while enjoying your favourite sports.
Betting on your favourite teams is simple and convenient with online sports betting.
If however you wish to make sports betting consistently rewarding, you will need to apply a good betting strategy, part of which is proper bankroll management.
What Is A Bankroll
A bankroll refers to a specific sum of money that a bettor has set aside as funds for sports wagers. Setting aside a predetermined sum of cash is essentially to being a responsible and successful bettor.
This bankroll is the foundation for your entire betting strategy. It can be as high or low as you can afford. The point is to have a specific sum.
Looking At The Long Term
The main aim of this bankroll is to encourage players to look at the long term. With a fixed bank roll and a flat betting strategy, players can see better returns over the course of the year.
Australian sport betting is not a way to get rich quickly. You need to actively monitor and manage your bets.
Level Staking And Percentage Staking
Once you have your bankroll sum, it is time to decide what your wager values are to be. This may seem like a non issue for a casual bettor as the stakes they place are based on the spending money they have on hand, whether they have picked up tips from friends or merely the fact that their favourite team is playing and they believe the team will win.
This is a recipe for early bankruptcy. The ideal when it comes to sport betting is to take your bankroll and divide it up into 1% or 2% increments. This however is an ideal and it can be adjusted to a bettors needs.
If your bankroll is split into 1% increments it means you have 100 betting opportunities for the month. If you only plan on betting 100 you will have ample chance to make small wins and turn a [profit at the end of a month.
If you only have a few games you wish to bet on, rather split your bankroll equally amongst those events. For instance 10 on 10 different events. The point is to keep your wagers standardised and avoid impulsive betting.
The Kelly Criterion
The Kelly Criterion is a very well regarded betting strategy that has been successful for many people. Many economists have provided critique on the system but for a sports bettor it is more than sufficient.
The main drawback to this system is that it can be intimidating for new bettors as it requires a little research and a little math.
The idea of the Kelly Criterion is to manage your bankroll fractionally to maximise your returns in the long run. This means that agers need regular updates and alterations to provide the optimal returns.
This system has been demonstrated to work in practice and it is a great foundation to build your betting strategy on.
What Causes Losses
The idea behind bankroll management is to eliminate the main causes of gambling losses, which is chasing losses and betting too much, bankroll management is key to betting success.