MONEY management is, without a doubt, one of the most important things to take into account if you want to be profitable in the long-term. Without a good bankroll management strategy, you are likely to lose your winnings fairly quickly.
In this Masterclass, we will go through the top 10 bankroll management tips that will allow you to grow your bankroll slowly rather than losing it.
1. Track your Bets
The first essential tip to keep in mind when betting is to always track your bets. You should keep a close eye on how much you are betting on, and the odds you are getting. This will be helpful in analyzing your wins and losses for the month. It also allows you to improve in some aspects.
2. Use Multiple Bookmakers
You should also split your bankroll amongst multiple bookmakers. This allows you to be flexible, and it means that you can get the best value for specific events. If you stay with one bookmaker, you are limited to the odds that they give you. There are many online betting operators available to you. There is a huge variety of choices, and these online bookmakers have many excellent features, such as mobile applications and in-play markets. We recommend testing out a few to find the ones that are suitable for you.
3. Use a Consistent Strategy
It is important to find a staking strategy and to stick with it. The specific strategy that you choose will depend on your own preferences and betting style. An example is betting with units. For example, you may bet 1%, 2.5% or 5% of your bankroll on any bet depending on the odds. However, you should never go above 5%. It is important to remain consistent with your strategy in order to protect your bankroll.
4. Find Value
A successful betting approach is one that tries to find value. Rather than looking for easy winners, you should look for the best odds. This will allow you to slowly build up your bankroll.
5. Stay Consistent in your Approach
As well as maintaining a consistent strategy, it is also important to remain consistent in your approach. This means that you should play in markets and sports that you are familiar with. Otherwise, you risk misunderstanding something and losing money.
6. Don’t Bet when Angry
You should always keep a cold head, and not let emotions affect your betting. When you have had a few losses in a row, it can be helpful to close down all betting applications. Betting when angry means that you are likely to stake high, which means you can lose big by trying to win your money back.
7. Know When to Stay out of a Bet
Sometimes, the best bet is the one that you don’t take. You can protect your bankroll by carefully researching each bet instead of jumping into everything. Learning to stay away is a key skill needed to be successful in the long-term.
8. Have Weekly/Monthly Limits Set Up
Many online bookmakers will allow you to set up monthly and weekly limits. These can be useful since they ensure that you never go above a specific number. We recommend limiting yourself to a number of specific bets and never going above this total. In general, it is wiser to choose quality bets over quantity.
9. Have a Fixed Bankroll
You should always have a fixed bankroll that you have decided on. This amount will differ depending on your own circumstances and preferences. However, it should always be an amount that you are prepared to lose. Sports betting is incredibly unpredictable, and therefore you should consider this money as a form of entertainment. Once you have chosen a bankroll amount, you should not deposit again.
10. Be Open to Changing your Unit Size
Sports betting can quickly change, and any bettor can end up with a number of losses in a row. This means that your bankroll size may change drastically, which makes it important to reduce your unit sizes. Alternatively, you may also raise your unit sizes if your bankroll has increased significantly.
Protecting your bankroll is essential for being profitable in sports betting. By following these ten tips, you can get started on making sure that you have the best strategy in place for building on your funds. You can visit the topbettingwebsites.co.uk to register with the best bookmakers and start testing out your bankroll management strategy.