The key to success in the world of sports betting, in addition to a bit of luck and a lot of patience, is undoubtedly represented by a wise and thoughtful bankroll management .
By bankroll we mean ” the amount that a single player puts at risk in his gambling business “.
The bankroll management , therefore, is the management of money destined to play .
We will therefore see how it is possible to carry out a thrifty management of one’s capital related to sports betting.
Every reasoning starts from the assumption that the biggest mistake a bettor can make, especially if a novice , is to think that betting very high amounts right away leads to a greater and immediate gain .
What is often not considered with due attention, however, is that the starting capital must instead be carefully distributed for each bet, according to well-defined criteria and strategies .
A management skillfully operated bankroll helps to limit the loss (or rather, to make an impact as little as possible relating them to the size of its portfolio) and to avoid running in the most classic of errors : always bet larger figures when you are at a loss , with the intention of recovering everything immediately.
The only guaranteed result, in these cases, is represented by even greater losses.
First step: definition of the bankroll
The first thing to do is to define the correct bankroll, which is the amount of money that will be used for betting. The important point here is to make sure that you only play money that you can afford to lose .
Whether it is 10 euros or 10,000, it does not matter: the fundamental thing is to ensure that the total amount, in the unfortunate hypothesis of loss, does not compromise one’s daily life.
If losing the gambling figure, on the other hand, should generate concrete problems in everyday life, it means that the aforementioned figure is too high and must be revised downwards.
Second step: definition of the exposure percentage
A strict rule is to define the maximum wagerable capital in the space of a day . It is generally a good idea that this is no more than 10% of your overall bankroll.
If, by hypothesis, our betting portfolio were to be 200 euros, it would be a good idea, after having bet a certain number of times for a total of 20 euros, to stop and wait for the outcome of the bets, and then start again the next day.
In this way, the strength of bankroll management becomes concrete : in fact, it takes shape in the possibility of also meeting a physiological series of defeats , but without risking failure.
Third step: Determination of the betting limit
Perhaps the most important point of all, since if considered and implemented correctly in the long run it will make the difference between the losing and the winning bettor .
Generally, the single stake should NEVER be more than 5% of the total amount of your portfolio, and indeed, more conservative strategies see 2/3% of the capital as the ideal amount to invest in a single bet.
It may seem boring or unexciting, but it is important to remember that sports betting, however good you may be at predicting, is by no means immune to a truly inevitable randomness and, as in any game, a so-called “bad run” of events. consecutive negatives is always around the corner.
In that case, careful asset management will mathematically help ensure that the negative period does not affect your bankroll too much .
Fourth step: applications of the best betting strategies
To increase the chances of winning every single bet, an excellent weapon at our disposal is the adoption of betting strategies : above all, Kelly’s criterion (which we have already seen ) is an absolute must to understand what slice of the portfolio is correct to invest in the single event.
The concept underlying the Kelly criterion is to be able to recognize the real possibility that a certain event occurs, and this is a notion closely linked to another fundamental cornerstone, namely that of recognizing the odds with value .
Fifth step: keep a balance of your bets
As well as in managing your daily expenses, (such as taxes, bills or simply … generic expenses), it is good to keep track of your budget, noting:
- bets placed
- money spent
- money earned
- weekly budget
- monthly budget
- annual balance
The reason for all this is simply to help improve future bets, setting up (with a “betting history”) guidelines for the future.
Note that there are now numerous free apps dedicated to the compilation and storage of this data!
Having noted these few concepts, we will be free to bet with confidence, certain that our actions will always be mathematically and financially correct ; this can only be a fundamental premise for a profitable sports betting business !