Betting Bankroll: How to Know How Much to Bet
If you are someone that bets on sports, then you have had to ask yourself at some point, “How much do I bet on each game?” This can be a very difficult question to answer, and the answer can be very different for each bettor. There are some things to consider when coming up with this answer, and this article will help you come up with a plan. If you are someone that is already betting on sports, hopefully, you have already answered a number of these questions yourself.
Choose An Initial Bankroll Amount
The first step in deciding how much to bet is to come up with an initial bankroll amount. This is the total amount of money that you plan on using to bet on sports. Again, this figure can look very different for bettors, and it is a matter of personal choice. When you are creating your bankroll amount, it is important to take away the thought of how much money you are going to win. Assume that all of this money will be taken away from you when creating your initial bankroll amount, as it will help you come up with a more solid plan.
Don’t Break the Bank
The most obvious tip when choosing an initial bankroll amount is to select an amount that is not going to break the bank. That means to pick a figure that you can withstand losing if you lose everything. If you have a family, then it is wise to think about them when coming up with this initial bankroll amount as you still have to provide for them. Again, this amount will be much different for every bettor, but the process behind coming up with this amount is still the same.
Set Limits
Another thing that you want to do is set limits for yourself as to how much and how often you are willing to make deposits to reload your account. It is wise to create this plan before you even begin betting, so you know what you are in for once you start betting.
For example, some bettors will choose to only deposit a small percentage of their initial bankroll at a time. Others will deposit a certain amount each month so that way they always know what to expect.
Losses Will Occur
Losses are going to happen, and your initial bankroll amount has to be able to withstand these losses. It would be smart to expect to lose money when choosing your initial bankroll amount because this will allow you to select a reasonable and responsible amount. The hope is that you win a ton of money by betting on sports, but that isn’t usually the case for most sports bettors. Even if you have success when betting on sports, you likely aren’t going to win life-changing money.
Small Amounts
We’ve already discussed this a bit in this article, but we haven’t exactly come right out and said it. When setting your initial bankroll amount is best to start extremely small and then build up from there. You can always add more money if things are going well, but you can’t ever recover the lost funds. Start with a small amount, especially if you are someone that is just getting into the sports betting industry.
Tips For Building a Bankroll Management System
Now that you have a better idea of how much to bet when you get into the sports betting industry, you also need to know more about building a bankroll management system. Coming up with an initial bankroll amount is the first step, but this is a plan that will continue to guide you throughout the industry. We have an entire article dedicated to sports betting bankroll management advice, but here are some quick tips to remember when building a bankroll management system:
Stick to One Unit
The most important thing to building a successful bankroll management plan is identifying a betting “unit” that you are going to use when making bets. A “unit” is the amount of money you wager on each bet, and this amount will be different for everyone. The best way to do this is to use the same betting “unit” for all of your wagers. Using a consistent unit will help ensure that you are not putting too much emphasis on one sporting event, and it will also help keep your bankroll management plan operating the right way. There is no requirement that says you have to stick with just one unit, but it is highly recommended to do so.
Track Your Bets
If you want to be successful in the sports betting industry, it is important to track all of your bets. Organization and management will help hold yourself accountable, and it will also point out any betting trends that you have developed when betting. You will want to note how much money you have wagered on each sporting event and also how much you either won or lost. This will help you know exactly how much money you have in the game, and you won’t have to continue checking your account at the sportsbook.
Know When to Stop
Finally, one of the most important parts of sticking to a solid bankroll management system is knowing when to stop. You should build a loss limit into your bankroll management from the beginning, and you need to establish at what point you are going to get out of the industry. Like we have mentioned above, the sports betting industry is not for everyone, and there will be some bettors that suffer a ton of losses. If that does happen to you, you need to know when to throw in the towel and get out of the game.
Chasing losses and trying to get all of your money back in a hurry is not a good strategy, and you simply must know when to walk away. Put this in your bankroll management plan from the beginning, and be sure to get out of the game when you reach that point.
