So, when you bet on any sport, you just reach into your pocket when you open the online sportsbook, right? But that isn’t the right way to go about it. You need to have a serious idea about bankroll management.
Most of the articles on the internet are going to tell you to be smart or avoid being crazy with your bet. However, there are only a few that will tell you about the real rules you should follow to make sure you succeed. Our bankroll management guide will provide you with concrete parameters that will help you. So, let’s proceed.
Choose Your Starting Bankroll
Choosing the right starting bankroll is crucial. You have to decide how much money is the right amount to be set aside or load in the online sportsbook as the starting bankroll.
Here are a few factors you can consider for that-
1. Established vs. Growing Bankrolls
If you are just getting started in the sports betting industry, you might not have the large amount of money that you would like to invest on. That is okay as you should not bet money that you are not comfortable with. This is called the difference between established and growing bankroll. An established bankroll is the one having 100% of the money in what you want. It is the end goal of sports betting growth. So, you need to have an established bankroll from where you can collect profits.
2. Consider the Amount of Money You Want to Commit
Your starting bankroll needs to be the amount you are ready to commit. In case you are new to sports betting and still learning, start with a smaller bankroll. At such levels, discipline can become much easier. But if you have enough experience in this field and getting a little organized with things, choose a higher amount if you want. This strategy can help even if you are playing casino games in the best 100 Casinos in the UK. It can improve your chances of taking home more money than you would have.
3. Know the Types of Bet You Might Be Making
Based on the types of bets you want to make, you might have to choose different starting sizes for your bankroll. In case you want to place bets that you can win frequently, you might not need much money in your account since the variance will be lower. But if you want to make higher variance bets, such as individual race winners, you have to go for higher bankroll size.
Options to Grow the Bankroll
By now, you have enough money for funding your bankroll. However, like everyone else, you might want to start with a smaller amount that you would like to grow into the final end goal amount. Here are some easy strategies you can follow to grow your bankroll.
1. Reinvest Your Profits
One of the best ways to grow your bankroll is to invest a part or all of your profit. It helps you grow. In fact, for this, you don’t have to spend any added funds from your personal bank account. Often people choose to invest all their wins until they have the desired bankroll. While others take a small percentage and take out the rest as profit, the best way to go about it for you to determine.
2. Make Independent Contributions
Another method you can use for growing your bankroll is to keep adding money. Many choose to add money when they can but others add a certain amount every now and then until they reach the end goal.
Choosing the Risk Profile
It is time to take a macro view and pay attention to how much you should wager with every bet. But to figure that out you need to understand the risk you are ready to take. Here are the various risk profiles that you can take on.
1. Risk Conservative
In case you are new to sports betting and want to improve your strategy and would like to take things a little slowly. This risk profile might be the best for you. In this case, the bettor will wager the lowest percentage of the bankroll and be protected from variance.
2. Risk Neutral
In case you aren’t sure where you fit or you are not inclined to be aggressive or conservative, then a risk-neutral profile might be the right choice for you. So, you can bet more than risk conservative but not as much as risk aggressive.
3. Risk Aggressive
The ultimate one is the risk aggressive bettor. In this, you bet the largest percentage of your bankroll on every bet. The protection from variance is lower and there is a risk of growing broke.
Setting the Sports Bets Minimums and Maximums
In this section, we are going to delve into some particulars. You can find out the specifics on how you need to wager on every bet. Check out what the minimum and maximum bet should be.
1. It Depends on Your Risk Profile
As you might have guessed, the minimum and maximum you can wager will depend on the risk profile that you have chosen. Take a look at every profile one is at risk.
2. Risk Conservative
In case you are in the risk profile category, the minimum bet amount will be $0 and the maximum bet will be 2% of the bankroll amount.
3. Risk Neutral
In case you belong to this category, the minimum bet will be $0 but the maximum is going to be up to 4% of the total bankroll.
4. Risk Aggressive
If you are on the aggressive side of things, the minimum will be $0 but the maximum will go up to 60% of the bankroll.
You might have realized by now that nothing is fixed when it comes to sports betting. But you know how much you should put as your starting bankroll and how to choose the final bankroll.