How to Manage Your Sports Betting Bankroll
In sports betting, your bankroll is the amount available in your account for wagers. Learning to manage your bankroll can keep you in the game longer by extending your account across more wagers. The idea is to not blow all your money on one or a few bets but to make many well-informed bets over a long period. Here are a few ways you can do that:
Pick a Bankroll Management System
A bankroll management system is different from a betting strategy. It is not how you choose or place your bets but how and when you find them. When you join a sports betting platform like Betway, you can bet on various games like soccer, tennis, and football. You can place these bets as a fixed monetary unit or a percentage of your bankroll.
Percentage-based betting involves staking a consistent portion of your bankroll on every bet. Most experts recommend a 1 to 5-percent stake for minimum risk exposure as you learn the ropes.
In fixed-amount betting, you always bet the same amount on every wager. Use this format cautiously. While it simplifies your calculations, it does not consider your existing bankroll.
Create and Stick to a Budget
Like a bankroll system, a budget takes the emotion out of betting. It allows you to stick to a fixed rule, such as how much money you are willing to bet. Experts suggest you budget according to how much you can afford to lose. If you cannot part with money because it is meant for food, school, utilities, rent, etc., leave it out of your bankroll.
Another tip is depositing the amount indicated in your budget into your account to avoid unknowingly overspending. Alternatively, set daily stop-losses to remind you to stop when you lose more money than you can afford.
Use Data and Diversify Your Bets
When betting, it is tempting to stick to what you know. While this is generally a good rule of thumb (do not bet on unfamiliar games), it can also compound your risk. Diversifying your bets is one way to spread out your risk (and bankroll).
Use the data and insights from your betting provider to explore different bet types, sports, and leagues. Place individual bets on multiple sports or events you feel confident about. This will help you limit the risk related to specific games or teams and prevent you from chasing losses (because you have options).
Leverage Bonuses and Promotions
Top sports betting providers like Betway offer rewards like bonuses, free spins, odds boosts, risk-free bets, and matched deposits. In addition to incentivizing you to bet, these rewards reduce your financial risk, allowing you to reserve your bankroll. Take advantage of your platform’s rewards, including ongoing promotions and VIP programs, to bet on sports and events without staking your bankroll.
Bankroll Management Is an Ongoing Process
As with your betting system, how you manage your bankroll is subject to change. Try different techniques, adjusting your approach as you go. If you notice, for instance, that you regularly ignore your stop-losses, look into self-exclusion and other helpful resources your provider offers. It is also a good idea to take breaks and analyze your account balances and bankroll practices regularly so you can make necessary adjustments to your budget.