The term bankroll refers to the financial resources that a bettor has set aside specifically for betting. Bankroll management is the management of these funds.
Bankroll management
By following the principles of proper bankroll management, you can avoid quick bankruptcy (source: pixabay.com)
The English term bankroll refers to the player’s/captor’s capital set aside for playing. It is each of our responsibilities how to manage our funds, but hand in hand with success in sports betting is the adherence to proper bankroll management (also money management). Bankroll management is not narrowly defined and does not have strictly set rules, rather it is a set of general recommendations that will help you maximize profits and minimize losses.
Separate personal finances from betting money
This is probably the most sensible thing you can do within bankroll management. If you are serious about betting, then from the beginning, clearly set aside funds for betting and keep them separate from personal finances. In practice, you can solve this by opening a separate bank account or electronic wallet, e.g., Skrill or Neteller. This ensures that you will not mix money. If you are a bettor who tries a weekend “parlay” for fifty koruna once a week, then it is not necessary to exaggerate with setting aside money. This recommendation primarily applies to regular bettors.
Use a deposit system
A part of bankroll management is a well-set deposit system. The general rule states that you should not bet more than 5% of your total bankroll on one bet. This number can, of course, be adjusted individually (for greater peace of mind, you can use even 1%). It also greatly depends on the deposit method you follow. Some use the so-called flat staking (betting the same amount on all tickets), more experienced bettors work with a unit system (on a scale of 1 to 10, deciding based on confidence, odds level, or tip value), and an even more advanced method is the so-called Kelly criterion.
Example
Your starting capital is €400 and you always place your tickets for 5% of your bankroll, which is €20, thus your bankroll is adapted for 20 bets. A situation may occur where you lose, for example, half of your capital and your bankroll drops to €200. What now? There are several opinions on how to deal with this unpleasant situation. You can continue with the same deposit and hope that the variance turns in your favor. However, you can, for example, reduce your deposit and bet 1-2% of the bankroll. The safest option seems to be the proportional method, where you place bets according to the current value of the bankroll. However, its use requires a certain degree of flexibility. What is it about? You find yourself in a situation where you have €200 left and you continue betting 5% of your bankroll. When you recalculate the numbers, you find that 5% of €200 is €10. So you bet €10 and let’s say you win and your bankroll grows to €210. The next ticket you place for 5% of €210, which after rounding is €10. Surely you noticed that with each evaluated ticket you have to recalculate the size of the next bet over and over again. This can be quite limiting. You can solve this by setting limits at which you will change the deposit. For example, you can increase/decrease your deposits by 10% when your bankroll changes by 10%. With an initial bankroll of €400, for example, you can reduce the bet value if you drop 10% (to €360), and you can increase the bet value when you gain 10% (to €440). There are really many ways to modify the deposit system.
Avoid tilting
The term “tilt” is primarily used among poker players and refers to a player’s state of mind after losing a significant part of their bankroll, whether by their own mistakes or unfortunate coincidence, and trying to win back their money as quickly as possible. At such a time, it is important to keep a cool head and act with caution. The best thing to do is to analyze whether it was your mistakes or variance and take a few days off betting. If you are on tilt and bet thoughtlessly, you will make even more mistakes and cause yourself more harm.
Do not bet under the influence of intoxicating substances
This is a problem for many bettors. The title says it all. You should bet only with a clear head. The worst is a combination of tilt and alcohol (drug) intoxication.
Do not play in the casino
The vast majority of online bookmakers also operate an online casino. Bettors just need to click once and they can start spinning the reels of a slot machine. However, it is better to avoid this pastime. Unlike sports betting, you can never have the edge on your side. It may happen that you hit a huge jackpot by chance, but in the long run, the casino will always take something from you.
Bet exclusively single bets
The more tips on a ticket, the higher the probability that one of them will not come through. It is no coincidence that almost all successful bettors only place single tickets. Avoid combo bets and combination tickets. Of course, if you bet for fun and a possible loss does not bother you, you can forget this recommendation and continue your style.
Conclusion
Following the principles of proper bankroll management does not have to be too difficult. Just approach betting responsibly and consider it as a possible way to earn extra money. As is usually the case, the most difficult times occur when things are not going well. Everyone then wants to make up for the loss as quickly as possible. However, it is precisely at this moment that following the rules is most important! Finally, remember that if you do not bet on odds with a positive expected value, so-called value bets, even the most precisely set bankroll management will not help you, and at best, you will only break even.
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Frequently asked questions
1️⃣ What is a bankroll?
Bankroll is an English term for the financial resources that a player/bettor has set aside for their gaming/betting.2️⃣ What is bankroll management?
Simply put, it is the management of financial resources that a bettor has set aside for betting. It is a set of recommendations that help the bettor manage their capital.
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