Follow our guide on how to practice effective bankroll management and responsible gambling at Housebets.com.
If you bet a lot on games and sports, it is essential to learn bankroll management. This is because it is easy fall into a spending trap if you do not control your spending on betting.
In an age where you can bet at your fingertips, it is important to know when to stop and not go over your betting budget.
However, to do this, you need to know about bankroll management. While it may be a tricky thing to do, these few steps might help you.
But before we get into it, remember that Housebets remains the home of sports betting as you practice effective bankroll management.
A betting bankroll is simply the money you set aside to fund your betting needs for a specific period. Ideally, you are putting a particular amount of money in a particular account, which could be your sportsbook account.
This is an amount you know you can afford to lose because nothing is given. It should not be money needed to pay for gas, fees, house rent, or taking care of your family.
Now that we have an idea of what a bankroll in betting is, what is bankroll management? Bankroll management simply means how you use the money you have set aside in your sportsbook to fund your betting needs for a specific period.
Depending on how frequently you bet, bankroll management will help you with the right strategy on how to utilise the funds either daily or weekly. It will also help you decide how much you want to bet on a particular event.
Establish the size of your bankroll
Before you do anything, you need to establish how much you are willing to lose because there is no guarantee in betting. In fact, this is one of the reasons why you need to establish the amount of money you are willing to put in a sportsbook account, because you can lose it all.
It also prevents you from chasing losses because once you start doing that, it could lead you to a point of no return.
Practice Unit Betting
Unit betting is a practice where bettors use a predetermined percentage of their bankroll, with the chosen percentage used for each bet. For example, if you have $2000, you can divide it into 100 units, meaning each unit is equal to $20.
You can now decide how many units you want to place on a particular day, depending on the probability or chance of your predicted outcome playing out.
However, when doing that, you must also take into account the number of units you have staked and the profit earned. This not only helps you put a cap on your budget, but it also helps you measure your profit.
Measure Your Return On Investment
Once you start betting, it is crucial to monitor your win and loss ratio. This will help you to decide whether you need to change your strategy or what you bet on. It could also help you increase your bankroll, especially if you have more wins than losses.
Review your bankroll frequently.
While your bankroll is supposed to last for a specific period, it is important to check it as often as possible. This will help you keep a record of your betting habits. Since the money in your sportsbook account is supposed to last for a period, reviewing your bankroll often will help you track whether you are spending above your weekly or daily budget.
Stick to the sports you know.
Even though you know you can afford to lose the money you are setting aside, it is still important to bet on sports you understand. There is no point in betting on all events or games, especially if you do not have an understanding.
Sticking to the sports you know and watch helps you make better-informed decisions and increases your chances of winning.
Percentage Model
In this model, you decide to wager a certain percentage of your bankroll on every bet you place on any game.
For example, if you have a bankroll of $2000 and you decide to place 2% of the bankroll on every bet, then the amount you place on your first bet will be $40.
However, it is important to note that your bankroll can either increase or decrease depending on the outcome of your bet.
If you have a winning bet, your bankroll will increase, and so will your wager amount, even though you are still sticking with the 2% rule on every bet.
But if you lose your first bet, your bankroll will reduce, and so will your wager amount, even though you are placing 2% of your bankroll on every bet.
Flat Betting
This is similar to percentage betting, but in this model, you are sticking to a flat amount. For example, if you have $2,000 in your Housebets Sportsbook account, you can decide to place a bet of $50 on every game.
However, unlike the percentage model, your betting amount will not change, irrespective of whether you win or lose.
The Confidence Model
This is a riskier model because you are throwing more money on a game, depending on your confidence level in the outcome.
For example, if you believe Arsenal will beat Tottenham Hotspur in this week’s North London derby, you can decide to place $1000 from your $2000 bankroll on an Arsenal victory.
Kelly Criterion
This model involves a mathematical formula used to determine the optimal size of a series of bets to maximise long-term growth by factoring in odds and perceived probability. It uses this simple formula: f = (bp-q)/b,
where b is the decimal odds of your bet,
P is the probability of success
Q is the probability of failure. You can read more on odds, probability and how to convert odds here.
Now that you know what bankroll management is, how then do you ensure you increase your bankroll? These few steps should be able to help you.
Research
While it might be a cliché thing to say, doing your proper research before placing bets goes a long way. Do your research on the teams you are betting on and all other things.
Find out about the teams – who will be playing and who will not be playing. It’s important that you wait until the last hour before placing your bets because a lot could change.
You should not just research the teams playing; you should also look into the venue. For example, a particular field might be a bogey ground for a team. These are things to consider before placing bets on a game.
Find out about the Weather
If you are betting on games played indoors, you might not need to research the weather. However, if you are betting on sports like football (American football and international football), you definitely need to know what the weather will be like. This is because if it rains or snows, it could affect the performance of a team, no matter how good the team is.
Bet on Over (Totals)
While the moneyline is the most popular market, betting on totals gives you a higher chance of winning a parlay bet.
In international football, for example, you can bet on over 1.5 goals because the objective of a football match is to score goals. The same applies in American football, basketball, tennis, and other sports with over markets.
You can also bet on markets like corner and booking markets. These types of markets have nothing to do with the result of the game.
Bet with your head and not your heart.
As sports fans, we tend to make decisions based on our emotions. However, you should not let your emotions cloud your judgement when making your picks. Go with what the stats say. Do not place a bet on a team just because you like them. Let the stats decide the picks you will make.
Remember that gambling should be fun, and you should always bet responsibly. Do not let your emotions take control of you, and do not go chasing losses.
If you know your gambling has reached an unhealthy level and you have gone past your budget, you can take time off by self-excluding yourself.
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