Bankroll management is the most important strategy to be a consistent winner in sports betting. Most people believe that unsuccessful sports bettors fail because of lose in picks, but in reality, it is because of their poor money management capability. To be a successful sports bettor, you must understand the bankroll or money management system. This is a vital principle in sports betting arena.
Sports betting bankroll:
A sport betting bankroll is the amount of money that you want to invest in betting venture. You can consider it as like a saving account on a bank. You take money out to place bet and the winning return is like your interest. A bankroll should have certain period and should be separated from personal expense.
You should keep your money into sportsbook account for targeted certain period. This will help you calculate the total profit or loss from sports betting. You should add or withdraw that account after the targeted period.
The golden rule of bankroll management:
This is the best rule about bankroll that everybody should learn and understand. It is not only use in sports betting but also used in other high risky investment. This rule suggests that you should bet 2-3% of your bankroll on each bet you place. For example: if your bank roll is $20000, you should bet about $400-$600 per pick. Keep in mind that if your bank roll increase or decrease your bet size should vary on that rate.
Why should follow bankroll management:
The reason you should follow this money management system to survive from the bad streaks or loss that inevitably will occur. If you invest 50% of your fund on one bet, you may fall in trouble when you lose. By keeping betting percentage same, helps you to survive in the downtime.
You betting size should be bearable (if loss):
Apart from the golden rule, you should bet on such amount that you can bear if unexpected loss happens. Do not invest all your earnings on sports betting. You should only do sports bet if you have enough amount excess money. Never fall into huge amount of debt by losing continuously on betting.
Do not chase your loss:
The last money management tip is that do not chase your loss. This means you should not increase your bet size to cover previous losses from picks. Take a break, think more and make decision wisely at that point of time.