Avoid the Rabbit Hole: Top Tips for Managing Your Bankroll

Whether you’re interested in betting for fun or as a profession, you more than likely have heard that the best punters are pros at managing their betting money. So, how do you master this seemingly special skill as well? That’s what this article is all about. So, stick around to the end to learn more and increase your chances of betting for success.

Should You Care About Bankroll Management Even as a Beginner?

The common misconception for most novice punters is that bankroll management shouldn’t be a top concern for them, since they may not intend to bet a lot. That’s, however, the wrong way to go about it. Managing your bankroll is a crucial skill that takes time to master, which is why you want to get started as soon as you can.

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Managing Your Bankroll in Three Simple Steps

Though managing your betting money sounds like a complicated science, reserved only for sharp bettors, it’s as simple as having a grasp on three straightforward steps:

1. Determine the Size of Your Bankroll

There’s only one rule that matters when it comes to betting responsibly: Never bet any money you can’t afford to lose. So, then, how much money should you stake? Well, that depends on your financial comfort level. The amount you can afford to lose won’t be similar to that of, say, your betting buddy. That means you should begin by assessing your financial situation carefully.

After establishing the maximum amount you are willing to let go without losing your mind, the next crucial step is knowing how often you’ll bet. If, for example, you’re only planning to bet on major sporting events – which ideally is 3-4 times a year – you’d want to invest way less than someone who plans to bet a couple of times each day.

Determining your ideal bankroll makes it easier to avoid making frequent deposits and withdrawals, which is how most punters lose track of the bigger picture.

2. Know Your Unit Size

Now that you have your ideal bankroll, how do you distribute it appropriately? The rule of thumb here is to select a unit size that’s between 1-5% of the bankroll value.

If you are a conservative bettor, go for an amount that’s 1-2% of your bankroll for each bet. Conversely, a more confident and aggressive punter can consider capping their unit size at 3%. If you’ve mastered a strategy that seems to work every time, which means you’re extra confident in your knowledge and skills, then you are free to increase your unit size to 4-5%.

It’s highly advisable to remain within 1-3% of your bankroll if you like staying measured and disciplined. In truth, you’ll rarely see sharp bettors wager more than 1% of their total bankroll on a single event.

3. Reevaluate Your Bankroll as Required

Betting, especially in sports, is highly dynamic. That’s why you want to recalculate your unit size quite often. You’re ideally never supposed to stop adjusting your unit size throughout your betting career, whether you’re losing or winning big. These changes are, however, crucial if you’re on a losing streak. You should consider decreasing your unit size when in a rut to avoid losing a lot, too fast.

Though the temptation to bet more to recoup your losses can be overwhelming, it’s best to master self-control so you don’t lose more than you had planned. When on a winning streak, or if you feel like you’ve come up with a strategy to keep winning, you can increase your unit size slightly. Just make sure not to exceed the 5% maximum value.

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