Having a bankroll when sports betting is appropriate for everyone. Yet the bankroll for one bettor is not necessarily the right bankroll for another. That’s why it’s important to set up and manage your bankroll effectively for you. To do so, there are certain tips to follow, so that you will ensure you are using an appropriate budget. Follow this guide to start with managing your own betting bankroll for sports wagering.
Three Steps to Manage Your Bankroll in an Effective Way
It’s important not to overcomplicate setting up your bankroll. Otherwise, you’re likely to get confused by the whole process. Creating this in a simpler way allows you to get started out with your sports betting activity. These three steps will allow you to create and manage your bankroll in the most effective way.
1. Figure Out the Size of Your Bankroll
It’s one thing to locate a top-quality sportsbook in South Africa to join, but it’s quite another to decide how much to deposit into an account at it. Your own personal financial situation should determine this for you, and every sports bettor has a different scenario for this. You need to feel comfortable with the amount you’re depositing for sports betting purposes. One very important piece of information to remember is to never deposit and gamble with more than you can afford to lose.
You need to take a realistic stance towards the bankroll amount. If you know you won’t miss a certain amount of your finances, then you can use it for betting. You should also consider how often you will be wagering. Will it be once per day, a couple of times per week, once a month? If your activity is less frequent, then depositing a lower amount would be more beneficial. Set a number you feel comfortable with and stick to it for the duration.
2. Select a Unit Size to Utilise
Regardless of if you’re intending to bet on cricket events or wager on soccer at South African sportsbooks, you will need to determine a unit size for bets. This is the percentage of your bankroll that you will utilise per wager placed. If you’re a beginner in the world of sports betting, then we always recommend keeping the size of your wagers at a consistent level. Select a unit size of between 1% and 3% of your budget.
For example, if you have deposited ZAR 300 into your sports betting account, 1% of this would be ZAR 3. Should you be more confident in your betting skills, then you may want to increase the amount to the 4% – 5% level instead. If you look at a professional bettor’s activity, it is very rare to see them place a bet of more than 1%-2% of their bankroll. Make sure you select and stick to a specific unit rate per bet throughout your gambling course.
3. Always Re-Evaluate Your Bankroll Situation
Sports betting offers gamblers a dynamic experience, much like the sports events themselves. That’s why it is always worth you recalculating your unit size from time to time. If you find that you are losing in a big way, or even winning in a big way, you may need to adjust things to better suit your situation. If you’re suffering from big losses, then try reducing your wager amounts. Otherwise, you risk losing your whole bankroll at a swift rate.
Don’t ever start betting higher amounts when you’re on a losing streak to try and recapture what’s been lost. That’s the whole point of depositing an amount you can afford to lose. When you’re in that situation, you should take a step back and re-evaluate your bankroll and betting units.
If you’re on a winning streak, on the other hand, maintain a unit of a healthy amount. Ensure that this aligns with your risk tolerance, too. Don’t be tempted to bet anything more than 5% of your bankroll, even if it looks like the signs are good. Good luck won’t last forever!
About the author
The creator of this project is not just another writer but he is, first and foremost, a passionate online gaming player. His attention to detail means he spends hours studying and trying out innovative new techniques in order to write content that is engaging and truly informative for the users of this blog. When he's not writing, you can find him in Macau and Las Vegas, with sunglasses and the ever-present cigar.