When it comes to making bets, there’s only one way to play – responsibly. One of the best tools to play responsibly is known as bankroll management. Learning how to better manage your bankroll can help you play more confidently.
Bankroll management is a skill you should master when first betting, as it’s the key to longer term success. With our expert bankroll management guide, you’ll discover everything there is to know about effective bankroll management, from what it is, to how it works, to even the best bankroll management strategies out there today to use for your sports bets.
Bankroll management is a simple concept that is designed to help you create a healthy balance when gambling. It involves deciding how much money you can afford to risk, how much you spend on each bet, and how you adjust your stakes based on the outcomes.
Betting bankroll management is almost as important as picking winning teams as, without it, you may not be able to keep your experience fun and will run the risk of losing your overall bankroll if staking too aggressively.
Now you know what bankroll management is, there are several elements to managing your bankroll, all of which need to be carefully considered.
Bankroll management in betting is hugely important, as without it, you cannot hope to enjoy the experience or see favorable results. Most notably, managing your bankroll enables you to be able to budget your money so that you can continue to bet, even if you are on a bit of a losing streak.
Furthermore, it can help you place strategic bets, even though most sportsbooks are set up with a pretty significant house edge. You can find out more about the intricacies of betting in our expert online betting guide.
Although people seem to think that managing your bankroll is only important if you participate in casino games, this is not true. Yes, betting bankroll management is crucial in those types of games, but it also plays a pivotal role in sports betting.
Sports events are known for being unpredictable, which means that managing your bankroll is a must. If you are new to sports betting, it can be a good idea to start with smaller bets until you become more confident in your abilities.
You may also want to read our guide to betting on accumulators, which includes everything you need to know about how to place accumulator bets, which are one of the most popular types of sports bets but are generally a negative option in terms of expected value.
The most commonly asked question when it comes to managing your bankroll is how much you should wager on each game or event. Of course, this will vary from one bettor to another and will largely depend on how adverse you are to risk.
While there are no hard rules, this table outlines a well-recommended maximums per bet based on how risk averse you are:
| Low risk | 1% of your bankroll per bet |
| Medium risk | 2.5% of your bankroll per bet |
| High risk | 5% of your bankroll per bet |
There is a wide range of betting bankroll management strategies for you to try, many of which are aimed at people who are new to gambling.
Flat betting, also referred to as level staking, is the most popular and easiest bankroll management strategy and involves placing bets per unit, regardless of the odds or bet type. There are two ways that you can approach flat betting: win or risk, with the former being more conservative than the latter.
In “win” flat betting, for a -110 bet, you would bet 1.1 units to win 1 unit. In “risk” flat betting, you would bet 1 unit straight and win 0.91 units for these bets.
Some bettors like to use a combination of these two strategies to manage their bankroll effectively, while others prefer to stick with just one.
Percentage betting, also known as proportional betting, involves taking a fixed percentage of your bankroll to wager on each bet, regardless of the odds or the betting type. The percentage that you wager is directly related to how much you have in your bankroll.
For example, if you have $200 in your bankroll and you bet 1% each time, the first bet that you place will be $2. If you win that bet, your bankroll will go up, and then you will have to recalculate how much your next wager will be. Alternatively, if you lose and your wager goes down, you will also have to recalculate your betting amount accordingly.
This betting strategy is a good choice for the more cautious bettor as it enables you to enjoy your successes and be more conservative when losing.
The confidence model is a bankroll management strategy that involves placing bigger bets on games that you think have a better chance of winning or ones that offer more value. Essentially, the amount you wager is based on how confident you are in the bet.
When it comes to using this model as a betting strategy, most bettors use a points system from one to three or even five. The more confident you feel in your bet being a success, the higher your number.
For example, you may choose to bet $20 per point. So, you may find two games that you want to bet on, with the first game ranked as 1 ($20) and the second game ranked as 2 ($40).
If you choose this batting strategy, you need to make sure you track your bets as well as the amount you are wagering. It is worth noting that it takes skill and experience to utilize this strategy, as you need to be able to find value in bets, usually through creating your own prices and comparing those to the market.
Responsible gambling is a key component in managing your bankroll and can help to ensure you enjoy your overall betting experience. If you are worried about losing control when betting online, the below tips can help keep you on the right track.
To conclude our bankroll management guide, when it comes to effective bankroll management, you need to be honest with yourself about how much you can afford to spend on betting and how much you are prepared to lose. Some people are naturally more cautious than others, and there is nothing wrong with that, but you need to make sure you consider this when choosing your betting bankroll management strategy. Having a good understanding of these concepts will definitely help you become a better bettor.
A good bankroll for spending depends entirely on your budget. For some, it may be a small $5, which you put on one bet just for fun. Others will have bankrolls in the hundreds or more. To be safe, always budget out money you are comfortable with losing entirely. This is the best way to bet with a cool head, and how you can keep the experience fun.
So long as you bet within your limits, you’re free to try out different bet strategies to see what’s best for you. Beginners usually find it easier to place small flat bets, while those experienced with betting will use the confidence model.
It depends on your bankroll strategy. In general, you should always try and stay somewhere between 1-5% of your bankroll, as this will help to ensure you do not run out of funds or lose stake too aggressively. Even if your bankroll is only $20 for one game, putting smaller bets on more options is usually a better strategy than putting that whole $20 on one bet.
You can bet on the teams you love, but you shouldn’t bet emotionally. If you’re chasing your losses or the highs and don’t have a cool head, there’s a good chance that you’ll make risky wagers that could lead to significant losses. What you do to avoid this will depend on your personal limits. For example, you can:
The best way to ensure you stick to your bankroll limits is to set clear win and loss limits before you start to gamble by using the betting site’s responsible gambling tools. You can usually find these on your account page.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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