The Best Ways To Manage Your Bankroll
March 12, 2018
No matter what kind of game you’re looking to play, if you’re spending money, managing your bankroll is especially important. While many people tend to associate this kind of strategy with casino games such as poker, which are well thought out and strategic, any kind of game you are wagering on should take this into account. There are a number of tips and tricks that you can implement when it comes to managing your bankroll, and here, we’re taking a closer look at the very best ways for you to manage your bankroll.
Create A Proper Bankroll
When people begin to implement money management strategies as part of their gameplay, they often believe that a bankroll is just a budget that they will need to stick to during their game, but a bankroll is so much more than that. For example, when playing poker, there are a number of questions you’re going to need to ask yourself to ensure that you have established the best bankroll. For example, you will need to have a clear understanding of how big your sample size is going to be, particularly if you’re playing live poker. The game variant that you are looking to play can also have a significant impact on how you manage your bankroll properly, and whether or not you’re able to handle emotional distress effectively in order to avoid bankroll fluctuations. The same applies for matched betting. Ensuring that your bankroll is well thought-out, knowing your flexibility in regards to your bankroll, and making sure that you stick to it is the first stage of managing your bankroll effectively.
The next step to ensuring that you capitalise on the most effective bankroll management strategy is through looking at odds and win rates. This is particularly important in sports betting at any betting site, and you can use a number of strategies such as implied probability in order to determine your win rates and account for the house edge also. Being able to calculate the true win rates and odds will help to ensure that you are effectively managing the way you are spending your money.
Knowing How To Handle A Downturn
When playing any form of gambling or betting game, you are going to experience some form of downturn. A downturn can have a significant impact on your self-confidence, especially if the game you are playing requires a lot of strategy, or simply if you begin to feel that luck is against you (which can be a common occurrence in sports betting). Whether or not you are looking at matched betting, an accumulator or any other form of betting, being able to effectively handle a downturn can make a huge impact on ensuring that you are not throwing money away where it doesn’t need to go. Make sure that you don’t panic in a tough situation, and always ensure that each bet you place is well thought-out and strategic.
Switch Up Your Strategy
In order to ensure that your bankroll is being managed efficiently, you may want to take a look at the types of bets that you are placing. You may find that while accumulator bets have worked well and offered a fun betting experience in the past, if you’re experiencing a downturn, you might consider switching your strategy and placing bets in a different way. Don’t be afraid to step out of your comfort zone, particularly if you’re not enjoying the same luck that you may have enjoyed previously. Turn to new styles of play in order to truly capitalise on how far your bankroll is stretching.
In a similar way to determining win rates, odds matching is a simple way to ensure that you’re getting the very best deal on your bets. Odds matching can not only help you to save time when scouting the market, particularly if you find a tool or a site which has all of this information in one place, but you can also filter by the type of bookmaker you want to place your bets with, any form of sport and any kind of betting market you want to. Odds matching and using an odds matcher is particularly helpful when it comes to managing your bankroll.
Look At Rewards & Bonuses
Getting more for your money is imperative when it comes to bankroll management, and with a huge number of online sites offering a number of rewards and bonuses, a little bit of research into the market can provide you with a number of opportunities. All too often, bettors will choose a site that they enjoy placing their bets on, take advantage of the one welcome bonus and occasional loyalty rewards, and place their bets as normal. However, if you’re truly looking to capitalise on your bankroll, scout the market in search of the best rewards and bonuses. More often than not, you can balance the best rewards and bonuses on the market with the best odds, and with a number of comparison sites available to provide you with this information, this is easier than ever before.
Similar to switching up your betting strategy, establishing some form of staking plan will help to ensure that you are completely at ease with how much you want to bet, how much you’re prepared to risk losing, and developing an ongoing process in order to ensure that you are completely content with the way you are betting. A staking plan can be split into 3 sections. The first, is where you set your initial budget and determine how much you are happy with losing if the event occurs. The second stage is to determine rules in relation to how much you are going to stake on any given wager. This second stage will generally be based on the types of bets you are placing, the way you are placing your bets, any betting objectives that you may have and your overall budget (which is determined in stage one). Finally, you will apply the rules that you have set out and stick to these as part of your staking plan.
As you can see, bankroll management is a lot more in-depth than you may have first thought. Applying these points above can help to ensure that your bankroll lasts much longer when matched betting.