Many sports gamblers think the key to being a successful sports gambler is as simple as having the winner. However, any successful sports gambler will tell you it’s much more difficult than just that.
The devil is in the details, and all the extra little things successful gamblers do is what makes them successful. One of these extra little things is how to manage your bankroll.
What’s A Bankroll?
Your bankroll is the amount of money you are willing to invest in sports gambling. It’s very straightforward, really. This amount will be different for every gambler, but it is an important number as it should dictate how much you wager on individual games.
This is the first step in managing your bankroll. Knowing how much you can wager and how the wins and losses affect your bankroll. After all, once you’ve determined your bankroll, that’s the number you want to build.
Develop a Betting Budget
Once you have established your bankroll, this will allow you to budget the amount of money you place on wagers. Many sports gamblers have two to three different amounts of money they’ll wager on specific games.
This allows them to not only track their winnings but, more importantly, their losses. Your bankroll is your investment, and you need to protect it by making wagers you can afford. The more you win, the more you can wager. The more you lose, the less you can wager.
This is the key to managing your bankroll. The more you win, the more you can wager. The more you lose, the less you can wager. It is a golden rule of gambling.
Every sports gambler is going to suffer losing streaks, and, to weather the storm, you’ll need to follow this rule of bankroll management. Wagering more when you are losing in an attempt to win back losses is called chasing, and it is the downfall of many sports gamblers.
The sure thing you’ve been studying all week didn’t come in, so you decide to double-down on a late game to make the money back.
This never works, and now you are down 3x as much. This is how you blow your budget, so never chase. Chasing only leads to more losses. Always stick to your budget.
The best way to not chase is to stick to your budget. Once you’ve added to your bankroll in a significant way, you can increase the amount you wager but never before that.
Stay consistent with your wager amounts and let the wins stack up. It is this discipline that separates the successful sports gamblers from the unsuccessful.
For instance, many sports gamblers will have two dollar amounts they wager: A higher amount for sure things, and a lower amount for long shots. This creates a perfect risk vs. reward scenario.
Consistently following this guideline will allow you to make money efficiently as well as manage your bankroll.
Have a Game Plan
The best way to stay consistent with your sports betting is to have a game plan. It is important to know how much you are going to wager and to know the games you are going to wager on. Do not deviate from that.
Picking a few extra games will not help your bankroll. Chasing definitely will not help your bankroll. Stick to your game plan.