Bankroll Management Basics
We all love a wager every now and again but often we can get carried away due to a gut feeling or an inside tip. However, bankroll management is key in ensuring you don’t blow all your bankroll in one go.
If you’re new to betting it’s essential to adopt the bankroll management basics, while if you’re an experienced bettor but yet to really get into a routine when it comes to your bankroll, you could do a lot worse than reading our handy guide below.
With so many markets now available to punters, you really should place bankroll management at the very heart of your betting strategy.
Here’s our Gambler Saloon guide to everything you need to know about bankroll management…
What Is A Bankroll?
Your bankroll is a relatively easy concept to understand. Ultimately it’s the amount of funds you have in your betting account.
It’s a figure you’re willing to bet and invest with the overall aim to increase that number and cash out with a tidy profit.
Your bankroll will regularly fluctuate, that’s only natural. You will lose occasionally, be prepared for that, with generally the overall rule being patience. You must be prepared to lose in order to win.
How Much Should I Place On Bets?
Every punter will have a different size bankroll, so in turn will have a different amount of money that should be bet.
That will vary dependent on a number of things but generally speaking there are key aspects which should be taken into account.
Keep A Percentage In Your Bankroll
Many punters will ensure there’s always an absolute minimum amount in their bankroll and will never bet beyond that.
There is a particular strategy used by some bettors that aims to ensure you never reach the end of your bankroll. This is called the Constant Percentage Strategy.
What this is is a strategy that will see a punter bet a set percentage of a bankroll every bet. So for example you make start with a bankroll of $1,000. You may wish to make a bet of 5% of that. The amount you bet therefore would lower with any losses you made.
Take The Odds Into Account
Taking odds into account will also determine how much of your bankroll you wish to spend on a particular wager. This is basically playing the risk of a bet.
Again, there are ways in which you can formulate odds to plan how much to wager.
Let’s say you had a $1,000 bankroll and you want to bet 5% on each bet. That may not prove good value so you might want to take odds into account in order to uncover how much to bet. You can do this with the following formula:
(Bankroll * Betting Percentage) / (Odds – 1)
This will help you manage your bankroll better and not bet too much on odds with poorer value.
Bankroll Management Strategies
There are many ways in which you can manage your bankroll in both sports betting online and across poker and online casino.
It’s incredibly important you have some form of strategy in place in order to prolong your gaming and give you the best possible chance of securing a profit.
The Kelly Criterion
The Kelly Criterion is one of the more simple betting strategies to manage your bankroll. It’s been around since the 1950s and is perhaps the most popular bankroll managerment strategy today.
What it does is take into account the odds being offered and the probability of winning. You can find out more about the Kelly Criterion by clicking here.
The Fibonacci Method
Another common method used to manage bankroll via strategy is the Fibonacci Method.
This will basically increase or decrease your wager depending on whether you win or lose the previous wager. It works in a sequence with stakes increasing on every losing bet in order to try and balance the books.
Head to our Fibonacci Method page for all you need to know about the strategy and how to play.
Use Free Bets To Your Advantage
Every week the world’s biggest bookmakers will offer free bets, which are always a good way to increase your bankroll.
The likes of 888sport and bet365 always have a great range of free bets and welcome bonuses to boost your bankroll, while they’re also an ideal way to maximise profits.
Here at Gambler Saloon we’ll always bring you no deposit free bets as soon as possible. So what’re you waiting for? Boost your bankroll and manage it sensibly right now.