Betting is risk – that is its essence. This is why we do it, for the thrill of chance. Risk also means that you can lose, and come away with nothing. This is what betting companies rely on. They do not exist to hand out free money, but instead rely on the probability that most people will lose money sometimes. There are ways though to get over the bookie’s advantage. The secret, if there is such a thing, to being better at betting is to manage your bankroll. Betting bankroll management, or money management betting is a tip used not just by professional betters, but increasingly by people who want to keep control of their bets. This article will help you with a few money management tips to get the best out of your bets.
Money Management Betting
Money management betting is, first and foremost, accepting that you will lose. All betters lose at some point. Managing your bets means accepting this, and limiting your potential to lose. The easiest way to do this is to set a budget. This is bankroll management.
The first stage is to set a budget for how much you are willing to lose, and to allocate how much of this money you are willing to spend on betting. This is called the bankroll.
Then, you create a set of rules for yourself which determine what you are willing to stake from the bankroll on any particular bet. You should base this set of rules on your overall bankroll, the way you like to bet, and what goals you have for your betting.
The final part is to carry out the plan you created in the second stage. The plan should be applied to all bets you place, or the plan is worthless.
This is the long and short of money management betting – it is a simple idea, but more difficult to carry out in practice. We will next discuss some ideas to make it easier.
Types of Stake Plans
Now we understand what betting bankroll management is, we need to consider how to do it. The first step is deciding how much money you will allow in your budget. This is of course variable based on each better, but make sure it is an easily affordable amount. This has to be money you don’t mind too much if you lose. If you are betting for fun, consider setting aside a monthly or weekly amount. If it’s more serious, consider separating your betting funds from your regular funds, just to know clearly how much you are willing to spend.
There are two kinds of stake plans to choose between – Fixed and Variable. Fixed stake plans are the simplest, and the best to start off with. Broadly speaking, a fixed stake plan means always betting the same amount. This should be a small sum proportionally to your overall bankroll. The best figures to start at are around 1 and 2 % of your bankroll. This limits your risk and exposure. It also forces you to consider which bets are worth making – if every bet is of the same price, which ones have the most value?
Variable staking plans are a little more complex. They allow you to vary your stake, based on various factors. These can include how confident you feel about each individual bet, or how much value you feel the bet has. If you think the value of the bet (see other articles about value betting) is worth betting more on, then you are free under this plan to bet more.
Learning to be a Better Better
The most important of all money management tips is to be careful. After all, money management is all about being careful. Being sensible with your bets is the best way of being the most effective better.
Betting is fun, but losing isn’t. Managing your money is the best way to keep losing away, and preventing the losing streaks which effect us all at some point. These can be stressful, and can lead to chasing losses.
Managing your bets with a plan is a simple way of taking some of the stress away. It is a way of learning to control your bets, and a way of making sure you limit your risk. Sticking to a plan requires discipline and patience, but once mastered it is one of the most effective ways of ensuring your bets go well, and your bankroll stays healthy.