Bankroll: What It Is and How to Manage Your Bankroll in Sports Betting
In sports betting, bankroll management is one of the cornerstones of long-term success. No matter how many value bets or strategies you follow, if you don’t manage your bankroll properly, you’re likely to end up losing more money than you win. In this article, we’ll explore what a bankroll is, how to manage it well, and how tools like BetOven can help you automate your bankroll management and optimise your betting.
What is Bankroll?
The bankroll is the money set aside exclusively for your investments, in this case sports betting. It is your investment fund, and it is crucial that you keep it separate from other funds, such as your personal money or savings (and especially money that you might need urgently!). The larger your bankroll, the more flexibility you will have to manage natural betting fluctuations and continue betting without putting yourself at risk of being out of the game.
Why is Bankroll Management Crucial?
Bankroll management is the set of strategies that allow you to effectively manage your betting money, with the aim of maximising long-term profits and minimising losses. Poor bankroll management can lead to a quick loss of money, even if you have a good betting strategy.
Controlling your bankroll helps you to:
- Avoid emotional and risky bets.
- Don’t risk more than you can afford to lose.
- Take advantage of opportunities without putting yourself in an uncomfortable financial situation.
- Maintain stability in your long-term bets.
Example of what an Amateur vs. a Professional would do
The Amateur Bettor:
An amateur bettor often does not understand the importance of bankroll management. He may place very large bets on some events, without considering the impact those bets may have on his total bankroll. This type of bettor may also bet impulsively due to emotions such as euphoria or fear. Let’s look at an example:
- Imagine you have a bankroll of €500, but you decide to bet €100 on a single match because you feel it is ‘easy money’.
- If that bet doesn’t work out, you will lose 20% of your bankroll in a single play. This is risky, as a couple of bad bets in a row can leave you with no money to bet with.
This approach is risky and emotional, often leading to significant losses in the long run.
The Professional Gambler:
In contrast, a professional bettor follows a well-defined bankroll management strategy. This type of bettor knows how much he is willing to risk on each bet and makes sure to keep his bets within a safe range. For example:
- If he has a bankroll of €500, the professional might decide to risk only 1% to 5% of his bankroll on each bet. This means that instead of betting €100, he would bet between €5 and €25 per bet.
- The professional would also adjust the size of his bets as his bankroll increases or decreases, always keeping a tight control over his risk exposure.
This approach ensures that losses are small and gains accumulate steadily over the long term.
How to Manage Bankroll Efficiently?
There are several strategies a bettor can use to manage their bankroll effectively. Here are some of the most popular ones:
1. Fixed Bets:
With this strategy, you always bet the same amount on each bet, regardless of how your bankroll fluctuates. It is a simple and safe strategy, ideal for those who are just starting out.
2. Proportional Bets:
Here, you bet a percentage of your total bankroll on each bet. This percentage can vary depending on how confident you are in the bet. A common example is to bet between 1% and 5% of your total bankroll.
3. Value Bets:
This is a strategy where you look for value opportunities, i.e. bets where you believe the probability of an event occurring is greater than what the bookmaker reflects in the odds. This type of betting generally leads to a positive ROI in the long term, but can be volatile in the short term. They are smaller investments but could lead to a much larger return.
How to Automate Bankroll Management?
Bankroll management becomes a tedious process if you have to recalculate the proportion you should invest at every moment to avoid taking risks that are not worth taking. The most efficient way to bet by actively managing your bankroll in an automated way is to use an AI like BetOven’s automated software that optimises your bets in real time.
BetOven not only helps you find the best value and safe bets, but you can also configure its settings so that bets follow your personal bankroll and risk management criteria.
Customised settings in BetOven:
- Betting according to your bankroll: You can set BetOven to automatically bet a specific maximum and minimum amount on each bet.
- Risk control: BetOven allows you to adjust the level of risk you wish to take on your bets. If you prefer a more conservative strategy, you can limit your bets to a low percentage of your bankroll, which will protect you in case of a series of losing bets.
- Bet automation: BetOven not only finds the best bets, but also automates the process of placing bets, which means you don’t have to keep an eye on fluctuating odds and your bets. The software does everything for you, following your bankroll management parameters. Above all, you protect yourself from emotional decisions made in the moment (where amateur bettors, who don’t know how to manage their emotions in real time, typically make the most losses) and prioritise numbers and statistics.
- Dynamic settings: In valuebets mode, BetOven places bets proportional to the risk of the bets. In other words, it adapts the stake of the bet to the risk or probability of winning the event. In this way, you will always be highly rewarded for every value bet you win.
Win in the Long Run: Automated Bankroll Management is Key to Success
Good bankroll management is essential to ensure long-term success in sports betting. If you are an amateur bettor, you can probably learn a lot from the discipline of the professionals, who manage their bets systematically and carefully.
Using tools like BetOven not only makes it easier to automate betting, but also helps you keep control over your bankroll, adjusting bets according to your risk parameters. With proper management, you can maximise your winnings and minimise losses, keeping your bankroll healthy and growing.
In the following video, you can see how BetOven’s AI works and how you can try it for free to maximize your profits in sports betting:
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