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How to manage your sports betting bankroll?
Learn how your strike rate will affect your bankroll. Even when you win over 50% of your selections, your bankroll is still at risk!
Published on 22 November 2016
Updated on 22 November 2016
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Risk between 1% and 2% of your bankroll and keep your bets steady.
Effective money management during sports betting is integral to making a success out of your sports betting. The ability to professionally manage your bankroll throughout your betting life will determine if you’re able to make money over the long term or keep making deposits to ‘top-up’ your betting account.
If we assume you’re able to break-even throughout the life-time of sports betting; then you will require at least a 55% success rate. Therefore, if you make 1000 bets over the course of a year, you will win 550 and lose 450 bets. Therefore, you will be losing money continuously throughout your annual betting cycle.
Withstanding consistent losses is critical to making long-term money from sports betting. A high-success rate can help, but the majority of professional sports gamblers will not win more than 60% of their bets. The professional sports gamblers and traders will grind out their positive financial results over the long-term by maintaining a professional dedication to bankroll management and understanding that increasing their bet size means that they require a higher success rate!
If you do not draw winnings from your betting account and you break-even with a 55% success rate; you will lose more than half of your bets about 20% of the time. The graph below shows binomial distribution and as we all know sports events are similar to a bunch of random outcomes, as shown in the bar chart, below:
The bar chart above illustrates that if you’re gambler with a success rate of 55% you will lose over 50% of your bets approximately 20% of the time, which means that if your 1000 bets are spread out evenly across the year (approx. 83 bets a month). You will have over 2 losing months out of 12. This also means that you will only have a few months in the year when you have a higher bankroll then when you first started!
It is unrealistic to believe that professionals win more often than a normal bettor, but they successfully scalp victories over the long-term with a large number of well placed bets. This allows them to drastically increase their bankroll with effective money management whilst understanding that losses do and will occur throughout their annual betting cycle.
A negative bankroll is what will make us normal folk become very nervous, but riding the storm and making sure that you will ALWAYS be able to make the next selection is where the professionals can withstand long losing runs and still turn a profit at the end of each year.
It is recommended that you do not risk more than 1% (allows 100 bets) or 2% (allows 50 bets) of your bankroll. So, if you can afford £1000 then you should only risk £10 or £20 on each of your selections. This recommendation applies to every bank size. So, if you can only afford £100 for your betting bank then each bet should only be £1 or £2. It doesn’t sound very sexy, but it’s the only way to make sure you will remain in the game and make the next bet.
If you just want to have fun then gamble away with whatever you can afford to lose, but if you want to seriously make money from sports betting then you will have to approach gambling with a professional zeal and this means grinding out profits over a long period with occasional big winners. Much like stock-market investing…
Rather than believing that a lot of money can be won by doing very little. We all want to believe in easy gambling money, but unfortunately sports betting is very easy to play, but difficult to win over the long term!
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