A well-aligned stake sizing strategy, also known as bankroll management, is one of the most important things to pay special regard to when you’re looking to make some profit with online sports betting. Not having an accurate bankroll management is a common cause for recreational bettors to lose their money. After reading this article, you will understand why you should take your bankroll management very seriously. We will also give you some recommendations for your bankroll management. In this way, you will only place your bets rationally.
Bet without emotions
An accurate bankroll management ensures that you will place your bets rationally, at all times. It prevents your emotional brain from taking the upper hand. A classic example of your emotional brain influencing your actions would be the well-known gambler’s fallacy (or Monte Carlo fallacy). For example, when you manage to lose five bets in a row, you might think that the chance of winning the next bet has increased and is now greater. This may cause you to increase your stake sizing with the next bet, because you think it will now definitely be a winner, even though the underlying assumption is actually completely false. When this bet turns out to be a loser (because losing streaks can happen to even the best tipsters), you destroyed your bank. Oops. So never ever do this, not even to compensate for earlier losses. Like always, better times will come.
Recommendations for your bankroll management
One can apply those principles to betting on the whole. If you want to become profitable with betting in online sports, you should really follow our methods and not let your emotions take control. To help you with this issue, we will provide you with some bankroll management advice. In this way, you can get the most out of our betting tip service.
All the bets that will be provided by our team come with a certain amount of units that we suggest to put at stake.
This number ranges from 1 to 5 and you should decide how much money you want to assign to 1 unit. As a reference, we advise our clients to take about one per cent (1%) of their bankroll per unit. For example, a client with a starting bankroll of 5.000 € should put 50 € per unit. For this particular client, a pick provided with a stake of 1 unit should be played with 50 € and one of 5 units should be played with 250 € correspondingly.
In addition, one should always determine for himself what will be the specific value of his unit. An accurate bankroll management should ensure that you do not lose all your money because of short term variance. In the long run, the number of bets gets larger and the variance will even out due to the law of large numbers.
In any case, the most important piece of advice we can give you is this: do not bet more than you can – theoretically – afford to lose.