Money Management During Betting - Create your own strategy
An advice that we from betinception.com, are always giving you, is to learn how to manage your bankroll during betting. Money Management is essential when we are talking about betting, and if you do not know how to manage it, you probably will not reach the goals that you set. Without following any money management strategy, you may win sometimes, but in the end, you will end up in a loss. So, we from betinception.com, are here to help you succeed in managing your money during betting. Unfortunately, many players, especially beginners underestimate how important it is to manage your bank so that we will prevent that by giving you the best money management advice, tips, and of course we will help you create your own strategy, and all of that is going to be in the article below.
Why it is so important to master your bankroll management in betting?
The world of betting has reached an extremely high level since online bookmakers entered the market. Every day more and more players take advantage of the opportunity to multiply their money by using the odds given by bookmakers. And soon, you realize that by putting more money in play, you will win more. So, many players get jealous and bet more and more without even thinking. The result of that is losing a lot of money.
So, the easy answer to the question is that money management is so important because it helps you be responsible and follow a strategy, which can make you successful, and not lose any money. By following your strategy, you will limit losses, and bet as much as you can lose, but also when you win to earn more than you can imagine.
Apart from the fact that you are preventing losing lots of money, money management has a lot more benefits, which are also part of the process for being successful. Let’s see the major ones.
Which are the main benefits of managing your money:
- Money Management helps you chase your goals and always go forward,
- Money Management prevent chasing losses,
- Money Management help you stand strong when you face chain losses, and still be in profits,
- Money Management can help you make more responsible and rational betting decisions,
- Money Management also ensures you that you won’t lose your won money from chain winnings, by betting all of them on the next bet,
- Money Management will ensure that you play within your available budget,
- Money Management will be extremely helpful for keeping track of your betting history.
What will you lose if you do not manage your bankroll?
When you create a strategy for managing your bankroll, you are creating strong rules, which are the key to being successful in betting, also it is quite important for your monthly profits. Unfortunately, if you do not follow those rules, and neglect bankroll management at all, you may lose a lot. So, let’s list some of the things you lose when you ignore your bankroll management.
- By ignoring your money management you judge yourself to never have long term profits,
- You will also not be able to overcome loses, so that you chase them,
- You do not have rules, so after time passing, you will fail in betting,
- You will also bet more than you can afford,
- You risk taking loans and borrow money, because of not knowing how much you can afford to bet.
How to make your own strategy for managing your money during betting?
Unfortunately, there is not a specific bankroll management strategy that works for all players, which means that you have to create your own, in order to be successful. Every single player can afford to bet a different amount of money, also every person prefers a different type of betting, so here comes the slightly difficult part, where you have to create your own strategy. In order to do that, you have to see what is working for you and set your own rules.
And if you do not know where to start from, do not worry, we from betinception.com, are here to help you with the major steps for building your own money management strategy. Without wasting more time, let’s jump on it.
The first thing that you should take care of is the limits. Setting your own limits is crucial. By doing it, you will be sure that you will not lose more than you can afford, and you will end up in profits, and not struggling because you lost more than you have. Actually, apart from setting how much you can lose, is how much you can win.
Your stop-loss limits depend on you, and what you have. In some cases, you may need to set your stop-loss limit for a day, for a week, or even a month, depending on how much money you are ready to lose. Again this totally depends on you, but our advice is to set stop loss for a day. For example, set a stop-loss limit of 150 dollars, and if you lose them, just take a rest, and continue on the next day. For some players, 150 dollars lost for a day can be a lot, so even if you set your stop-loss limit to 20 dollars, for example, is better than not setting your stop-loss limits.
The same as stop-loss limits are the stop win limits. Unfortunately, if you won many bets during a day, and luck is on your side, there is always a chance for your luck to betray you. So, another very important thing that you have to do, is to set your stop to win limits. The moment you reach your win limits, just take a rest and continue on the next day.
2. Ignore Emotions
Something, which is again essential for being successful in online betting and managing your bankroll, is to ignore all types of emotions. For some players that may sound a little bit weird. But, think how many times you chased losses, how many time you placed impossible bets, and how much time you placed a bet for your team, just because is your favorite team. Most of the time all of that ends up losing tons of money, so ignore it.
When you are in a losing streak, just relax, take a break and continue researching, even take a break for a few days if you cannot find good matches for betting. The moment you realize that you have to stop letting past unsuccessful bets follow you is the moment you succeed.
When you think of placing a bet, which is very likely to not happen, just think is it worth the risk. The chance for that bet to be losing is high, and you still bet money to place it, so it is better to not place that bet, rather than losing it. It is the same as placing bets for your favorite team or player, just because it is your favorite.
3. Set Goals
Setting goals can be the key to successfully managing your bankroll. Having a real plan for what you want to achieve in betting can help you not only for ending up in profits, managing your bankroll but also for bringing satisfaction to you when you achieve your goals. Let’s see what we are talking about when we talk about setting goals:
- You can set a goal to double your previous deposit,
- You can set a goal to win a certain amount of money for a week, month, or even a day,
- Just a simple goal, which you can set if you are a beginner, is just to end up the month, or the week in profits, no matter how much are the profits,
- You can set up a goal, to deposit just once in a month, and double or triple the bonus, then getting your profits withdrawn, and again play with the deposit money.
4. Set your Budget
Another essential step for managing your bankroll is to set your budget. And not only set your budget for the bookmaker you are part of but set your whole budget for the month, including all the personal expenses, bills, etc. Let’s see that in a few steps:
- First, see how much your income is, and how much of that you need for living, home needs, personal needs, and how much you can put aside for betting,
- You can escalate this budget every month, only if you can afford it,
- To make things easier for you, you just can open a separate bank account, which holds only your money for betting.
5. Follow a strategy
Following a strategy is something without which you just cannot succeed in both managing your bankroll and end up with profits. Bankroll management strategies are very helpful, and they show you exactly how much you can stake on each bet. Let’s see some of the most popular strategies:
Fixed Unit Model
The fixed unit model is the first, most popular, and easiest bankroll strategy that you can follow. Here, you just have to watch each bet as a unit. And this unit is the amount you stake on each bet. Our advice is to bet exactly 1% up to 2% of your total bankroll.
For example, if your total bankroll for the month is 500 dollars, you should bet 1% of that on your next bet, which is:
500 (Total bankroll) * 0.01 (Percentage) = 5 dollars (Stake)
No matter if you win or lose, your stake should be the same for every bet during the month.
So, in case that you place a stake with 5 dollars, and win it, let’s say that you win 100 dollars, the next bet will not be 1% of your current bankroll, which will be 600, but you again have to place 5 dollars.
Of course, you can recalculate this, in case of winning a lot or losing a lot.
The next strategy, which you can follow is the percentage model, which is quite similar to the fixed unit model, with the difference that you calculate your stake every time you win or lose. So, if you start with 500 dollars, you should again be:
500 (Total bankroll) * 0.01 (Percentage) = 5 dollars (Stake)
Then, if you win 100 dollars, and make your total bankroll 600 dollars, your next stake should be:
600 (Total bankroll) * 0.01 (Percentage) = 6 dollars (Stake)
If you lose your next bet, your bankroll will be 594, so your next stake should be:
594 (Total bankroll) * 0.01 (Percentage) = 5.94 dollars (Stake)
If the next bet is winnings, and let’s say that you win 500 dollars more, and make your bankroll 1094, your next bet should be:
1094 (Total bankroll) * 0.01 (Percentage) = 10.94 dollars (Stake)
These two strategies are the most popular and mostly used by players from all over the world. But, there are a lot more which you can use like the:
- Confidence mode - Where you increase your stake amount only if you are more confident,
- Potential Return Model - The potential return model is one of the advanced strategies, for which you have to watch the odds, the potential winnings, and also the stake.
To what can lead the bad strategies for betting?
As strategies can help you win more and more and always end up in profits, some of them can lead to a complete disaster if you do not know how to do it, and if you do not set your rules, goals, and let emotions control you. So, remember that if you do not build your strategy correctly, it may affect you in the reversed way and not help you, but lose you a lot. So, let’s see the major problems, which can be a result of a bad built strategy.
- A badly built money management strategy can lead to huge losses,
- A badly built money management strategy can make you feel unconscious in your betting and researching skills,
- A badly built money management strategy can lead to gambling addiction,
- A badly built money management strategy can ruin your bank account,
- A badly built money management strategy can lead to thinking that betting is all about luck, where it is a lot more, like discipline, rules, strategies, and of course goals.
What options online bookmakers give you for managing your bankroll?
One of the biggest advantages of today’s online bookmakers is that they offer you many different ways of setting your own limits so that you can manage your bankroll easier. The most popular instrument, which you can use in the biggest online bookmakers like:
is the deposit limit. With the deposit limit feature, you simply set your own deposit limits, which can be set for a day, for a week, for a month, for three months, or even a year. We highly recommend you to set monthly limits for deposit, so that you can easily track how much you won, and if you end up the month in profits.
Another helpful instrument that you can use in bookmakers, is the bet limit. By setting your bet limit, you won’t be able to bet more than your betting strategy allows you. Let’s say that you bet 2% of your bankroll, which is 500 dollars, so you just set your bet limits to 10 dollars. The good news is that you can change this over time, so every month, you are able to change it.
For example, if the first month you won 1400 dollars, which is net profits, the total bankroll will be 1900, so for the upcoming month, you can set a bet limit for 2% of your current income, which will be 38 dollars per bet.
Frequently Asked Questions about Managing your money during online betting
Q: What is the most profitable betting strategy?
A: As you read above, there is no such most profitable betting strategy. Every strategy can be profitable, but the key here is to know how to use it and what works for you. So, the most profitable strategy is the one, which you tried, used, compared, and applied for you. You just have to try some of the available strategies, and see which one works the best for you?
Q: What percentage of your bankroll should you bet?
A: Depending on what you bet, how much you can afford to bet, and how much you want to win, your bankroll may vary. But, our advice, is to bet somewhere between 1% and 3% of your bankroll on your bet.
Q: How do I win a bet every time?
A: Unfortunately, there is no such way for winning every time. So that, you must-have strategy, which consists of rules, goals, and setting limits. All of that is made to maximize your winnings, and minimize losses so that whenever you lose a bet, you win in the long term
Q: How can I bet without losing money?
A: Actually, there are plenty of ways for betting without losing money. You just need to follow a strategy, so that when you know how much you can bet, and how much you can risk, you will be able to end up in profits, no matter that you lost some bets. The secret is to place bets, which if be won will bring huge profits, and if lost, will lose only a small part of your bankroll, for example, 1%.
In Summary about personal bankroll management at betting
The major purpose of the article above is to show the many players, who think that online betting is just luck, that it is a lot more. One of the major factors that determine your success in betting is the ability to manage your money. Actually, if you want to be successful, if you want to end up every single month in profits, and of course be satisfied from the betting experience you can get from sports betting, you have to
be aware of how to manage your bankroll.
Actually, knowing that you have to manage your bankroll is only the first step to success, from now on, you have to start acting, you have to build your own strategy, set rules and goals, which you follow, and of course, be disciplined about your betting journey, if not you won’t be able to achieve any of the goals you set. Many players just end up devastated and disappointed by their online betting journey, and conclude that it is all about luck. So, do not let that catch you, follow your own rules, set your goals, think outside the box, and learn how to manage your bankroll. There is only one thing that you have to remember that you are about to make a frivolous move in betting, bankroll management is not only important it is essential for being successful.