BANKROLL MANAGEMENT for sport betting
Money management and psychology are the most important factors for success in online sport betting.
There are three basic systems for managing your balance depending on the distribution of the money:
1. Fixed systems – your bank is divided into equal entities and each time you bet the same amount. A classic example is: if you set aside 1000 EUR for a betting bankroll – distribute them in 10 equal amounts of 100 EUR or in 20 of 50 EUR.
2. Progressive systems – the idea is to increase the bet amount after every loss in a way that when you win you will recover all previous losses plus a win. For example: you make a basic bet of 10 EUR on coefficient of 2,0 or higher. If you lose you bet double the first stake (20 EUR) on similar odd 2,0 or higher. If you lose again double the stake again - 40 EUR on 2,0 or higher. If you win the the profit is >80 EUR so it covers all the all the previous losses (10 + 20 +40 = 70 EUR) + a small profit (80 - 70 = 10 EUR).
There are many variations of the progressive systems. Instead of mathematical progression (1, 2, 4, 8, 16 and so on) you can use other progression line like Fibonacci sequence (1, 1, 2, 3, 5, 8 and so on).
You can adjust the the sequence by the height of coefficient. If you bet on outcomes with more than 3,0 in price you can use more soft progression. If you prefer to bet on outcomes with small odds you need more aggressive progression.
3. Proportion systems – each bet is a certain percentage of the bank – for example, 5 % of 1000 EUR – your first bet is 50 EUR; if you win: your next bet is 5% of 1100 EUR (assuming you caught a game with odd of 2,0) and your next bet is 5% of 1100 EUR = 55 EUR. If you lose then your second bet is 5% from 950 EUR = 47,5 EUR.
Depending on what results you want to accomplish and what experience you possess, you can choose a different type of money management. For beginners it is advisable to focus on proportion systems, which will not have strong negative or positive result in short term and in long term it will show your skills.
Betting on sporting events bring purely psychological risks. Often after a successful series of bets a player could be misled and could start to make bets with money that they cannot afford to lose. Other psychological problem occurs after a loss - and the player want to rapidly offset the loss by placing a large amount of cash.
To have a correct attitude towards betting you can consider this process as an investment. First: determine a certain amount, that you want to use for this purpose, and then define the appropriate system for you. Try to isolate the emotions you endure.