Going with the flow is one of the many mistakes newbie bettors make. They usually place bets based on “what they feel.” This mindset is dangerous because it opens you up to more risk. You'll blow all your money very quickly when you don’t have a bankroll management tactic.
Before you can talk of bankroll management, you have to fund your betting account first. Common problem punters face when they attempt to fund their accounts is having their payment method declined. If you’re in Canada, you can avoid this by making your Canadian online casino deposit with Entropay. It’s a payment solution that can be used on any platform that accepts visa cards.
Implementing a bankroll strategy is pretty straightforward and does not require experience. It’s a blend of your analytical skills with a bit of mathematics. Discipline and consistency are essential to implementing a bankroll strategy successfully.
You can combine this model with Miller’s Strategy. Millers’ strategy requires that you stake on games with at least 1.85 (-118) – 1.91 (-110) odds and adopt a staking strategy. You’ll bet 1% of the total value of your initial bankroll on each game until it increases by 25%. Then you can adjust your stake to reflect the new percentage. For example, if you start with $2,000, you’ll have to stake only $20 until you make $500 extra before adjusting your unit size to reflect the new 1%, which is $25.
To better explain, if you begin with $1,000 and decide to stake 5% of your bankroll, when you win a bet, your bankroll increases to $1,100. Your next bet will be 5% of $1,100. This model is both a blessing and a curse. It favors the punter when they’re on a winning streak. But when they start losing, it’s harder to recover from the losses when they start losing.
To use this model, you have to be highly disciplined to avoid the temptation of exceeding five units when staking. It’s also necessary to have great emotional stability because when on a losing streak, it’s easy to engage in reckless, desperate betting and mistake it for confidence.
When applied to betting, the number of units you wager will be determined using the sequence. The rules of the model state that when you lose a bet, you move to numbers up. This is so you can recover your losses with the next bet and make some profit. However, when you win a bet, you move two numbers down the sequence. This method is high-risk and should only be used when games you want to wager on have even odds.
Before you can talk of bankroll management, you have to fund your betting account first. Common problem punters face when they attempt to fund their accounts is having their payment method declined. If you’re in Canada, you can avoid this by making your Canadian online casino deposit with Entropay. It’s a payment solution that can be used on any platform that accepts visa cards.
Implementing a bankroll strategy is pretty straightforward and does not require experience. It’s a blend of your analytical skills with a bit of mathematics. Discipline and consistency are essential to implementing a bankroll strategy successfully.
What Is Bankroll Management?
Bankroll management refers to how you use the money you’ve set aside for your gambling activities, including sports betting. The money set aside is also known as a bankroll. It is crucial that you use only disposable income as your bankroll to avoid running into financial problems.Bankroll management tactic Models
You can adopt different models when deciding on a bankroll management tactic. Whichever you choose, you should stick to it. Here are some common bankroll management tactics:Flat Betting Model
This is one of the easiest forms of bankroll management. The first step is selecting a certain percentage of your bankroll, usually 1-5%, as your unit size. If you choose to stake 3% and your bankroll is $100, your unit size will be 3%. Your unit size is the amount you will bet on every game regardless of the odds or outcome of your bets for a certain period.You can combine this model with Miller’s Strategy. Millers’ strategy requires that you stake on games with at least 1.85 (-118) – 1.91 (-110) odds and adopt a staking strategy. You’ll bet 1% of the total value of your initial bankroll on each game until it increases by 25%. Then you can adjust your stake to reflect the new percentage. For example, if you start with $2,000, you’ll have to stake only $20 until you make $500 extra before adjusting your unit size to reflect the new 1%, which is $25.
Percentage Model
The percentage model is similar to the flat betting model but slightly differs. Like in the flat betting model, you have to start with a percentage of your bankroll amount. However, in this case, the numbers constantly fluctuate.To better explain, if you begin with $1,000 and decide to stake 5% of your bankroll, when you win a bet, your bankroll increases to $1,100. Your next bet will be 5% of $1,100. This model is both a blessing and a curse. It favors the punter when they’re on a winning streak. But when they start losing, it’s harder to recover from the losses when they start losing.
Confidence Model
The confidence model isn’t as strict as the first two models. It offers freedom and flexibility. After selecting a unit size, bettors are free to stake between one to five units on each game, depending on their confidence level.To use this model, you have to be highly disciplined to avoid the temptation of exceeding five units when staking. It’s also necessary to have great emotional stability because when on a losing streak, it’s easy to engage in reckless, desperate betting and mistake it for confidence.
Potential Return Model
In this model, the focus is on the odds of each game and not unit size. Instead of wagering one unit per bet, the goal is to win one unit per bet. If you’re betting on a game and the favorites have an odd of, let’s say, -110, you have to bet 1.10 units instead of 1.0 to win a unit. This model is a great option for those who like backing favorites.Fibonacci Model
This model is based on the Fibonacci sequence, named after an exceptional Italian mathematician. An example of a Fibonacci sequence is 1, 2, 3, 5, 8, 13, 21, etc. After the first numbers, usually 1 and 2, the next number is gotten by adding the two numbers preceding it.When applied to betting, the number of units you wager will be determined using the sequence. The rules of the model state that when you lose a bet, you move to numbers up. This is so you can recover your losses with the next bet and make some profit. However, when you win a bet, you move two numbers down the sequence. This method is high-risk and should only be used when games you want to wager on have even odds.
