Bankroll Money Management
Managing your bankroll is the most important part of online betting. However, this is the area with which people struggle the most when it comes to monitoring their wagering. All it has to do with is managing your money that you want to bet with. However, only those who are serious about managing their bankroll properly can move from betting as a hobby to betting as a profession.
First, you want to ensure that the money you’re using to bet isn’t really money that you need. This shouldn’t be money that you use to make your car payments, your rent, your mortgage or pay your utility bills. It also shouldn’t be the money that you’re planning to pay for your kids’ college with.
Once you have that money squared away, then you can turn your attention to building a gambling bankroll. Consider this metaphor from the world of golf. If you play golf, you go out on the weekends and hack your way around a course for some fun. If you’re a golfer, you’re putting in time on the driving range and putting greens every day, playing practice rounds and sharpening your craft so that you expect to win when you step out onto the course. People who bet for a hobby “play golf,” while people who pursue gambling as a profession are the “golfers.”
According to the experts, you should never wager more than about 2 percent of your entire bankroll on a game if you want to manage your money the right way. Being patient with your money means that you’ll see bets grow slowly over time (as your bankroll grows with victories). If you lose, you should make your debts a little bit smaller over time.
Let’s say that you have $5,000 in your bankroll for the coming NFL season. The 2 percent rule means that you will be betting no more than $100 per game at the beginning. Sticking to this rule means that you’ll have the money you need to go through all the lucky moments and tragic bad breaks that take place during a season. Most people want to ensure that their bankroll lasts them all season long – as well as into future seasons.
How to manage your online betting profits?
If you bet $100 on a football game at -110, you’ll bring back about $190 ($90 winnings plus your original $100). Putting huge bets down – and winning those bets – is a big adrenaline rush, but you’ll see that when you bet big and lose that things are a lot less pleasant. Even in a terrific season, you’re only going to win approximately 55 percent of your bets. If you’ve managed your bankroll right, though, the losses won’t hurt you.
After you win a bet, put those proceeds right back into the bankroll. After a few weeks have gone by (assuming that you’re winning more than losing), you’ll see that your bankroll has grown a bit – which means that the amount you wager with the 2 percent rule slowly grows as well. So you’re slowly maximizing your wins and keeping your losses at a minimum.
Some people think that this approach feels more like investing money with a brokerage than gambling. However, if you’re wanting to use money to make slow and steady gains, that’s also what investments are for. Understanding that bankroll management is a slow, gradual process of growth helps you see gambling for what it really can be: a path toward greater income levels. The high-adrenaline bets are fun at the time, but the rewards of a slow build last significantly longer. When several big losses counteract that big win, you’ll be ready to start building money the slow and reliable way.