Sports betting bankroll management is very important when winning bets and receiving payouts is basically the ultimate goal of sports betting. To do that, you have to bet your money and hope the outcome is in your favor. The following in-depth article from W88 betting will answer you on how to effectively manage your bankroll when betting on sports.
What is Bankroll Management Sports Betting on W88?
You need to know how you manage your bankroll when you bet on sports. This is a simple way to gamble responsibly and with self-control, which is why setting a spending limit will be so important.
This is why regular bettors have created the right management strategies to help place sports bets on W88 online bookie. Having personal rules and strategies at your fingertips can also help you place smart bets, leading to solid success.
Why is Bankroll management in Sports betting important?
When you manage your money in betting, you can minimize the risk of losing. You can have better control over your bets when you realize how important it is to manage your money.
Sports betting should always involve bankroll management to keep your rewards stream in check. Any money management strategy in sports betting on W88 bookie will recommend two main tips: set a specific budget and not run after your losses.
Effective Bankroll management strategy in sports betting
Fair betting model
This is the simplest strategy as you have to choose between a ‘win’ or ‘risk’ strategy. You must set your unit size and bet exactly 1 unit per bet. This is the method that will reduce the risk to the lowest level because you always only bet with 1 unit, so losing your bet does not affect your bankroll too much.
This is similar to the previous model, with the only difference being the increment in setting the unit size in advance, which your bank account will determine. You can place your initial bet at 2.5% of your $1,000 deposit, resulting in a standard bet of $25. And you stick to this percentage for all your single bets.
To use this model, you will increase your bet size in betting markets where you feel more confident. The standard bet will still be 1 unit, but you can continue to increase it to 2 or even 3 times when you are confident in the analysis and information you have.
Kelly Criterion Model
This is an improved version of the confidence model because you won’t specify a confidence level for each pick. However, you will do your best to determine the winning percentage for each bet. You can calculate using this formula:
(Decimal odds of your bet * probability of winning – probability of losing) / decimal odds of your bet = suggested bet percentage.
This sports betting bankroll management strategy is inspired by the Martingale, but the only difference is the use of algebraic sequences. This means that whenever you lose, you should add to your original bet, so that you have a chance to recoup your previous loss and then some.
For Martingale it will double the bet, but this is more modest as you can win your stake back and use the best money management system for sports betting.
Oscar Grind’s Strategy
This is a system where the end result will be evenly distributed. This is how it works:
- You will bet 1 unit and if you can win, the cycle will end and you will have to start over.
- If you lose your bet, you will continue to bet the same unit size. If you win, you can continue to increase your bet size by 1 unit.
- When the cycle reaches 1 unit profit, it will end.
Sports betting bankroll management is one of the most important aspects of a successful W88 online bookie when betting on sports matches. Hopefully, the above sharing has helped you understand and seriously manage your bankroll well when betting on sports on W88 Sports.