Anyone who revels in sports betting news will tell you that the key to successful sports or football betting relies heavily on how you manage your bankroll or finances. The other thing to keep in mind is, of course, is noticing value in a given market.
In this post, we highlight key components of how to master the art of managing your bankroll and revel in your success as a pro sports bettor.
As with any investment, long term sports betting requires careful consideration and strategy. Here we highlight three of the most common bankroll management strategies you can apply in your football betting endeavors.
What are the Odds?
This strategy entails some calculus and research. It’s considered a safe strategy for beginners especially, due to the fact that your bet remains a fixed percentage based on your bankroll and the odds.
A fine strategy overall, but be wary of betting your entire bankroll. Do your research before committing to a bet and losing everything you’ve got.
Keeping a Fixed Percentage
Probably the most common bankroll management strategy out there, and mostly implemented by noobs, a fixed percentage betting strategy seems safe. While you commit to only parting with a certain percentage of your bankroll on any given bet, your risk may be lower.
It has however one flaw; the fixed percentage strategy does not take value into account. A great strategy will always include value.
The Kelly Method
And finally, we’ve got the Kelly Method, one of the oldest bankroll management strategies out there. The reason why it’s one of the most popular bankroll strategies is simply that the value is taken into account in relation to the probability of a win from your team.
Your betting percentage or amount is therefore influenced by the value and the chances of getting a favorable outcome.
Managing your bankroll while betting on football is key to a fun and successful betting experience. Keep a record of your losses and wins, and keep a handle on what you can afford to bet.
Need some more information on bankroll management strategies? Be sure to contact our team and we’ll walk you through everything. Read our post on risks to avoid while betting on football for a guaranteed great betting experience. Happy betting!