It’s no secret that to bet on anything, you need money. But how much do you need to be a successful bettor? The size of the bankroll you hold for sports betting will determine how much you can wager and your profit margins.
Logically, having more in your account just means that you have more money to bet with at a time. Having a large bankroll won’t guarantee you more success in sports betting. This doesn’t mean that you shouldn’t pay attention to your bankroll, though. Here you can read about the best way to manage your money.
What Is A Big Bankroll?
This is a question that you need to ask yourself. Your bankroll is how much disposable money you can set aside for betting. The exact amount and the size of your account are up to you. It will depend on factors like your budget and how far you’re willing to stretch it.
In simple terms, a more significant amount statistically should return you bigger profits. But to start with, you should try to maintain a bankroll that is only a few percent of your income. You can always save over the next month and try to grow it sustainably.
You want to manage your account to make sure that you don’t empty it. It would be best if you broke your bankroll down into manageable amounts to allocate for each potential wager.
How To Use Your Money
For sports betting, it’s generally advised that you wager 1-5% of your total bankroll. The same percent is recommended for playing in some of the best casinos online as well. Betting this much ensures that you’re planning for a sustainable betting future. Many professional punters rarely bet more than 1% of the bankroll. If you had to wager too much in the beginning, it’d be easier to lose money fast.
Betting smaller wagers like this, in the beginning, will also mean that you have a fallback if your first bet isn’t successful. You want to have an ample amount at all times. Bankroll management is arguably one of the most important things that you must keep track of at all times.
Some recommend that you open a new bank account and keep it totally separate for your bankroll. This ensures that you won’t go over budget either – you don’t want to be chasing your losses! The percentage that you choose to wager is also contextual to how big of an amount you have to spend.
Let’s take an example for an account of £/€/$1,000. You chose to wager 5%, which is £/€/$50 and if you’re unlucky the first time around you’ll be left with £/€/$950. It’s important to note that you take the percentage off this new total bankroll value for the next bet.
Essentially, this is how you would continue. You will either increase or decrease the percent you’re willing to spend on your total account amount according to how successful you are in your subsequent bets. Spending a small percentage of your account in this way means that you’ll always have funds to fall back on.
Punters have developed different approaches for using your money efficiently. Flat betting is one of these tactics commonly used. You essentially place the same wager (one unit) for every event while still only using 1-5% of your account.
Consistency in an approach like this will help you to adapt to the ups and downs of success and not in your wagers. You bet individually and avoid accumulators in this approach, however.
Bigger vs Smaller Bankroll?
Again, there’s not necessarily any benefit to having a larger or smaller amount in your account; it’s how you use the money that’s important. You can set limits on most online bookmakers to ensure that you don’t go over your budget, no matter how big you want your bankroll to be.
Obviously, having a smaller amount means that you’ll have less to wager with. However, if a smaller bankroll suits your budget, it doesn’t mean that you won’t be successful in your endeavours. The key takeaway here is management! Choose an amount to deposit that you can both afford and are comfortable with.
Successfully managing and tracking your account and its value at all times will make it easy to keep within any budget, big or small. It all comes down to how much you’re willing to commit to your bankroll every so often. We recommend that beginners not exceed 1-3% of your bankroll for any one event.
If your bankroll is quite sizeable in value, then you might get overconfident with it. A huge risk in any betting is chasing losses and running your account dry. On the opposite side to that, another threat is overcompensating in a winning streak.
Using too much of your account at once will also run into some risks in the long run. Financial instability can quickly come as a result of lousy gambling tactics and poor money management in your bankroll.
- More substantial bankroll is more beneficial for planning wagers in the future
- Bigger bankroll won’t need much topping up if managed correctly
- A bigger bankroll means bigger unit sizes for your bets
- It’s easy and tempting to be overconfident in your wagers when you have a large bankroll
- You might have a sense of safety having a more substantial bankroll, but emotional bets are also a possibility
- It’s easy to convince yourself to bet more when you’re on a winning streak
- If you bet in this way, then you might drain your finances faster than you intended to
- If the tide turns, and you start to lose your wagers, it can be a slippery slope to emptying your entire bankroll while attempting to recover
- You might not be able to match the deposit every month. However, you often choose to top it up. Instead, stay in a bracket that you can afford and adjust it accordingly