If you’re looking to take betting a bit more seriously, you’ll need to set aside money for betting purposes. This is the betting bankroll, which is as important as oxygen to a gambler. Here are the key pillars of sound bankroll management:
- Roll with it
- Stake sensibly
- Never go chasing
- Keep records
Roll with it
In terms of size, the bankroll should be what you can afford – €100, €500, €1,000 or whatever you feel comfortable allocating for a betting bank. The money needs to be ring fenced from your outgoings and other living expenses because betting with cash set aside for the gas bill adds extra pressure and stress, which can easily lead to bad bets. These funds are for betting purposes and betting purposes only.
If you’ve got €1,000 but decide to stick €200 on every selection there’s a good chance you’ll go bust
Being able to preserve and grow the bankroll is crucial. If you’ve got €1,000 but decide to stick €200 on every selection there’s a good chance you’ll go bust. Five losers on the trot is a distinct possibility, or you’ll win a few but end up at zero sooner or later.
Putting a fifth, or 20%, of the bankroll on each bet is too much. Instead, a rule of thumb is to bet 2-5% (€20 to €50) on each selection. When laying, the total liability of each bet should again be 2-5%. That way, a loss, or several losses on the bounce, won’t put a debilitating dent in your bankroll. As your funds grow, so will your stake sizing while still strictly adhering to the 2-5% rule.
Never Go chasing
An age-old trap some gamblers fall into is chasing their losses. Say you’ve backed Borussia Dortmund to beat Bayern Munch in the Bundesliga and Dortmund are cruising to a two-nil victory with minutes left on the clock. You’re already counting your winnings. Yet Dortmund switch off at the back and concede two last-gasp goals, making the final score 2-2.
You’re left seething and start placing ill-judged bets on random teams you know nothing about. Trying to recoup losses in this rash manner is often a recipe for disaster. Instead, take a few deep breaths, cut your losses and quit. Come back fresh and focused tomorrow or next week when you’ve identified the right betting opportunity.
It’s important to note that discipline and keeping your emotions in check are arguably the most critical aspects of good bankroll management.
If your bankroll is isolated from your other living expenses, as it should be, you’ll know automatically whether you are up or down from your starting position. However, it’s still important to monitor your bets by keeping detailed records of your selections, including the stakes, the event, the date, the odds taken, whether it was a back or a lay, and the profit or loss. That way you can analyse which bets or markets are more profitable and which are causing the bankroll to haemorrhage money.