If you’re interested in sports betting and you want to keep doing it consistently, you’ll need to know how to manage your funds. Being able to control your finances is something that we see in slot games as an added feature. But you can do the same with betting sites even when you’re on the phone after you’re done with the bet app download or any other thing you were doing.
This short guide will check out the different ways that you can manage your bankroll, just the ways pros do it. This should guarantee you a much better gambling experience in the long run.
Setting Your Betting Budget
From research done and our own personal experience, it is easy to feel that the best way to manage your funds is to set a budget. While it might sound like an oxymoron, it’s vital if you want to remain in the betting industry as a punter.
When you’re setting the budget, the most important thing is to allocate an amount that you’re willing to spend. This could preferably be a disposable income that doesn’t affect your personal life. It also helps you regulate and pace yourself without forcing you to burn out when you’re drowning in losses.
Something that you can combine with setting your budget is allocating a bankroll. This is going to be the maximum amount that you allow yourself to spend on bets. The expert opinion is to give 1-5% of your total budget as a single bet.
Using this strategy, you can place multiple bets across different markets and sports. This is a great way of incurring heavy losses by staking everything on one wager.
Establishing Betting Limits
Sometimes, even setting the budget is not enough when betting addiction starts setting in. That’s why we advise you to maintain a ledger where you assign betting limits. Allocate an amount that you allow yourself to spend every month. By working your way down from that, you can end up with a number for your daily betting limit.
The ledger mentioned isn’t just for setting limits. You should also use it to keep records.
The bookmaker already has a feature that allows you to track your betting history. But having it all in writing can help you identify your betting patterns. You can also use applications like Bet Analytix to keep a digital record of your bets.
If you notice an increased trend of betting despite losing frequently, you know that it’s time to take a break or try something different.