Sports Betting Bankroll Management

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Bankroll Management for Sports BettorsBankroll management is probably one of the least talked about aspects of gambling, however in many ways it is one of the most important, if not the most important. This is because a gambler might be one of the best on the planet at knowing when they have an edge, but simply not making any money due to a terrible staking plan.

Here I delve into all aspects of bankroll management. I start with an explanation of how you can fall down with a bad staking plan despite a good record. I move on to look at different staking plans – finishing by suggesting what I and many others consider to be the best method.

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32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec: There are a lot of good reasons why Bovada are the number #1 US friendly sportsbook. Look beyond the big welcome bonus and you'll find the real magic...

Bovada have a huge range of markets (especially when it comes to the bigger events), competitive lines and super-easy deposits / withdrawals.

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When Good ‘Pickers’ Lose Money

There are many people who know their sport inside out, who would actually make money through gambling, but fail to because their staking is so haphazard. Consider a gambler who places 5 £10 even money bets on a given weekend – out of the first four bets three have won, so they are now £20 in profit. The final bet of the weekend on Sunday night sees them place a £20 bet, which loses. The weekend has finished level, despite the gambler winning 3 and losing 2 even money bets.

This situation could be worse – the same gambler might have had all of the first 4 bets win and gambles the £40 profit on the final game which loses. Here, they’ve made 4 winning selections and 1 losing one, but they still haven’t made a profit.

It could actually be worse than this. They might be £40 up after four bets, and then gamble more than £40 on the last game considering that they were willing to lose some money on the weekend anyway, so they ‘go for it’ on the last game. They place £80 on the last game which loses – they are now £40 down on a weekend where they had 4 winners and just 1 loser.

As a gambler reading this, you will probably find at least one of the above scenarios familiar, in the past I have certainly ‘enjoyed’ all three scenarios.

Sports Betting Bankroll ManagementBankroll Management Plans

There are a number of bankroll management plans that can be used, although there are generally three that you’ll find suggested as the best to use – the Kelly Criterion, the Percentage Method and the Fixed Staking Method. I detail each plan and explain why I consider the Fixed Staking Method to be the best of the three.

The Kelly Criterion

The Kelly Criterion is a formula used to determine the optimal size of a series of bets. Using this system, bets should be sized to maximize the expected profit, so the greater your edge is, the higher your stake should be. There is a somewhat complicated formula to the Kelly Criterion – two of the factors in the formula being the ‘probability of success’ and ‘probability of failure’.  This means that that to use it effectively, you’ll need to know these figures exactly, which is extremely tough when betting on sport – however, some claim that if you can accurately predict this, then this might be your best method. For a full explanation of this method, click here.

The Percentage Method

Using this method you’ll bet a set percentage of your bankroll every time you place a bet. The percentage you’ll use is your choice and might be dependant on the types of bets you place. For example, if placing many even money bets (which might be typical if placing bets on American sports for examples, in particular the ‘spreads’) you might want to use 5% of your bankroll for each bet – or if placing many longer odds bets, you might want to use just 1% of your bankroll for each bet. Using this system will mean that your stakes will rise the more successful you are and lower the less successful you are. Personally I like this system, however I feel a little uncomfortable that you might be placing a particularly good bet at a lower stake than before, simply because you’ve had a bad run – this bet being ‘affected’ by other bets, when maybe it shouldn’t.

The Fixed stake Method

For me this is both the most straightforward and the best staking plan there is. Decide upon a particular stake for each bet and stick to it – through thick and thin. This method has many advantages. Firstly it makes book keeping particularly easy, and it’s easy to work out if a particular system or series of bets is actually working. Secondly, each bet is completely independent, meaning that the outcome of another bet has no effect on this one. Finally, if you have an edge, you are much more likely to show a profit in the long run than when using any other system.

Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec:

32Red are giving the old 'High Street Bookies' sports betting brands some real trouble in 2019.

This very slick site offers top-rated odds; a huge range of bets and a big list of player promotions (really, check the latest before you bet elsewhere). This now includes an excellent 100% profit boost offer for all new players.

32Red are my go-to betting site, you’ll quickly find out why once you see www.32red.com/sports for yourself - check them now!

 

30181

 

Planet Mark's Top Rec: There are a lot of good reasons why Bovada are the number #1 US friendly sportsbook. Look beyond the big welcome bonus and you'll find the real magic...

Bovada have a huge range of markets (especially when it comes to the bigger events), competitive lines and super-easy deposits / withdrawals.

The killer reason is the promos – you’ll find their list of offers for regular bettors unrivalled anywhere online. Check out www.bovada.lv to see the latest deals for yourself now!

Bovada Sportsbook

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