The main idea behind maintaining a proper bankroll is defining and following a number of rules that direct you on how much you are supposed to stake on different wagers.
Your rules should be determined by your overall budget; how much do you bet and what are your short term and long term betting goals?
Coming up with a strategy is one thing; following through with it is another. It is advisable to develop a lot of discipline when you are trying to manage your money.
Otherwise, you will still end up losing money in preventable ways. Set rules that are perfectly in line with the amount of money you have and try to stick to them as much as possible.
This enables you to stay on track. It might also be a good idea to revise your rules from time to time based on how much money you have lost and how much money you have gained.
This will enable you to be in control of all situations whether you have a lot of money or not.
Money Management Tips
There are several tips you can use to manage your money that will the process easier for you.
First and foremost, try setting aside some money that you are going to use specifically on betting.
Make sure the money is an amount you can afford to lose. The advantage of this is the fact that it prevents you from getting into financial pitfalls.
Avoid using emergency money or money allocated for other important things to bet. This will only cause frustration and it might lead to serious financial problems.
Once you know how much money you are willing to set aside for betting, the next thing you need to do is determine your base betting unit. This is the amount of money you can afford to stake on each wager.
Most betting experts’ advice is setting a base betting unit at 1-5% of the total amount of money in your bankroll. The decision on what percentage to go for solely depends on your betting goals.
If your goal is to quickly increase your bankroll. It is advisable to go for a higher percentage within this range. If you are just trying to test your luck, it is a good idea to stick to a lower percentage.
This lowers your risk of losing a lot of money.
Last but not least, always have a staking plan. Staking plans are basically rules that guide you on how much to stake.
There are two types of staking plans; fixed and variable plans. Fixed plans involve staking the same amount of money on every wager you make.
On the other hand, variable plans vary depending on expected value, previous results, potential return, and confident level. If you are a beginner, it is advisable to start with a fixed staking plan.
This lowers your risk and enables you to know how staking works before you increase your staking level.
However, if you have been betting for a long period of time, a variable staking plan would work great for you because you already know which strategies work and which ones do not.
With variable plans, you are more likely to improve your profits.
My name is Nick CrossI have over 25 years’ experience in the gambling industry and a strong background in financial management.
I have worked for numerous companies and individuals and have managed to help a lot of people successfully manage their finances.
With great time management skills, team building, computer, Microsoft excel,detail-oriented,organized,marketing,financial management,risk management,excellent PR skills,Great at identifying fraudulent activities