Money Management Tips and Strategies for Responsible Sports Betting

Most bettors are sports fans who want to enjoy some more action of their favourite games. Their knowledge of the game or players increases their odds of winning the bets; the ability to optimise this experience makes a successful bettor. There’s no defined method of winning bets, thus gamers employ different investment strategies when making sports betting online. The next discussion focuses on how to bet the right amount with these money management tips.

Sports Betting Tips

Good sports betting strategies should help gamers increase their odds of winning bets. Successful long-term bettors employ a few of these tips to earn huge profits:

• A Slice of the Pie

The strategy encourages players to maintain a fixed amount of their bankroll for each bet. It prevents them from losing the whole bankroll as the amount bet should reduce as the bankroll diminishes.

• The Kelly Method

The strategy has stood the test of times as it factors in the probability of a particular player winning and the value of the odds also known as the overlay. As such, players can bet more based on the size of the overlay, but they have to assess the probability of the outcomes. Overlay= (probabilityxOdds)-1. Over time, the technique has gained several variations as highlighted below:

a. The Full Kelly Method

The betting strategy is ideal for bettors willing to take on risky bets. It recommends betting as much as half of your bankroll, which can quickly leave you with nothing or offer an incredibly huge win. It is calculated as; the amount of bankroll to bet= overlay/ (Odds-1).

b. The Fractional Kelly

Here, the bettor wagers a fraction of the recommended bet; 50%, 25% or any other percentage he would like. Gamers are likely to make better returns compared to using the Full Kelly Method.

c. The Constant Kelly

The bettor places a fraction of a constant amount. As such, instead of betting a percentage of varying bankroll amounts, bettors bet on say 10% of a constant e.g. betting 10% of 1000 GBP for all bets.

The sports betting tips and strategies raise the critical question of how much should be allotted for exclusive betting activities. Sports betting should be fun, but fans should be careful not to empty their accounts in a bid to win big. Money and bankroll management becomes an invaluable tool of responsible sports betting online

Bankroll Management

Bookmaking has become a lucrative venture as more companies open sports betting sites. While knowledge about the game gives any gamer better odds of winning a bet and making killer profits, it does not mean they should be reckless with their monies. Money management is an invaluable skill of any successful bettor. It increases your chance of making a profit and reduces disappointments that come with poor money management on any sports betting online. Also referred to as bankroll management, it focuses on three essential aspects; setting a budget that is devoted to sports betting online, establishing rules based on that budget and implementing those rules.

The amount of money allotted to sports betting is known as a bankroll while the rules about how much bettors should place on bets are known as staking plans. The plans vary from one game to another, but some basics apply to all sports betting online. Bankroll management helps gamers bet within their means and:

I. Withholds them from Chasing Losses made after Losing Bets

Even successful bettors go on consecutive losing streaks. The difference is in learning to accept the losses without chasing them. A great many bettors increase their stakes, hoping to luck out in subsequent bets and recover their lost monies. In most scenarios, they end up losing more bets. Bankroll management helps gamers set a fixed sum about how much they will bet and not chase losses when on a losing streak.

II. Prevents Bettors from Betting Lots of Cash when on a Winning Streak

The same principle applies when bettors win every bet- they increase their stakes to earn more money. While it is not wrong to raise your stakes as your bankroll grows, a good bankroll management plan ensures you don’t lose cash in the event of placing a bet on all previous winnings.

III. Withstand Losses without Losing Money

Whether you are betting to earn a profit or as a form of entertainment, the rule of the thumb is to bet on small amounts of your bankroll. Bettors who keep on waging the same amount even when their bankrolls reduce may eventually lose all their monies. Bankroll management prevents you from losing too much cash too quickly.

IV. Helps Bettors make Rational Betting Decisions

The focus here is on helping bettors make good betting decisions and not how much money they are likely to win or lose. Concentrating on the money causes bettors to make decisions for the wrong reasons e.g. avoiding certain bets to reduce the risk of losses or making huge bets trying to win big. Bankroll management should help bettors maker rational betting decisions.