Betting Money Management Skills

Managing money wisely is one of the necessary skills for a successful bettor. Appropriate bankroll management will minimize losses, increase profits, and make betting more enjoyable. 

Take a look at our article below to become an expert on betting money management.

Below are a few tips to help you make better money management decisions when betting.

Stick to a Budget

Set a clear budget before your betting session to avoid overspending. Don’t bet the money you can’t afford to lose, and keep your betting funds separate from daily funds.

Look for the Best Betting Deals

Always, search for deals that can profit you. Look for accumulator bonuses to increase winning or insurance offers to get free bets if you lose.

Minimize Losses

Focus on minimizing losses instead of winning. If you constantly lose money on football but win on basketball, focus on the events that deliver a profit. The more of your bankroll is left, the more chance of success you have left.

Track Your Wins and Losses

Keeping track of your bets helps to understand past results and make better decisions in the future. Past data of your wins and losses can help you devise a better betting strategy and adjust your approach to betting for the better.

Remember It’s Real Money

Sometimes, it’s easy to forget you’re not betting monopoly money online, especially when betting is as easy as two clicks. Remember that the money you’re betting on is real. Imagine you’re handing physical money before each bet.

Don’t Chase Losses

Increasing bets after a losing streak leads to even more losses. Stick to the bankroll management strategy or technique and avoid impulsive betting.

Don’t Bet Under Pressure or Influence

Don’t bet in a rush, with stress, or under the influence. Emotions, stress, or substances damage your judgment, which leads to poor decisions and even more losses.

Don’t Over-bet Because You’re Confident 

Don’t bet more because you’re confident of the results. Stick to the bankroll management betting plan to avoid overspending, as sometimes the results can surprise you for the worse. 

Setting up your bankroll for betting is simple if you have patience and discipline. 

Here’s a step-by-step guide on how to set up your bankroll responsibly:

Note: A unit is a small percentage (1-2%) of your bankroll. 1% unit for €1,000 bankroll is €10. 

There are specific strategies in betting to help you manage your bankroll and avoid unnecessary spending. 

Kelly Criterion is a formula that helps you decide how much money to bet based on your confidence in winning.

The formula is f = (bp – q) / b*

While the letters stand for:

For example, if the odds are 3.00 and you believe you have a 60% chance of winning, you should bet 40% of your bankroll. 

By following Kelly Criterion, you’ll avoid betting too much and, over time, grow your money.

Flat betting is a strategy in which you bet the same amount of money without considering the odds or confidence in the results.

Usually, the bet amount is 1-2% of a bettor’s bankroll, and it doesn’t change, no matter how confident they are. 

For example, if you have €1,000 bankroll and decide to bet 2%, you’ll place €20 on every bet. 

Flat betting is simple to follow and guarantees low-risk bets and long-term stability.

However, with flat betting, bettors can miss out on larger profits as it doesn’t take advantage of favorable situations.

Percentage betting is a strategy in which you bet a fixed percentage of your total bankroll.

The difference between flat betting and percentage betting is that you adjust the size of a bet depending on how your bankroll grows.

Usually, bettors choose 1-5% of their bankroll, and the amount they bet adjusts accordingly to the sum in the bankroll.

For example, if your bankroll is €1,000 and you choose to bet 3% every time, you would place €30 on the first bet. When the bankroll increases to €1,200, you would place €36, but if the sum decreases to €900, you would place €27.

A percentage betting strategy helps you manage your finances, reduces the risk of losing too much money, and grows your bankroll over time.

However, if you have a small starting bankroll, it can take time to see results with percentage betting.

Stake betting allows you to have a fixed amount of money for each bet. 

For example, if you decide to bet €20 for each bet, you’ll continue to bet no more or less than €20. It doesn’t matter if your bankroll is €1,000 or €300.

Stake betting is simple to follow, keeps the betting size consistent, and helps to avoid big risks.

However, if you’re on a losing streak and your bankroll decreases significantly, you can risk losing a large portion of your assets, as stake betting doesn’t have flexibility.

A unit betting involves placing a bet based on a set unit size, usually a small percentage of the bankroll. 

With unit betting, you always bet in multiple units based on your confidence levels.

For example, if you have €1,000 and decide that one unit is €10, you would bet:

Unit betting makes it easy to control risk, adjust the bets, and manage the bets for bettors.

However, with unit betting, you must maintain discipline to avoid risks and be patient, as it can take a while to increase your bankroll. 

There are several techniques to help you manage your money wisely.

The Fibonacci focuses on the Fibonacci sequence, where each number is the sum of the two last numbers  (1, 1, 2, 3, 5, 8, 13, etc.). This technique is a common method to manage money during losing and winning streaks in betting.

You start by betting 1 unit. If you lose, move to the following number on the Fibonacci sequence and bet 1 unit again. The third bet is 2 units, and it continues until you win.

Once you win, you have to move two steps back on the Fibonacci sequence.

The Fibonacci technique is easy to understand and helps recover past losses, but you risk big losses. 

D’Alembert technique involves slowly increasing and decreasing your bet sizes. The technique is based on the idea that wins and losses eventually balance out. 

You start by betting 1 unit. After a loss, you increase the bet by 1 unit, and after a win, you decrease your bet by 1 unit.

The D’Alembert technique is simple and helps limit significant losses, but it is a slow method for recovering them.

The main idea of The Oscar Grind technique is to slowly grow profits by increasing bet sizes after a win and keeping small bet sizes during a losing streak.

You start by betting 1 unit, and if you lose, you still bet 1 unit, but if you win, increase the bet by 1 unit. 

The Oscar Grind technique minimizes the risk of losing too much of one’s bankroll and optimizes slow profit growth.

However, the process of seeing large returns is slow, so you need to be patient when using the Oscar Grind technique.

Betting is fun and exciting, but it must always be done responsibly to avoid financial or emotional stress. So, set a clear budget before you start, and never bet more than you can afford to lose. 

Keep your betting funds separate from your daily expenses, and avoid chasing losses after a losing streak. Do not bet when you’re stressed, emotional, or under the influence of alcohol or drugs.

Betting is meant to be fun, so always approach it with discipline and control to ensure a positive and enjoyable experience.