Know what bankroll management is in sports betting?

[Stedsm]

This is one of the major topics that is never covered here (or maybe I haven't seen any such threads related to this).

Deciding Units

I have seen many people getting confused about units and how to set it. Well, I've got a simple formulae here - just divide your bankroll by 100 and you'll get your 1 unit cost. Means, if you have $100, you should bet no more than $1 per bet doesn't matter you win or lose. This will give you 100 bets in total with 100 units available to play with.


Never chase your losses

Only asses chase losses! Haha, jk. But still, there's no need for you to go and double your bet every single time just to chase your total loss and get into profits. Trust me, if you eventually turn your gambling habits from being greedy to becoming a smart gambler, you will be in much better profits than just gambling it all away at once and chasing could be really dangerous for your bankroll's health.


Calm mindset

There is no need to feel bad for your loss, even if you lose 1 unit, you still have 99 left, so 2 more wins and you are in profit. Don't go all in on one bet, instead place your bets in parts. Opportunities are available every single day in sports betting, but don't bet like a gambler, bet as a sports investor and apply the rule of "1 bet 1 unit" and I assure you that you'll become a much better gambler one day.


Have an edge over yourself

It's not funny to gamble tbh, some people do it for fun but where's smartness in losing your money? Will you be called smart? No, right? It's better to only use and invest your bankroll in those games over which you have an edge. If you are sure about the game you are betting, then only use your 1 unit on that game, otherwise no need to gamble based on half (or 0) knowledge because we are talking about smart gambling and managing our bankroll. This assures that you have higher chances of winning over losing, and this edge will only help you gaining much more profits in the long run. If you don't know about a game, or yours is a few days ahead, just don't gamble and wait some days and let your expected game arrive.

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[bitbunnny]

I would say these are some general rules for all games and gamblingd, not only sports betting. Managing risk, having patientce and cool head as well as to know your limits is something every gambler should have on its mind but in practice things often turn out very different. Knowing yourself and your own psychology is very important if you are gambler.

[seleme]

In theory, sounds perfect! Now it is time back to face with reality, the gambling mindset is totally different than what we think we will do. Many gamblers look for easy and fast money by betting on random events, so the final outcome is against their winning chance with a 0-1 score. Chasing losses is the shortcut to limit the more losses and saving time, otherwise, the gambler is supposed to keep playing a few more days in order to go back to the start point.

[Stedsm]

I would say these are some general rules for all games and gamblingd, not only sports betting. Managing risk, having patientce and cool head as well as to know your limits is something every gambler should have on its mind but in practice things often turn out very different. Knowing yourself and your own psychology is very important if you are gambler.

Knowing yourself couldn't help if you break your own rules, mate. When I said these things, I said them because I have followed them myself and the major part that I forgot to add is (I'll be adding the below para right now in OP):

Have an edge over yourself

It's not funny to gamble tbh, some people do it for fun but where's smartness in losing your money? Will you be called smart? No, right? It's better to only use and invest your bankroll in those games over which you have an edge. If you are sure about the game you are betting, then only use your 1 unit on that game, otherwise no need to gamble based on half (or 0) knowledge because we are talking about smart gambling and managing our bankroll. This assures that you have higher chances of winning over losing, and this edge will only help you gaining much more profits in the long run. If you don't know about a game, or yours is a few days ahead, just don't gamble and wait some days and let your expected game arrive.

[Lanatsa]

This is one of the major topics that is never covered here (or maybe I haven't seen any such threads related to this).

Deciding Units

Calm mindset

Deciding units, well yeah this is suggested but those are subjective to change and lots of factors would really affecting this decision neither with your emotion, confidence towards a certain game.

So it will take lots of discipline to someone which do tend to stick with 1 unit or a percentage of its entire bankroll when it comes to his betting chances.Proper allocation will be always good
and it isn't really just a basic thing that someone can control off.

Calm mindset? Its a must and were betting for the sake of enjoyment but people are taking it too far and expecting for something which it isn't right at all.

[GDragon]

I think every gambler knew this deep inside, the problem it's very hard for them to always follow it, we keep saying to ourselves to not chase losses but in the end we decided to double our bets because we feel it, or some just wanted to, that's gambling is, and that's why it's hard to control too. I don't have any problem following this, but I don't have any problem breaking it too, as long as I can afford to lose my budget for the gambling session. Being calm will be easy if you can accept losses actually.

[Reid]

Well, I think when you are just having fun gambling, you are smarter than the greedy types.
Most greedy type lose their composure and just put bets on anything they find as long as they think it will win.
Fun means you are calm also.
But there will always be a bad side of it, like you have too much fun and just giving away the money.

So to conclude. Too much is always not right. Always take a rest to think it over. Win or lose.

[rhomelmabini]

This is one of the major topics that is never covered here (or maybe I haven't seen any such threads related to this).

I think there is some threads that are somehow related to it but either outdated nor locked, see the links below:

Bankroll management - Don't go bust all the time
Bankroll Management Challenge!
Will you borrow money as your bankroll if you trust your skills in gambling?

Deciding Units

I always do this especially on slots gambling so that I get too many spins. If I have only $10 on the bankroll I'd goo deep at 0.01 so that I may have a thousand spins to play with but the win was really that low. Sometimes I does this but when greed comes along busted was the outcome.

Never chase your losses

This is where always most gamblers been broke that much and I agree with you but becoming a smart gambler isn't that easy along the way maybe you could be broke many times before you learn your greatest and expensive lesson.

Calm mindset

How I wish we are that calm but if a loss streak do happen most do panic and that's not the way we can calm our mind. The thing that calms my mind while playing is listening to music, pretty good it eases and makes me feel good especially if it's a jiving one (well, I'm referring when playing crash, dice, blackjack and slots - the fast games).

Have an edge over yourself

IMO those who gamble for fun I think they have already set their mind that they are prepared it will lose but when luck do happen they sometimes feel that they couldn't have to loss it anymore, I do sometimes feel it this way. There's no really fun on losing those money but I think having an edge is only when you got the expertise on the field especially on sports betting but on fast games and game of luck I think that's not possible, just my two cents.

Maybe poker, sports betting and other game of strategy is where you could only have an edge over something you're betting, I think it do fall on that category. Well, bankroll management wasn't bthay easy for most for starters but experience and more losses do help sometimes on the learning process.

[Darker45]

You could also adjust your betting units depending on how confident you are that your bet will win. That's regardless of the odds because sometimes your personal assessment and analysis do not coincide with the odds. So there will be varying units of bets. Sometimes you place 1 unit, 2 units, 3 units, and so on with the smallest one placed on the odds you think are least likely to win.

As far as emotional control in gambling is concerned, I guess that's the most difficult part to achieve. Fortunately, though, one could be more controlled in sports betting than in casino gambling.

[Wexnident]

A calm mindset and deciding your units are always ones that I want to do always whenever I start gambling. Though really, a calm mindset is the hardest part when it comes to gambling, especially since it's not really a matter of losing at times imo, it's just that you forget that you're actually gambling. This makes your experience a lot more enjoyable, and hence, possibly makes you spend more and more, even if you were winning or losing. It's always important to remember that you're gambling, even if it's only for fun, since in the end, this is a direct trade of money for happiness after all.

[traderethereum]

It is not easy to apply that such thing because when someone loses in gambling, he will not think about that, but he will think about recovering the losses even if he has a plan to playing gambling to enjoy his free time.
It would need discipline always to remember and stick with his plan in gambling games because he can lose his money anytime, and when he losses, he needs to decide to continue or stop the games. But stopping the games will be the good thing that he can do to prevent other losses.
Money management will always be a way to avoid losses, which is the main problem that many gamblers face. If we can not manage the money we will use to play gambling, we will lose more money without realizing it. We only realize when we lose all of the money that day, and we must not think about how we can recover those losses.

[swogerino]

These are surely great tips.However getting an edge over yourself is where most of us fail.Our brain is not functioning 100% correctly when we have several consecutive losses we are more or less controlled from dopamine.In this situation you can’t do much and you keep playing not caring about losing all of your initial bankroll and even more.

Some studies have shown that in such cases going for a walk,going out with friends or eating a pizza it can help you move your mind away from gambling but these studies are not final yet.

[dimonstration]

If all players will be able to set their mind these tips it will lessen the gamblers who will be too desparate in winning, Yes it's fine to chase winning but not to the point that we do things not based in our knowledge and capabilities. We should know when to bet and who to bet as there are many points we need to know to atleast get the chance of winning. I tried to practice in betting to really have an edge over the games I'm betting and have basis whenever I gamble.

[Fundamentals Of]

If all players will be able to set their mind these tips it will lessen the gamblers who will be too desparate in winning, Yes it's fine to chase winning but not to the point that we do things not based in our knowledge and capabilities. We should know when to bet and who to bet as there are many points we need to know to atleast get the chance of winning. I tried to practice in betting to really have an edge over the games I'm betting and have basis whenever I gamble.

That's responsible betting at the minimum, betting with basis. I experienced betting for the sake of betting when I was new in gambling. Control was hardly something to think over. If there is a spare amount of money it could easily be spent gambling. Most often, it was just wasted. There was still fun of course but there was hardly any money from it.

With proper bankroll management and betting with basis, gambling could be both fun and profitable.

[safari88]

this is good information not just for new users but also for experienced and long time gamblers since some of them including me of course forgot this kind of simple information and forgot how to manage our bankroll well and most of the time chasing our losses rather than enjoying the game.

[Stedsm]

That's responsible betting at the minimum, betting with basics. I experienced betting for the sake of betting when I was new in gambling. Control was hardly something to think over. If there is a spare amount of money it could easily be spent gambling. Most often, it was just wasted. There was still fun of course but there was hardly any money from it.

With proper bankroll management and betting with basis, gambling could be both fun and profitable.

FTFY.
The most important part for a gambler is control over their addiction and their level of tilt towards gambling. If you just lean down too much whenever thought of gambling comes to your mind, you seriously need help quitting it or at least dropping that level to some extent.

Anyways, I have learned that you need to decide your units as well as keep it least against the ratio of your total bankroll in order to level up the variance - variance means when you are winning a bet but suddenly something happens that makes you lose it. So it's better to keep your unit size least in order to beat the variance twist.

[sheenshane]

IMO, it's theoretical and ideal at the same time if everyone is capable of applying these ideas in their daily gambling life.  But that isn't the case we all have individual differences in all aspects of life which makes these ideas not applicable to everyone.

However, we all know that it should be the case but still, if we get attached to it so much then oftentimes we get blinded and became greedy.  Somehow OP is right that gambling isn't funny but that is if you are looking at it on one side and that is when you keep on losing money and this is applicable to those gamblers who really intend to gain profit and intentionally go and make bets, not for the entertainment but winning. 

We have forgotten that sometimes there are few people who go to casinos just because they wanted to be entertained, chase boredom or just forget what is troubling them aside from financial issues.  This only shows that people who gamble have different approaches in gambling and we can't blame them if they aren't able to follow the bankroll management at a time.

[rijaljun]

This are great advice but in my experience even with the great advice in mind it's really hard to apply it in actual gambling and when the greediness of you to win and the urge to win back the losses I don't think it would really hard to remember this things but with practice I think anyone would be able to follow this advice.

[South Park]

This is one of the major topics that is never covered here (or maybe I haven't seen any such threads related to this).

Deciding Units

I have seen many people getting confused about units and how to set it. Well, I've got a simple formulae here - just divide your bankroll by 100 and you'll get your 1 unit cost. Means, if you have $100, you should bet no more than $1 per bet doesn't matter you win or lose. This will give you 100 bets in total with 100 units available to play with.

Money management skills are what separate successful gamblers and traders from those that are long term losers, lets suppose you have a way to make money with sports bets, well all of that does not matter if you bet half of your capital on each game as you only need two losses in a row to go bankrupt, but if you only bet 1% of your capital on each one of your bets the chances that you lose 100 times in a row are incredibly low, so even if you have a streak of bad luck you can always recover.

[CaVO32]

This is one of the major topics that is never covered here (or maybe I haven't seen any such threads related to this).

Deciding Units

I have seen many people getting confused about units and how to set it. Well, I've got a simple formulae here - just divide your bankroll by 100 and you'll get your 1 unit cost. Means, if you have $100, you should bet no more than $1 per bet doesn't matter you win or lose. This will give you 100 bets in total with 100 units available to play with.

Money management skills are what separate successful gamblers and traders from those that are long term losers, lets suppose you have a way to make money with sports bets, well all of that does not matter if you bet half of your capital on each game as you only need two losses in a row to go bankrupt, but if you only bet 1% of your capital on each one of your bets the chances that you lose 100 times in a row are incredibly low, so even if you have a streak of bad luck you can always recover.

Nice analogy and actually true. You can extend the life of your $100 and even earn more if you know how to strategize your bets. But if you go big in your bets, losing all your money will be fast and easy. Also, in sports betting, it is better to stick with the sports that you are really familiar of. The more you know the sport, the higher the chance that you will bet right.