Know what bankroll management is in sports betting?

[Fredomago]

I do support a team but I don't just let my emotion run free.

It is true that you are supporting a team but that doesn't mean that you can risk your money with them without doing any analysis or anything that could increase your chances of winning. We are talking about your money here, so you don't need to always just go with that team always, you need to use your head first before your heart as they said it.

Maybe we can start trying on our own experiment, what we do is to gamble consistently and learn how and when to stop when we are in winning or losing situation.

To be honest, I can do that.

I am that kind of individual that is not really that attached to gambling but just do some bettings if I wanted to and stop if I also wanted. That is the reason why I am kind of confused about why other people are having a hard time stopping from wins or losses even if they really needed to stop. I guess we really have different environments that influenced us as we grow.

Well said, People do have differences and the environment around them also influenced their views in regards to this activities. There are some who just like you ho controlled their gambling engagement.

But their are also gamblers who fully attached who can't controlled things once they are already engaged, even so, self will and that's the very hard part when your attachment is already deep.

It's good for those who can managed it while bad for those who are still unable to control
as they will continue to lose until they figured it out how to properly manage it.

[hahay]

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.

That's fine to implement and I've implemented them too, but what about the odds to consider?
I have tried this formula in the past but still, if I only place low odds then it will only be a waste of time and even a bigger loss and vice versa, if I place bigger odds it might be bad luck in myself. so nothing really works out well. Maybe you guys have a better luck rate than me, so applying a formula like this will still make you profitable and comfortable doing it.

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.

Unfortunately it's not like that, I bet several times on the team that is sure to win on paper but the result actually loses. If you bet on a team that is believed to be winning it can be a blunder in sports betting, because with you overconfidence it will make you make a bigger bet. In sports gambling or any gambling it cannot be like this or easy to imagine and say, because in practice it is very difficult because there is a luck factor that determines an outcome.

[kryptqnick]

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.

100th of the total bankroll as a bet might not work for everyone. For instance, I don't have a monthly sum to spend on gambling or something like that, and I don't hold significant sums in my casino wallets. When there's something interesting going on and I want to place a bet, I deposit some money and spend it over a relatively short period of time on a few bets, and that's it. It doesn't lead to uncontrollable spending, and I've never lost too much, so it works fine for me.
And regarding the last point, I think it's smart to gamble for fun because paying for entertainment is normal. If one wants to earn money, one should find a job. Most people who are determined to win from gambling turn out to be losing. And if gambling is entertainment, a person can choose to gamble blindly or to do research, whatever works better to satisfy one's needs. As for not chasing losses and being calm, I agree with that.

[bonjouros]

What is very difficult in all of what you have posted here is to never chase your losses, what I notice to most of the gamblers either they are new or old gamblers is that they became hot after they are lossing and they will not stop until they cannot recover their losses.

And they end up lossing all their money in the end as there are very few only who were able to recover their losses in this kind of situation. A calm mindset is very important in order to avoid those kind of happenings but sometimes we forget this once we are already losing our money in the midst of our gambling session.

[Danslip]

Looks near to the perfect on paperwork or for making a master thesis but let's accept the reality and move on with it. The idea of gambling is not only having fun, entertainment, and checking Youtube streamers is more fun for me. The main idea is to increase the bankroll and run fast from the casino. If the only idea is to have fun, then either the money is no a problem or he really likes adrenaline on gambling. Otherwise, demo play is enough for reaching the same "fun level".  Just my 2 cents.

[Stedsm]

Looks near to the perfect on paperwork or for making a master thesis but let's accept the reality and move on with it. The idea of gambling is not only having fun, entertainment, and checking Youtube streamers is more fun for me. The main idea is to increase the bankroll and run fast from the casino. If the only idea is to have fun, then either the money is no a problem or he really likes adrenaline on gambling. Otherwise, demo play is enough for reaching the same "fun level".  Just my 2 cents.

That's true, but I neither said nor meant anything about playing for fun (I mean virtual money) as I've been talking about the real ones. You can't just deny the fact people mostly say they do it for fun (here, it literally means fun but with real money), but when they lose, they just cry and shout louder and sometimes, even blame the website for the same. I mean, what did the website do in that sports game? If the game does not turn out to be in your favor, why don't you accept it?

On a second note, running away fast from sportsbetting website is not needed, but stopping where you don't know if you should bet or not - matters a lot.

[doomloop]

What is very difficult in all of what you have posted here is to never chase your losses, what I notice to most of the gamblers either they are new or old gamblers is that they became hot after they are lossing and they will not stop until they cannot recover their losses.

That is because they are betting too big to be relaxed within their mind. Imagine if you have a balance of 1 bitcoin and you are betting 0.0001 BTC on sports would you be tempted at all chasing the loss? Never! That is because you know you have enough in the balance and you can bet tomorrow. Now similar instance when you have 0.01 BTC balance and you lose 0.005 in some sports bets now you would be so hyper and tensed that you will without even realizing lose the remaining balance in chasing those loses.

Limiting your betting amounts can help control chasing of the loses because when you are chasing loses that means you either bet too big or you cannot accept loses in life which is a terrible behavior. It is actually familiar to how some traders will sell their coins at cheap prices to avoid absolute loss while some will stay arrogant and lose everything just in hope to recover it all.

[Lanatsa]

What is very difficult in all of what you have posted here is to never chase your losses, what I notice to most of the gamblers either they are new or old gamblers is that they became hot after they are lossing and they will not stop until they cannot recover their losses.

That is because they are betting too big to be relaxed within their mind. Imagine if you have a balance of 1 bitcoin and you are betting 0.0001 BTC on sports would you be tempted at all chasing the loss? Never! That is because you know you have enough in the balance and you can bet tomorrow. Now similar instance when you have 0.01 BTC balance and you lose 0.005 in some sports bets now you would be so hyper and tensed that you will without even realizing lose the remaining balance in chasing those loses.

Limiting your betting amounts can help control chasing of the loses because when you are chasing loses that means you either bet too big or you cannot accept loses in life which is a terrible behavior. It is actually familiar to how some traders will sell their coins at cheap prices to avoid absolute loss while some will stay arrogant and lose everything just in hope to recover it all.

You would really have that problem If you cant able to control up your mind and emotion.One of the hardest thing to be done is on how to control up your motives and emotions

because if you do have that kind of mindset where you do always like to chase up losses then theres no doubt that you would really have that all-in bet kind of behavior which

is totally going outside on the scope of good bankroll management.If you do like to sustain then you should know how to handle up your funds and make yourself last without
busting all of your capital in a short span of time.

[wiss19]

~snip~

This kind of feeling should be eliminated because it will affect your future decision.
When you put emotion in gambling, you'll never be consistent in the long run as eventually you will lose your focus.

Believe me, I've been there.

I believe you because I've been there too. The feeling of excitement in the match will always be there, no matter we realize it or not. But we need to manage our emotions and don't let it ruin the excitement. When we gamble with our friends, losing or winning will not be a problem because after the match ends, we can have fun with other things. Sometimes, after the match, we go to a cafe, and the winner buys a lot of drinks and food to celebrate his winning. I miss that moment when we gather in one place after watching the match.

That is why sometimes people consider online gambling to be more addictive as compared to gambling among friends and even at a local bookie because the process of placing those bets is tiring and you don't get stuck in just betting. While online betting is so easy and there is just a click to make bets and you forget to enjoy the process unconsciously and start caring about wins and loses and the results.

I used to enjoy soccer a lot but I realized when I bet a lot I stop enjoying and just was concerned with the result which was not a healthy habit so I started to lower my bet to smaller amounts such that I can enjoy the match and the bet is only an additional element not the only reason to watch the games.

[Mauser]

Looks near to the perfect on paperwork or for making a master thesis but let's accept the reality and move on with it. The idea of gambling is not only having fun, entertainment, and checking Youtube streamers is more fun for me. The main idea is to increase the bankroll and run fast from the casino. If the only idea is to have fun, then either the money is no a problem or he really likes adrenaline on gambling. Otherwise, demo play is enough for reaching the same "fun level".  Just my 2 cents.

I agree with you, the idea of gambling and betting is that it can be fun when we are winning and it provides a nice adrenaline rush to check results and see if we have won. But losing a large sum of money can be very frustrating and depressing, at least for me. That is why bankroll management is so important in my opinion. We need to restrain our self to not bet larger than we can actually afford. A good bankroll management is in place to protect us from going bankrupt.

[South Park]

What is very difficult in all of what you have posted here is to never chase your losses, what I notice to most of the gamblers either they are new or old gamblers is that they became hot after they are lossing and they will not stop until they cannot recover their losses.

That is because they are betting too big to be relaxed within their mind. Imagine if you have a balance of 1 bitcoin and you are betting 0.0001 BTC on sports would you be tempted at all chasing the loss? Never! That is because you know you have enough in the balance and you can bet tomorrow. Now similar instance when you have 0.01 BTC balance and you lose 0.005 in some sports bets now you would be so hyper and tensed that you will without even realizing lose the remaining balance in chasing those loses.

Limiting your betting amounts can help control chasing of the loses because when you are chasing loses that means you either bet too big or you cannot accept loses in life which is a terrible behavior. It is actually familiar to how some traders will sell their coins at cheap prices to avoid absolute loss while some will stay arrogant and lose everything just in hope to recover it all.

This is why the size of your bets needs to be very small, because in the case your bet size is too high and then you lose a bet that you thought was already won at the last second of a match in the case you were making a sports bet then you are going to feel cheated and you will want to get that money back, and as we know the moment you get those feelings that is when the casino has you since you are likely to make a reckless bet and lose all your money because of it.

[dunfida]

What is very difficult in all of what you have posted here is to never chase your losses, what I notice to most of the gamblers either they are new or old gamblers is that they became hot after they are lossing and they will not stop until they cannot recover their losses.

That is because they are betting too big to be relaxed within their mind. Imagine if you have a balance of 1 bitcoin and you are betting 0.0001 BTC on sports would you be tempted at all chasing the loss? Never! That is because you know you have enough in the balance and you can bet tomorrow. Now similar instance when you have 0.01 BTC balance and you lose 0.005 in some sports bets now you would be so hyper and tensed that you will without even realizing lose the remaining balance in chasing those loses.

Limiting your betting amounts can help control chasing of the loses because when you are chasing loses that means you either bet too big or you cannot accept loses in life which is a terrible behavior. It is actually familiar to how some traders will sell their coins at cheap prices to avoid absolute loss while some will stay arrogant and lose everything just in hope to recover it all.

This is why the size of your bets needs to be very small, because in the case your bet size is too high and then you lose a bet that you thought was already won at the last second of a match in the case you were making a sports bet then you are going to feel cheated and you will want to get that money back, and as we know the moment you get those feelings that is when the casino has you since you are likely to make a reckless bet and lose all your money because of it.

You would surely go all in because you do let your emotion control you and the anger you've felt and ive been on that situation for several times already based on experience
where you do believe that certain bet is winning and suddenly the situation turns upside down which in result into a loss then that will create some frustration and if you arent
really good on handling out your emotion then you will end up on this expected outcome.Lucky if you do able to win the next bet but if not then you have just totally bust up
your entire bankroll which it isnt part of good bankroll management. Always control your temper since this is one of they factors can messed out your plan.

[jostorres]

Looks near to the perfect on paperwork or for making a master thesis but let's accept the reality and move on with it. The idea of gambling is not only having fun, entertainment, and checking Youtube streamers is more fun for me. The main idea is to increase the bankroll and run fast from the casino. If the only idea is to have fun, then either the money is no a problem or he really likes adrenaline on gambling. Otherwise, demo play is enough for reaching the same "fun level".  Just my 2 cents.

I agree and I like the point which says "Calm mindset" because at times you have a big amount to play but a small loss can put you off and force you to make rushed bets which is something one must never do. I myself get loses and feel angry at times and make some random bets and making random bets is worst idea because the house edge is so big that it is better to roll dice than to make random sports bets.

Not many people understand that if you lose 1 unit and have 99 units left then you actually have lost basically nothing but once you start losing your temper and make rushed bets that will ensure that soon the 99 units is the loss and the 1 unit will be remaining, such is the nature of sports betting. E-sports can be very tricky because games like CSGO can flip outcome in moments and people feel raged and lose even more.

[Lordhermes]

Absolutely, gambling is a kind of fun in everyday life, expecting to build a mansion out of this is a bad idea which can never be achieved at any given point in time. Since I have accepted the fact that placing bets is a fun, then I proceed with the idea of staking with the amount I can afford to loss, this is the major factor to overcome before you can perfectly manage your bankrolls perfectly.

[STT]

Not many people are going to be building mansions off the profit unless they put down a multi and dont touch it and just get super lucky one time.      I was just thinking the other day how money management is relevant to success of almost anything in that you have to know when to bank the gains and when its a reasonable risk vs the odds, otherwise its just chaotic or blind luck like I mentioned.

E-sports can be very tricky because games like CSGO can flip outcome in moments

I do agree on that but I'm always looking for the team which can get backed into a corner and come out to turn it around, there have been teams which do the opposite and often nearly win then fall apart in a lack of momentum which snowballs into a free fall during the game somehow.    Quality counts definitely in esports which might surprise some..

[suzanne5223]

Absolutely, gambling is a kind of fun in everyday life, expecting to build a mansion out of this is a bad idea which can never be achieved at any given point in time. Since I have accepted the fact that placing bets is a fun, then I proceed with the idea of staking with the amount I can afford to loss, this is the major factor to overcome before you can perfectly manage your bankrolls perfectly.

Have good expectations about gambling is never bad impression cause whatever man say to the world, it will reflect back to me and good expectations can be use as an energy to sparkles the game. With that been said, we dont need to lie to ourselves about gamblng with the amount ones can afford to lose because it will still hurt that we lost the fund instead of winning the game.

[slaman29]

Not many people are going to be building mansions off the profit unless they put down a multi and dont touch it and just get super lucky one time.      I was just thinking the other day how money management is relevant to success of almost anything in that you have to know when to bank the gains and when its a reasonable risk vs the odds, otherwise its just chaotic or blind luck like I mentioned.

I'll never see gambling as wealth management or bankroll management. I deposit and I just know this is the max I can lose, I try not to lose it, and that's it. If I get more money, I put it again into gambling knowing I can and probably will lose it.

My wealth I want to save and manage on the other hand, that's never going into gambling!

Have good expectations about gambling is never bad impression cause whatever man say to the world, it will reflect back to me and good expectations can be use as an energy to sparkles the game. With that been said, we dont need to lie to ourselves about gamblng with the amount ones can afford to lose because it will still hurt that we lost the fund instead of winning the game.

Sometimes I get a really good laugh from all these thoughts, not making fun of anyone but I think we really need a chill pill in gambling and understand that everyone's got a way to enjoy themselves. Bringing sparkles to the game though, that's a new one;)

[Questat]

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.

That's also what im thinking, in reality no matter how much you budget your bankroll. In some situations are just are tilting and after some exhaustion of losing streak. It might be hard to stick to the plan to bet minimum amounts not exceeding your limit. There are times when you get to emotional and chase losses in the end.

It's hard but it's not impossible, therefore if you make mistakes, just learn from it until you master the right bankroll management. All these factors are important for your success, just imagine you are doing a business or investment where you can't make bad mistakes or else you'll go bankrupt.

[suzanne5223]

Not many people are going to be building mansions off the profit unless they put down a multi and dont touch it and just get super lucky one time.      I was just thinking the other day how money management is relevant to success of almost anything in that you have to know when to bank the gains and when its a reasonable risk vs the odds, otherwise its just chaotic or blind luck like I mentioned.

I'll never see gambling as wealth management or bankroll management. I deposit and I just know this is the max I can lose, I try not to lose it, and that's it. If I get more money, I put it again into gambling knowing I can and probably will lose it.

My wealth I want to save and manage on the other hand, that's never going into gambling!

It stunning you totally understand the concept of gambling but having the that you will probably lost your stake despite the chance of winning a single game will somehow hinder you from putting your best and setting a unit of all the bankroll will make you bet for a long term and also reduce losses.

Have good expectations about gambling is never bad impression cause whatever man say to the world, it will reflect back to me and good expectations can be use as an energy to sparkles the game. With that been said, we dont need to lie to ourselves about gamblng with the amount ones can afford to lose because it will still hurt that we lost the fund instead of winning the game.

Sometimes I get a really good laugh from all these thoughts, not making fun of anyone but I think we really need a chill pill in gambling and understand that everyone's got a way to enjoy themselves. Bringing sparkles to the game though, that's a new one;)

Like you said everyone got a way to enjoy the game so the addition of good expectations and setting a unit will sparked the enjoyment.

[safari88]

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.

you have a point here i really think it's really hard to recover especially if you have at least 2 consecutive losses. in order for you to recover from it and take profit from it you should really have to increase your bet so in other words you are using a martingale strategy so once you at least one winning you would be able to get profit from it.