Online sports betting can be a lot of fun, making even the dullest, most boring games feel like watching a high-stakes match at the World Cup or a Super Bowl final.
Whether that seems like an exaggeration to you or you personally understand the gist of it, the bottom line is that online betting increases the stakes a bettor has in any game.
With stakes comes increased investment, and because of all the excitement and fun that goes along with it, we can sometimes forget that sports betting still involves gambling with real money.
Bankroll management involves handling your betting money smartly to ensure you gamble responsibly and sustainably. Without proper bankroll management, what was once a thrilling experience could quickly head south—and stay that way.
That’s why bankroll management and taking advantage of the many responsible gambling tools that apps have is so important. These tools are the perfect complement to smart bankroll management, helping you stay accountable.
So, how can you successfully manage your bankroll to keep sports betting a profitable yet responsible hobby? Let’s take a look at five tips.
1) Set and stick to a firm budget
Before you start placing bets on every wager known to man, it’s worth taking a step back and thinking about both possibilities at the end of the night.
After all, sports betting is a gamble, and anything can happen no matter how much research you do or consider a team’s current record. You could win or lose, but it’s how much you’re willing to spend and lose that you’ll need to gauge.
This number shouldn’t be a broad estimate—it needs to be a firm number (a couple of extra cents here and there are okay) that you’ll stick to no matter what happens. Gambling needs to be a controlled activity for it to stay fun, and with a proper budget in place before the activities begin, you’ll avoid disappointing losses and financial trouble.
2) Separate your betting bankroll from your everyday budget
The key to bankroll management is to separate betting expenses from your everyday ones. It’s almost as if you were running a big business and didn’t bother keeping your personal and company finances distinct.
The result would be a jumbled mess and much greater difficulty tracking your profits and losses. Luckily, all betting apps allow you to deposit funds into your betting account and keep them there. Maybe you’ve decided you’re going to allocate $50 to sports betting that week.
In this case, you’d deposit $50 at the start of the week and play with that money and only that money. With the transaction log on the app, you can track exactly where that $50 has been spent without dipping into your grocery money or cash needed to pay your bills.
3) Set betting limits based on the size of your bankroll
We touched upon allocating funds to sports betting, but exactly how much is a healthy amount to put down on a bet? To no one’s surprise, that number differs for everyone.
The rule of thumb is to consider your total bankroll and wager a small percentage of it.
According to the PGA Tour website, conservative bettors are recommended to use 1-2% of their initial bankroll (how much you added into your account in total), while those who want to take it up a notch but still stay on budget should bet between 3% and 5%.
Let’s not forget that confidence can play a role in the amount you bet, which means that sometimes taking a bit of a risk can be okay. In these cases, however, you’ll need to adjust your wager amounts for other bets.
4) Don’t chase losses to make up for them
Whether we like it or not, the psychology of sports betting can involve a lot of negative feelings—especially when losing a bet. Depending on how big the loss is, you might go through a rollercoaster of emotions—regret, frustration, annoyance—or simply take a small loss on the chin.
Regardless of the size of the loss, however, you never want to be tempted to recover your losses by hedging a bet or putting more money on something else to win your money back. While it might seem like a good strategy, you’re simply letting your emotions drive your betting rather than using good judgement.
These reckless bets could lead to even bigger losses, adding to the stress. Knowing when to walk away is also an inherent part of bankroll management, as you’ll be able to take a break from sports betting and come back for another game when you’ve got a clear head.
5) Take advantage of bonuses and promotions
Bonuses and promotions, whether a big welcome bonus to get you using a certain platform or a recurring weekly profit boost that promises you bigger returns, exist to entice people to bet.
These promotions should always be capitalised on, as they give you a chance to bet for free, earn extra cash, or reduce the risk of using more of your own bankroll.
Sports betting is all about lowering your risk and increasing your returns, which is why missing out on these bonuses is almost like turning down free money.
Not only do they offer the benefits mentioned above, but they also present great opportunities to experiment with different markets and strategies, which can enhance your experience and introduce you to new wagers.
If you haven’t yet signed up on a betting app or are considering one that offers more promotions and perhaps even options like online casino games, sites like casinos.com conveniently list them for you, so you don’t have to do all the manual searching yourself.