Bankroll management is one of the most important aspects to a successful sports betting career. Whether you are a professional or just dipping your toes into the sport, proper bankroll management will ensure that you can still pay your bills and maintain your lifestyle should the sport not go your way.
There are a lot of things to keep in mind when managing your sports betting bankroll, including your personal financial situation, income, opportunity cost, spending and more. Ultimately, it is up to the individual to decide how much they want to risk and what their maximum bet size should be.
As you learn to assess your bankroll, you will also begin to realize what bets are the best value and which aren’t. This can help you increase your odds of winning and lower the overall variance of your wagers, which in turn will improve your long-term profitability.
In addition to assessing your bankroll, you should be aware of when it is time to walk away from the table and stop placing bets. The last thing you want to do is chase your losses, which can be a serious problem for any handicapper. Chasing happens when you place a bet that is above your risk threshold because of a bad result on a previous wager.
Despite the overwhelming amount of information available on this subject, bankroll management is often overlooked by new bettors and can make or break their sports betting career. If you have the proper bankroll management strategy in place, you can avoid making these common mistakes and pitfalls that most people fall into.