There are many newcomers to sports betting who believe that they can become wealthy with a small bankroll. More often than not, they throw caution to the wind and recklessly wager on any market. When they lose their funds, they add to the stigma that sports betting is a poor investment.
Bankroll management is essential if you want to win at sports betting. Yet, how do you know if you need a huge bankroll or a small one? Does it matter and, if so, how much should you stake?
This article looks at these vital questions as well as the strategies that you can use to improve your bankroll.
Definition of a huge bankroll
You may think that a huge bankroll consists of millions of pounds, dollars or euros. However, even average sports betting punters view figures in the thousands as a massive account. If they’re newcomers to the industry, then the chances are that they’re starting with a three-figure bankroll.
So how do you define a huge bankroll? Some gamblers, known as high rollers, can place a single bet worth thousands. This loss will hardly dent their account.
Despite having a huge bankroll, high rollers aren’t careless with their stakes. They perform sound stake management. Furthermore, they use vital betting tactics to increase their sports betting funds.
Do you need a huge bankroll?
Not everyone can afford to risk thousands on a wager. You don’t need a huge bankroll to enter the sports betting industry. Even the smallest amount is enough to get you started.
However, winning large amounts is a different story. Statistics reveal that even high rollers only earn between 52% and 56% of their bets. If you stake small amounts, then this means that it will take a long time before you see decent returns.
The main reason is that there are small profit margins. Bookies also add their margins onto every wager. While you don’t need a huge bankroll to win at sports betting, it certainly helps towards long-term investment. The higher your stakes, the more profit you’ll earn.
The importance of bankroll management
Bankroll management assists with responsible gambling. It provides better control of your betting habits, and it also allows proper administration of your funds. A huge bankroll is vital if you plan to win at sports betting.
There are times when you’ll find yourself on a losing streak. It happens to all punters, even the experts. Nothing goes as planned, and your strategies stop working. Bankroll management helps you to control your losses with rules on how much you stake per bet.
On the other hand, you may find that you’re on a winning streak. It’s the best feeling in the world for any gambler. However, it leads to reckless increases in stakes, hoping for higher profits. You might just end up losing all of the earnings from the previous winnings.
While management of your huge bankroll won’t prevent losses, it will help you to control how much you lose at a time. It enables rational thinking when placing your wager. You aren’t just gambling your money away.
Bankroll strategies in sports betting
If you plan on using a huge bankroll to win at sports betting, then setting rules will help in managing losses. Even for small accounts, these methods aid in ensuring you don’t lose all your funds.
This form of betting works by increasing your stakes for every loss. It relies on your eventual profit covering the damages. While not recommended for small accounts, many punters with huge bankrolls use this method.
There are two types of methods. With Fibonacci, you add the amounts of the previous two bets for the next stake. You’ll return to the first wagering amount when you win a bet.
The Martingale system works the same, except that you double your stake with each punt. As before, you’ll return to the first stake amount when you win. These betting systems become risky if you’re on a losing streak.
This method calls for betting the same amount every time, no matter what the result is. Whether you win big or small or lose your wager, you’ll stake the same amount next time. This system doesn’t cover damages from previous losses unless you bet on higher odds.
The wagering rule aids in controlling how much you spend per wager. It requires discipline and focus. Even when you see a massive opportunity, you have to stick to the original stake you chose for this system.
There are pros and cons to using this method. The main benefit is that you’ll be gambling responsibly. However, you’ll also run the risk of bankruptcy if you’re on a losing streak.
When using this method, you’ll only stake a portion of your huge bankroll. The amounts you bet rise and fall as the funds in your account change. There are three systems available.
Adjusted-fixed staking is similar to fixed betting. However, you’ll wager the same percentage of your funds, instead of a specific amount. It’s available for both large and small bankrolls. Moreover, your stake will change in proportion to your available funds.
The Kelly System also works on a percentage of your bankroll. It works on a formula that calculates how much to bet, based on the probabilities of winning or losing. Therefore, it adds the benefit of considering the odds values.
Experts initially developed the Labouchere System for roulette, but it’s now used for sports betting too. It’s similar to the Martingale method. However, you won’t double each stake, but will instead split a profit goal into portions. It requires several steps that have been indicated below:
- Decide on a profit goal
- Split the goal over seven to ten betting amounts
- Add the first and the last numbers for your first stake
- Add the second and second last numbers for your second stake
- Continue until you achieve your profit goal
Sports betting tactics that boost your bankroll
There’s no value in having a huge bankroll if you’re not using tactics to win at sports betting. The difference between frivolous gambling and investing in sports betting is how you manage your funds. For this reason, expert punters use specific betting techniques to boost their bankroll.
Firstly, specialise in a sport for which you have a passion. Sports betting can be a draining hobby, particularly when you are on the hunt for the best markets. You should stick to games that you love, instead of betting all over a sportsbook. It must be fun as well as profitable.
Specialising in sports helps with the next tactic. Before you wager on any event, research the teams and players for that game. No matter which stake system you use, it will aid you in identifying which odds to choose for the punt.
It’s vital to check the weather and surface conditions. Some teams excel or play poorly under specific circumstances. Moreover, there may be a pattern of performing well on a particular surface.
The next step is to decide whether you’ll go with or against public opinion. Bidding with the momentum has lower risks, but also yields a smaller profit. You can also bet against the favourite team to win, but you’re in danger of losing your stake. You’ll need to study the match conditions to decide which route is best.
In summary, these are the steps to take before betting your stake:
- Pick a sport you love watching
- Research patterns and stats for the upcoming match
- See which conditions affect team performance
- Decide whether to go with or against the favoured teams
Tips for effective bankroll management
Decide on the size and goals of your bankroll
The most significant first step is choosing the size of your account. Do you want a huge bankroll or will you start small? Hopefully, this article has guided you in making that decision.
Once you’ve chosen your sports betting bankroll size, you’ll need to determine your profit goal. It’s a long-term investment, so ensure that you decide how much you want to make every quarter and year. Setting these targets motivates you to manage your losses and earnings.
Determine the stake size
The following step is choosing the size of your wager. You can decide on one of the stake systems that we indicated earlier, or a method that works for you. Just remember to consider the size of your bankroll.
Furthermore, you should calculate whether the potential profit is worth it. While some punters bet on every opportunity they find, you should only wager on markets with actual value. You should walk away from a bet if you’re uncertain.
Find the best sports markets
Many gamblers sign up to more than one sportsbook or a betting exchange. It allows them to compare sports betting market prices across different bookies. If they find a bookie with inaccurate odds or a market they can benefit from, then they place their stake with that sportsbook.
However, this requires having a huge bankroll with each bookmaker. It’s impossible to have an account with every bookie, hoping to find value bets among them. Instead, you should choose between two and three sportsbooks that are reliable with their market prices.
Maintain a record of your betting activity
Keeping track of your sports betting activity is the same as bookkeeping. You maintain records of your profits and losses, calculating what your bids are worth. It also assists in determining your return on investment over a significant period.
This accounting practice is vital with a huge bankroll. You may see that you have more funds in your account after six months. Yet, how much did you spend to win that amount? Is it a profit, or did you lose more than you won?
Recording your betting history is also essential to detecting patterns. If you see that a particular market brings you more profit, then change your focus to those bids. Moreover, avoid betting habits where you often lose money.
Re-evaluate your bankroll over time
You must decide how often you’ll evaluate your bankroll. You can withdraw your earnings or reinvest them into sports markets. Furthermore, you can boost your account with more funds for increased profits.
When evaluating your account, ensure that you set profit goals every time. If you’ve met your goals, then choose a higher milestone. You may need to adjust your tactics if you are struggling to meet your objectives.
Pros and cons of a huge bankroll in sports betting
Before you make any decisions on whether to start with a huge bankroll, you’ll need to evaluate the risks and rewards. This section highlights some of the pros and cons mentioned previously, with a few extra points.
- Higher stakes offer chances at more substantial rewards
- You can make more money in a shorter period
- Stake systems are available to control your wins and losses
- Tracking your bets can aid you in an improved bankroll
- Huge bankrolls can cover more losses than smaller accounts
- Higher stakes can lead to more significant losses
- Incorrect application of staking systems may lead to bankruptcy
- Poor bankroll management can result in irresponsible gambling
- Winning streaks can motivate gamblers to wager more than they should
- Punters sometimes fund huge bankrolls with loans or money they can’t afford to lose
You don’t need a huge bankroll to win at sports betting. You can accrue significant funds over time, even with small bets. However, it can take you months to gain the same profit that a high roller receives from one single wager.
Whether you have a large or small amount to bet with, bankroll management is vital. It doesn’t help to have a huge bankroll to win at sports betting if you’re just going to throw it away on reckless punts. Learn from those with small accounts and gamble responsibly.