There is one misconception about online betting. Many people think you can make money from online betting by just signing up, learning the advice, and relax. The money will come to you with or without your effort.Not all of this are true, only the first 2 tips. In order to make money you need to sign up and learn the tips. These two are completely true. In fact, there are plenty of great places and resources where you can play to make money from online betting. The only wrong part is the last one. Despite everything you have and will learn, you can’t make even a single penny if you can’t manage your sports betting bankroll. Fail to do so and you will be left without no money. Without money, you can make any real cash.
As our friends from M88 taught us, there are two keys to success in the online betting world. First, you can’t win without good odds. Second, you can’t win without managing your betting account and understanding about reward vs. risk. You should pay attention to these two, especially the latter. It is crucial because it involves bankroll or money management. As we all know clearly, you can’t win a bet without money.
Here is a fact you should know. There are plenty of players who can find good odds. However, there are also many of them who fail simply because they can’t manage their account by minimizing risks. These people teach us one important thing. You can’t just bet your money and expect a big return, without paying attention at all to the risks.
Let me show you an example of money/bankroll management:
Let’s say you always bet on less than 2% of your betting account. Your bet grows when your account grows. If your account shrinks, so does your bet. Despite whatever happens on your account, you always bet less than 2%.
What makes bankroll management important?
Before you place your bet, have you ever think about how much you should bet? Have you ever think about how many bets you can make with your money? Have you ever considered the risks before you place a bet? Have you ever considered playing with a high-risk bet? Or should you just stay at low-risk bet?
The answer to these questions will lead you to successful bankroll management. It teaches you about protecting your account. So, what are the benefits you can get from this management?
Basically, bankroll management offers 4 benefits in relation to your betting account:
- It ensures you to bet within the safe, profitable range between profit and risks. In other words, with bankroll management, you will never bet more than you can lose.
- It provides you with a clear strategy before placing a bet. It prevents you from betting too much money through the whole game, without safekeeping your account.
- It allows you to better understand risks. As a result, you will be able to cope with losses over a longer period of time than before. You will learn how to do it without losing your account.
- It teaches you how to make measured decisions in every bet.
Variation within betting
Variation within betting takes an important role in bankroll management. Only because you find some good odds and make a big return, it doesn’t mean you have played well. Sometimes, it’s just about luck and you can’t depend on your luck forever. You should learn to make a long-term plan.
Can’t you just analyze match per match and find lucrative odds? Well, of course you do, but still you should remember that the only thing important is the outcome. It determines whether you go home with a smile or not.
Sure, there won’t be any problem for you if you win, find good value in your bets, and manage your account well. However, that only happens for a long term. In short term, variation within betting can deliver a psychological impact. You may have done everything to minimize the risks. Your analysis is immaculate and the value is great. So, you make your bet and wait with confidence. But, guess what? You can still lose just because the variation within betting, including sports betting.
Let me show you an example:
You bet on Huddersfield who are playing against Chelsea. Based on your analysis, you believe that Huddersfield’s has a winning chance of 60%. That equals with 1.66 in odds. You believe this is a good odd. So, you make a large bet at 2.00. As the match begins, the odds begin to change. By kickoff, it drops to 1.5 for Huddersfield to win. That leaves you with 0.5 advantage. At the end, Huddersfield is beaten by Chelsea with 1 – 3.
This is a good example of how variation can drastically change a betting. Fail to deal with it and you will suffer a great loss. However, if you manage to learn about it, place these kinds of bets, and even beat the market, you have no reason to worry. The victory is yours for the long run.
How to manage periods when you lose
There is no such a player with an everlasting winning streak. Every once in a while, all of us will have a losing streak. The periods of losing usually vary from one player to another. It can just a day, few days, weeks, or even months. No matter who you are, a professional or just a hobbyist, this will happen. There is only one thing that differs professionals and other players. Professionals know these periods very well and how to deal with them. It’s not easy, but also not impossible.
Some people who don’t understand about these periods instinctively raise the stakes. By doing so, they hope they can win back their lost with higher bets. Their only mistake is, no one can guarantee that they will win. Instead of winning the bet, many of them even lost more than they can imagine.
Here is an example of things you shouldn’t do during your losing period.
You have $1000 in your betting account. Normally, you bet around $10 per game. One day, you lose 10 games. That makes you now have $900 in your account. You decided to win back your money. You think by investing $100 more, you will have bigger chance to win what you’ve lost. The only thing you don’t know that this second bet is also a loss. Now, you have lost $200.
You still have $800 in your account. You think that the $200 you’ve lost is not too big. You think that you won’t be so out of luck this time. The next thing is you put your entire $800 on Barcelona at 1.25 odd. You will certainly win, you think. This time, you will get your entire $1000. The bad news is, you are wrong. Barcelona ends the game with a draw. The only thing that happens now is you have lost your entire money.
Professional players are different. When these periods come, it signals them to maintain their discipline. It signals them to manage their bankroll and analyze their betting techniques. It is the perfect time to develop better betting strategies and techniques.
In contrast to the previous example, here is how you should manage your losing period.
You have the same situation here. There is $1000 in your account and you usually bet $10 per game. One day, you lose 10 games, which leaves $900 in your account. Here comes the big difference. Instead of coming back and increasing your bet, you decided to take a break. Instead of betting more, you decided to evaluate your strategies and techniques. You want to know what’s going wrong with your play. Is there any weakness there? You try looking back at your statistics and history to find out.
After several days of break, you finally understand what’s wrong last time. You decided not to bet on the same game (Premier League). You need to find another game with less risk. Then, you decrease your bet to $9 per game. Slowly but surely, you win a game after another. After 30 bets, you have earned around $1,050. See? Your losing period has just turned into a winning streak.
Handling winning period
Good for us, not only losing period exists, but also winning period. In this period, you will find your self-winning multiple bets at a time. This is the period every player dreams to come. However, no matter how good it sounds, it can turn into your losing period if you can’t handle it well.
The most common mistake players make is they increase their stakes during this period. That’s normal. We want to make as much money a we want. There’s nothing wrong with that. The only wrong thing here is you act based only on your desire and instinct, not measured decision. You become too self-confidence and greedy. If you place your bet while still like this, you can expect nothing but loss. The only way to counter it is by managing your bankroll.
Here is the key. As a player, it is very important to raise the stakes as your account grows. However, without having control over yourself, long-term strategy, and discipline, things will only go wrong.
Let’s see an example of mishandling your period of winning:
You have $1000 in your account. You usually bet $10 per game. One day, you are so lucky to win 10 consecutive bets. That leaves you with $1100. Having this much profit makes you want to earn more. You think you can make more with higher stakes than before. So, with full confidence, you put $100 at your next back. You believe things will go in your way. However, you lose the bet as well as the winning you get from the previous 10 bets. Everything is lost in a single bet.
Now, instead of doing that, let’s see what you’re supposed to do during your winning period.
You have the same situation, except your response. You feel satisfied enough after having $1100 in your account. However, instead of betting more, you believe it’s time to take a break. You believe the risk is still too high for your account. You decided to place the next bet, but only at $9. Even if you lose the 11th bet, you still have the winnings from your previous bets.
Today, there are plenty of bankroll management strategies available. Each of them is claimed to be the most effective and lucrative method. Despite the claim, it is crucial to know that you are different from other players. Some methods may earn other players hundreds or even thousands of dollars, but maybe not that much for you. On the contrary, there are methods which can only work for you, but not other players.
The Kelly Criterion, unit system, Fibonacci system, and Martingale system are some of the best-known strategies. You can choose whatever you want. Just make sure you choose it because it works for you, not because you read it works for other players.
There won’t be bankroll management without accounting. This basic skill teaches you how to manage your betting account in the long term. In addition, it can show you which games that give you the most and games not so good for you. In other words, accounting can show you how to optimize your win and minimize the risk.
To find out which games are good and bad for you, you should go through your accounting audit. Analyze the data and develop your betting strategies. At the end, you will know the tricks to win more and lose less.
You don’t have to worry even if you don’t know how to audit. There are various programs on the web that can assist you with this. However, if you prefer to do it manually, you can use a pen and paper or MS Excel to help you. There is only one key to remember. You should make it possible for the audit to optimize your betting.
This example will help you to audit your betting.
First, decide on how often you want to audit your betting. It can be once a week or month or whatever suits you the best. Next, you need data for the audit. For your information, serious gamblers usually audit the best they’ve made over a period of time. This will provide a more accurate data, no doubt. However, it will also take more time. You can do this later, but as the beginning, you only need to audit your account performance. Limit it to a certain period of time. By doing this, you will be able to see how you played and develop a better strategy for the future. The result is, of course, a more profitable betting while minimizing the risk at the same time.