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5 tips on sports betting bankroll management from FanAdvice

Learn how to manage your bankroll wisely with 5 valuable tips from FanAdvice.

Published on 06 Nov 2023

Table of Contents:

<a href="#block-1">1. Establish a budget</a> <a href="#block-2">2. Track your bets</a> <a href="#block-3">3. Follow sports betting bankroll management rules</a> <a href="#block-4">4. Shop for best prices</a> <a href="#block-5">5. Manage your emotions</a>

Sports betting can be an exciting pastime for many fans worldwide. However, consistent profits and avoiding going bankrupt often come down to bankroll management. How you manage your betting account could be the difference between breaking even and earning significant profits. In this article, we will provide you with five tips on sports betting bankroll management from FanAdvice, the leading sports betting advisory service.

1. Establish a budget

The first step towards effective sports betting bankroll management is setting a budgeted amount of money for betting. Determine the total amount of money you can afford to lose. It should be money you don’t need for essential expenses such as rent, groceries, utilities, and bills.

Setting a budget helps you avoid indiscriminate betting and reduces your overall betting market exposure. Properly setting and adhering to a budget is the foundation of sports betting bankroll management.

2. Track your bets

Keeping track of your bets is essential in sports betting bankroll management. Knowing what you’ve bet, how much you’ve bet, and the outcome of the bet are all critical variables. It helps you track how you’re faring and make informed decisions about your best sport and bet type.

Keeping track of your bets helps you identify where improvements to your betting strategy might be necessary. And tracking alone can inspire you to replace poor wagering decisions with smart ones.

3. Follow sports betting bankroll management rules

The goal of sports betting bankroll management is to preserve your betting balance while optimizing profitability. It’s essential to have a predetermined charming sequence for your betting account balance. Typically, this sequence is a percentage of your betting account. For example, betting no more than 5% of your balance on each wager.

Stick to your predetermined bankroll management rule, even if you feel the need to chase a win. Disciplined play leads to consistent growth over time.

4. Shop for best prices

Betting on sports is not just about predicting the outcome of a game. You also need to be strategic when it comes to placing your bets. One key strategy is to shop around for the best prices. This is often overlooked by many bettors, but it can make a significant difference in your overall profitability.

So, what do we mean by “shopping for the best prices”? Simply put, it means comparing the odds offered by different sportsbooks and betting exchanges to find the best price for a particular bet. This could be the difference between making a small profit or incurring a loss, and it’s something that should never be overlooked.

Shopping around for the best prices is an essential aspect of effective bankroll management. The difference between odds of 1.8 and 1.7 might not seem like much, but it has a significantly larger impact on your bankroll than many fans think. Suppose you’re looking to place a $100 bet, and you have a successful prediction. The difference between a 1.7 and a 1.8 bet is $10.

5. Manage your emotions

Finally, while emotions can be a creative input into your sporting analysis, it’s vital to manage them. Greed, fear, and overconfidence could all make you overextend your bankroll and trust your form over actual statistics and research. As much as emotions are part of being a sports fan, it’s essential to balance emotionality with rationality so that you can make the right betting decisions.

Bankroll management is not rocket science. It requires setting a budget, tracking bets, following predetermined rules of wagering, shopping around for the best prices, and managing your emotions. Incorporating these tips into your betting game plan could be the missing piece of the puzzle needed to turn a hobby into a profit-making venture, particularly when betting on sports. Join FanAdvice and let your bankroll slowly, but surely, grow!

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