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A professional sports bettor knows he can take a loss, since his bankroll is big enough, and he has not bet the whole thing. He also knows that in the long run, he will win more money than he loses, as long as he has the correct betting strategy.
Money management is a key factor in becoming a professional bettor. Managing your bankroll wisely will make sure you do not bet everything on a single event. It means you will have money to spare in order to make up for losses. Good management sets professional bettors aside from professionals. Casual bettors usually make single bets , usually as a one-off, without any long-term strategy or goal. They see a match they want to bet on, make a deposit, and place their bet.
Usually the bet for the same or similar amount as their deposit. If they win, they will either withdraw immediately or bet again until they lose. Professional bettors have a bankroll. They use this to invest in different events, using a betting strategy.
After they have made several wins, they withdraw their profits, leaving enough money in their bankroll for future investments. This is how they ultimately beat the bookies. Open a Free Account with William Hill. There are two basic strategies in choosing how much of your bankroll to risk on each bet.
Most professional bettors use either a constant percentage or units. Each has its own advantage. Many professional bettors will consistently bet a certain percentage of their bankroll. A good percentage could be anywhere between 1 and 3 percent of your total bankroll. This has an obvious advantage. As your bankroll grows, your bets will also grow in size organically.
If you lose, you can make smaller bets until you resume your win streak. This is one easy way to keep from going broke. Other bettors simply bet in units. This means you will have more or less the same amount for each bet. Best is to divide your bankroll in 50 or units.
Betting small bets instead of giant ones might mean it could take a while before you start making a worthwhile profit. However, remember, you came here to make money, not just to have a bit of fun. Focus on the long term. Both strategies units or percentages allow for a bit of flexibility of course, but do not be too flexible with them. You can choose to bet double or triple units on an event, or choose a higher percentage.
However, we recommend not using more than three times your normal unit or percentage for any bet. A systematic approach pays off in the long run and we recommend changing your methods only after careful analysis. While a systematic approach to betting size is key, your bet size should ultimately depend on at least three things: your bankroll, the odds and the value.
Of course, if you see odds with very good value, you can consider betting a bit higher, especially if you are on a win streak. There are several more advanced bankroll strategies , which can give you a good indication of how much you should bet in any situation.
These depend on the value of the bet and your win streak. The most scientific of these is the Kelly Criterion, while Level Staking and the Fibonacci Method are also very popular. We will discuss each of these in detail. The Kelly Criterion is one of the most popular methods. It was proposed by J. Kelly , Jr, a researcher at Bell Labs, in It is a mathematical formula that will give you an indication of how much you should bet, taking into account the probability of something happening versus the odds offered on it.
The theory proposes that you should bet a higher percentage of your bankroll according to value. Open a Free Account with Betfair. The Kelly Criterion offers the following formula for simple bets with two outcomes:. The formula for the Kelly Criteria, from Wikipedia. If you make the calculation with a negative value , the calculation will give you a negative amount and recommend that you do not bet. The Kelly Criterion method has its critics, yet has still stood the test of time.
Of course, a lot depends on your assessment of value. Bookies are constantly looking to eliminate value by offering accurate odds as possible. Of course, there are many factors that can influence these odds, such as money coming in that moves the lines, overestimation of certain athletes, popularity, injuries, and more.
Still, you should assume that bookies are no fools and know why they are publishing certain odds. It is up to you to outsmart them. There are several kinds of Kelly Criterion ; some are more bullish, while some are more bearish. The Full Kelly is the method described above.
If you follow it consistently, it can be risky. Still, if you are correct, a good win streak can have you winning big and fast. It all depends on your accuracy of estimating value. For example, with odds at 2. If you want to be more conservative in your approach, you can choose the Fractional Kelly.
Here, you can make the Kelly Calculation and use a fraction of it instead of the Full Kelly. In the end, this can be a more advantageous strategy, since you will risk less of your bankroll. The Constant Kelly works almost the same as the Full Kelly method. However, you need to wager a percentage of a fixed amount, rather than your total bankroll. If you have regular funds you wish to bet with, rather than a fixed bankroll, this is one way to manage your funds.
Level staking is a simpler form of bankroll management. In this strategy, you simply bet a fixed percentage of your bankroll. If you have a continued win streak, you slowly increase the percentage. If you run into a losing streak, you decrease your stake. This makes sure you are always in control of how much you are betting. While this method is less advanced than the above, it is simple and easy to understand. It is more a way to keep mental discipline and stay sharp, than a scientific method like the Kelly Criterion.
This method can easily be used in combination with a Fractional Kelly, however, which is what we would recommend. The Fibonacci Method is a method of bankroll management that is based on the Fibonacci sequence that was devised the 12 th century by a genius mathematician of the same name. A Fibonacci sequence begins with the numbers 1 and 2. Each number is the sum of the previous two numbers.
Calculating the sequence and using it to bet is easy. Starting with 1 as your bet size, you move to the next step every time you win. Every time you lose, you move down two steps. This can be a risky betting strategy, especially since it does not take the odds or value into account.
However, it can be a very dynamic way to build your bankroll, especially if you are on a significant win streak. If you want to take less risk , you can combine this with the Fractional Kelly. Open a Free Account with Paddy Power. There are various theories regarding how to manage your bankroll. The best of these is to oversee your grubstake by being conservative. Stay away from parlays and other exotics as these really favor the sportsbook and not the sports bettor.
Make your first 45 to 50 wagers single wagers. Again, you want to intelligently manage your money and that means keeping emotion, outlandish hunches and desperation betting out of the picture. First, you have to divide your betting bankroll into units. A unit represents your minimum wager. Here are some examples:. As an example, you may decide that your foundation bet, the one you make consistently, will be one that carries even odds, or you may decide that foundation wager will range from even to odds.
Professional sports betting is not about a quick-hit win on a shot. It is about what every other business is about—knowledge, knowledge and more knowledge honed through experience and transformed into skills that will make you successful.
Money management is one of the most important aspects of this endeavor. For the player it was all about that agent pulling off the big deal. The same can be said about in-running wagering. One of the major problems for any sports bettor and especially those wagering on live events, is bankroll management. Yet, this is the essence of being a successful sports bettor. Sports gambling, like other types of gambling, is all about money management.
Always remember that successful sports bettors, which means those who are in the game for the long run, are experts at three things—sports rules and strategies, understanding odds, and money management. Make sure that you write down every bet that you make, the type of bet and how much you wagered. Money management takes discipline and many sports bettors are bad at it because they lack discipline.
It may help if you think of this as an investment. Ask yourself, would you keep pouring cash into a bad investment?
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