Friday, October 3, 2008

Sports Betting

How to Manage Your Sports Betting Bankroll - Essential For Long Term Profits

If you want to profit in the long term from betting on sports, then it does not matter how good your picks are if you do not use good bankroll management. In this article, I'll share with you 3 great ways to manage your bankroll.

Constant Percentage Betting

This is the most common way to manage your bankroll. Do not make the fatal mistake that many "gamblers" do which is to bet your entire account or even half of it on one game. These types of punters are always reloading their accounts and losing money, hand over fist for eternity! They are a bookie's dream!

Instead, you should bet only a small percentage. Even 10% is actually too much because a short run of events going against you can severely impact your balance and further increase your risk.
Most pro-bettors will bet about 2% of their balance, of what they can afford to lose. This might sound small but this is low risk and will allow you to realise your long term profit potential.

Dynamic Scaling

This is a further step from constant percentage betting. Let's say you start with $100 in your account and you bet $2 per bet. When your account rises to a balance of $150, the $2 bets are no longer representing 2% of your total balance. You are actually not taking enough risk and your profits are less than what they could be.

So you should scale up your bets dynamically as your balance changes. In this case you should now be betting $3 each time instead.

Constant Profit Betting

Some bettors (not many) will instead go with constant profit. So if they are betting on a match with really long odds, they will stake less. If they are betting on a hot favourite (short odds) then they will bet more.

They will do it in a way so that the winnings will be the same every time.

The downside is that the stake on each bet (the risk) will be different for each bet. If you go with this strategy I advise you set a maximum risk limit e.g. 5% of your balance.

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