We all like to place sports bets but not all of us know how to use our budgets efficiently: Usually, “all or nothing” is the only sports betting management system we use.
However, using a proper money management system for sports betting is of crucial importance.
Note that this is not about your budget: Even if you are a millionaire, you still need to use a sports betting bankroll management system for efficient gambling.
Doing so will allow you to control your losses, keep track of your betting history, and even create new sports betting strategies that will increase your winning frequency.
To learn more about sports betting money management, keep reading: We will tell you everything you need to know.
What Is The Meaning Of Sports Betting Bankroll Management?
If you are serious about making money from sports betting, you must think of it as a business. And as you already know, no business can stay alive without managing its funds properly. The same thing applies to you too: You are investing money when you place a bet and you have a certain budget – let’s call this “capital” from now on.
No matter how big is that capital, you must use it according to a plan. If you spend it without a worry in mind and on random things, your business will go bankrupt. But if you use it efficiently, you can control your losses and know what to invest in.
This is what online sports betting bankroll management is. By using a plan and a system, you can gamble more efficiently and always stay in control. Once again, you may have 100 EUR or 1.000.000 EUR to spend – the amount of your capital is not important. No matter how rich you are, you must use a sports betting money management system when placing bets.
What Is The Importance Of Bankroll Management In Sports Betting?
By using proper bankroll management sports betting systems, you can:
- Know what to bet on and how much to bet
- Control your win and losses
- Gamble responsibly
- Get the best out of your gambling budget
- Keep track of your betting history and analyze your wins/losses
- Create new strategies and analyze new possibilities
In short, controlling your betting budget is of crucial importance for every gambler out there: Sports betting bankroll management systems will let you play smart.
Try our Money Management Tips at these recommended betting sites:
Best Sports Betting Money Management Systems
Ok, enough with the introductions: Let’s start talking about best money management system sports betting by giving out practical examples. Before we start, we must explain a term: Below, you will see that we are using “units” as a term more than once. This is a reference to your bankroll. All of the sports betting money management systems are based on units.
Here is a simple example: If you have a 100 EUR budget, you can divide it into 10 units. Each unit will represent 10 EUR and will count as the minimum bet amount you will place. So when we say “1 unit”, for example, we will be referring to a certain percentage of your bankroll (budget). Simple, right? Let’s continue with the most popular gamble money management systems.
This is probably the easiest sports betting money management system. It is also called “fixed staking” and “level staking” too, all of these mean the same thing. In this system, you determine the unit you will use and keep using the same units for all of your bets, until the season ends or you win/lose a certain amount. Here is a practical example:
- You have a betting budget of 1.000 EUR for the entire season
- You decide to use 1 unit (10 EUR) for each and every one of your bets
- You will keep doing so until the season ends, or,
- Until you make a 100 EUR net profit or lose all of your budget.
Basically, choose a specific amount and stick with it, until one of the two possibilities happen. As we said, it is as simple as it gets. But does it work? We will answer this question below.
This sports betting bankroll management system is based on the Martingale strategy but uses a “controlled” version of it. The idea is finding bets with low odds (i.e. 1.10), keep betting the same unit until you score a winning, and doubling the unit amount after that. Does it sound complex? Here is an example:
- You have a betting budget of 1.000 EUR
- You start by placing 1 unit (10 EUR) bets. You will continue to do so until you win one of your bets.
- After winning a bet, you will double the amount and start placing 2 units per bet. Again, you will use this new value until you score a winning.
- After winning another bet, you will increase the unit value to 4 and… You get the idea.
The Martingale strategy requires doubling the wager after every loss, but Snowball sports betting money management system asks you to wait until you win, that’s the main difference.
Kelly Criterion Betting
Invented by J.L. Kelly in 1956, who was a researcher at Bell Labs, Kelly criterion is seen as one of the most effective sports betting bankroll management systems. Unlike other systems, it has a specific mathematical formula, which looks like this:
[(Winning Probability x (decimal odds-1)) — Losing Probability]: (odds-1)
Looks complex, right? Basically, this formula shows how much units should you allocate for a specific sports bet. The result will be a number, and if it is 20, for example, you must use 20% of your bankroll for that event. So, does it give accurate results? We will answer this question below, but for now, note that this formula contains two important values: winning probability and losing probability.
Lastly, let’s take a look at the point betting system. This one requires you to create different units with your bankroll, and use them according to how likely it is for a specific outcome to happen. Ok, this sounds confusing, so let’s give a practical example:
- You have a betting budget of 1.000 EUR
- You divide it into 10 units, 15 units, 25 units, and 50 units
- You will try to predict the outcome of a sports event
- If you think that outcome is likely to happen, you will bet 50 units
- If you think that outcome may happen, you will bet 15 or 25 units
- If you think that outcome may happen but it is still a long shot, you will bet 10 units
Basically, you will create a priority system and allocate your bankroll accordingly. Now, since we have listed the most popular sports betting money management systems, let’s answer the obvious question: Which one is the best?
Which Bankroll Management Sports Betting System Is The Best?
First of all, there is no single brilliant bankroll system – all of these sports betting bankroll management systems have their advantages and disadvantages. Let’s start with the last two because they depend on the same thing: Your ability to make an accurate prediction.
When J.L. Kelly invented his system, he used it on a heads or tails game and used the results to show that the strategy works. And it really works, as long as you can correctly predict two values: winning probability and losing probability. We asked you to remember these two above and there was a reason. The formula does not contain these values: You need to find these figures by yourself. And since it is impossible to find the exact values, the best you can do is making a “good-enough” estimation. If that estimation is close to the real values, yes, Kelly Criterion system will be useful. The same thing can be said for the point betting system: As long as you are able to calculate the real winning odds, it will allow you to efficiently manage your budget too.
The question is, are you sure you can do this?
The Snowball Betting system has its problems too. It is still the Martingale strategy at its heart, and Martingale bets on the assumption of “you will win sooner or later”. It is not a real system, it just says “if you bet on the same probability for a long time, you will win it sooner or later”. This is true, but nobody can say when you are going to win. So if you don’t have a budget to back you up until you score a winning, you can easily go bankrupt. In other words, this sports betting money management system may work for high-rollers with deep pockets, but if you are a low-roller, you should stay away from it.
The only one left is the flat betting system. Well, believe it or not, this is the sports betting bankroll management system choice of the professional players. Why? Because it simply works. With the flat betting system:
- You can limit your losses and use your bankroll more efficiently, and,
- If you use 1 unit for all of your bets, you can still continue to play even after losing 99 bets.
It really gives you the best bang for your buck. Flat betting won’t make you a millionaire but it also won’t allow you to go bankrupt. It is a long-term sports betting money management strategy and if you are looking for “quick and dirty” winnings, flat betting won’t give you that. However, quick and dirty wins usually come with bankruptcy too – never forget that.
Sports Betting Bankroll Tips And Tricks
After analyzing all the popular sports betting bankroll management systems, here are our recommendations:
- Use a sports betting money management system spreadsheet. Taking notes of your units and betting history will allow you to see your mistakes. And your victories too, they are as important as the losses. Use a spreadsheet and keep track of your bets and bankroll.
- Use a sports betting bankroll management calculator. Converting your bankroll and using them as units may become challenging after a while: Instead of taking mental notes, use a bankroll management calculator. You can find dozens of them for free on the internet.
- Know when to stop. The most effective strategy for bankroll management sports betting is knowing when to stop. Most of the players tend to keep playing especially after losing a bet, thinking that their luck is about to turn. The thing is, their luck never turns. Know when to stop and take a break after a loss. Use this break to find about your mistakes and switch to a different strategy if needed.
- Never surpass your bankroll. Same goes for the “win-strikes” too. Once you start winning, you think that it will never stop. Most of the players increase their bankroll at this point: You are already winning anyway, right? The problem is, there is no such thing as a “winning streak”. You will lose too, and probably before you expect it. Respect your budget and never increase it just because you have scored a couple of winnings. Always stay within the limits of your budget. Betting can be a nice hobby but only if you play responsibly.
Use A Proper Bankroll Management For Sports Betting To Gamble Efficiently
Well, you have learned about all the sports betting money management systems and find out which one is the best. Moreover, you have read our tips and tricks on sports betting bankroll management too.
Now, you are ready to play like a pro: Pick one of these sports betting money management strategies according to your budget and start placing those bets. By managing your bankroll efficiently, you can get the best out of sports bets.
And if you need a recommendation on which online bookmakers are the best to use a sport betting money management system, you can always pick one of our suggested bookies. Do not forget that we update our recommendations and guides on a frequent basis, so visit us often. Good luck out there!