Or is it that referee who sent off the player of the team we had put money on? Of course, none of these factors can be foreseen and all of them are left to luck.
1. Get rid of your biggest enemy
If we want to manage our bankroll well when we place sports bets, the first thing we have to do is learn how to get rid of our biggest enemy, but first we have to learn how to identify it.
But what can be foreseen is our lack of self-control, our lack of coolness at the moment when our brains become clouded.
By this, what I mean is that in order to be able to make a good bankroll management in sports betting we will have to assume that our biggest enemy is ourselves.
2. Publish your bet in a forum or blog
Secondly, my recommendation is that you post your bet on a forum or blog to keep track of it.
With this, you will avoid the useless attempt of trying to guess live bets, where the only certainty we have is that the best one is the one with the lowest odds.
In addition, this encourages our self-control derived from not wanting to look bad and embarrassed with the rest of tipsters, which will force us to analyse and reason our bet.
3. Always assign stakes to your bets
Keeping track of the bets you are going to place will also allow you to better manage the allocation of stakes. The stake is the probability that we give to a bet that it will happen and, depending on this, we decide the money we bet.
In this sense, always assigning a stake will allow us to control the management of the bankroll of our sports bets as we will try to act more responsibly. For example, assigning stakes will help us not to commit follies such as making an All In at odds that are too low.
Avoid live events that you are not following
If there is a live event that you do not know or are not following, the most sensible thing to do is not to bet on it.
During the event the odds increase or decrease in a predetermined, therefore objective, way. Watching the sporting event gives us a subjective view as bettors that allows us to make better decisions, so if we can’t follow it the best thing to do for our bankroll management would be to avoid it.
5. Don’t bet with distrust
In many occasions, we avoid betting because of fear or distrust of certain bets that, if they end up coming out, we torture ourselves with the well-known thought of “if only I had bet in the end”.
The best thing to do is to think that what we have done is the best thing for our bankroll management, as we should not bet unless we have everything in our favour. Even a hunch is not a good reason not to bet, as most of the time the outcome is usually negative.
6. A loss is not made up in a day
If we suffer a big loss in our bankroll, we should avoid trying to recover everything we have lost in one day. Although the loss may make us angry, the ‘all or nothing’ moments are too likely to end in nothing and then the loss is doubled.
Keeping a cool head is the hardest thing to do, but we need to do it to keep betting in a normal, cautious and reasoned way. If we are unlucky enough to end up losing everything, the best thing to do is to take a break and analyse our mistakes from the outside with a cool head.
With all this advice, I would like to share with you some of the most frequent mistakes made by bettors. If you try to take them into account, you will be able to manage your bankroll much more effectively.