Sports betting 101: Bankroll management tips
Sports is not just an activity that will keep you fit and healthy. It is also a venue for emotional expression and an escape from real-world troubles. Sports is more than just entertainment because it provides a sense of belongingness and brings people together.
Aside from cheering and watching your favourite team win, betting adds to the thrill of the match. Believe it or not, the experience of watching sports is not complete if you haven’t tried sports betting at least once in your life. Just make sure to set a budget to avoid losing a huge amount of money in the long run.
Bankroll management is one of the best Bitcoin sports betting strategies you should know. Placing your bets on a sportsbet site should just be a form of entertainment and not empty your pocket. To give you an idea, here are some of the best tips on how to manage your bankroll when sports betting:
Bet within your budget
No matter how exciting the match is or how much you support the team, you should only bet what you can afford to lose. It is highly recommended to set a betting limit per match.
Define your bankroll size
You should know the amount of money you are willing to deposit into your betting account. Keep in mind that the amount you deposited is the money you don’t mind losing.
Keep detailed records
Aside from setting a betting limit, bankroll management requires you to keep a detailed record of the amount you wagered and won. This strategy will help you review your past bets and determine which sport or league reaps the most wins.
Don’t chase your losses
Even if you have a huge bankroll, don’t chase your losses. Set your emotions aside and look for another betting market when you start a losing streak. This is also one of the reasons why you should always start with small bets and work your way up.
Choose a unit size
Now that you know the amount of money you are willing to bet, the next step is to identify the percentage of the amount you are willing to set aside for each event. Remember that the unit or bet size should be consistent. You can start with 3% and increase the percentage once you already got your betting phase. If you feel like you are on a losing streak, you can lower the percentage and reevaluate your betting strategy.
Even if you are on the winning side, don’t get your hopes too high because there is still a huge chance for the tables to turn upside down. Remember that Bitcoin sports betting is not always unicorns and rainbows. One way or another, you will win and lose some because that is the reality of the sportsbet industry.
Nevertheless, have a great time placing your bets!