Bankroll management is one of the most important things to understand as a sports bettor. It is right up there with finding the best lines and prices on a game, and it can make or break a handicapper’s profitability for not just one season but for their entire betting career.
One of the biggest mistakes that punters make is to increase their bet size too quickly when they are on a winning streak. This is usually down to an inflated sense of self assurance, or simply to greed. Either way, it can lead to poor decision making and ultimately ruin a bettors profit potential.
To avoid this, it is essential to have a good understanding of bankroll management and to implement some sort of strategy that suits your individual needs. It is also important to keep detailed records of each bet that you place so that you can track your performance and identify patterns.
There are a few different strategies that can be used to manage a sports betting bankroll, and the one that works best for you depends on your personal circumstances and budget. However, there are some general rules that can be applied to any betting bankroll management strategy. First, it is crucial to never bet more than a small percentage of your total bankroll on any one event. This will help to minimize your risk of ruin and ensure that you are always able to bet when the odds are in your favor.