What is necessary to make a good management
Controlling your money
Nobody better than you to establish a betting budget, right? Start small and try to understand as much as possible about the betting market.
It is normal to lose in the beginning. So, it is important to work with a spending limit.
Make spreadsheets to monitor your income and expenses. Besides controlling your money, you can see in which type of bets you are making mistakes.
Analyse your bets
Not wasting money with random bets is crucial. A good bettor should always calculate the odds of the game.
Therefore, do not bet on games that bring you doubt. You may get shaken by the outcome.
Emotional control
Decisions made in desperation tend to have less chances of success, so keep calm. If you are acting on impulse, stop and think. Change your methods and start again.
Understand the market
Learn everything about the competition and specialise in one betting market. It is no use shooting to all sides, focus on optimizing your results.
An example is football, which has several markets. By keeping your studies in only one, your dominance of the subject increases and so do your chances of getting it right.
Learn to work with methods
Methods are different rules that you follow to achieve results. We use them for self-control, recover losses and even improve profits.
It is possible to change the methods you work with. However, it is necessary to learn how they work.
Main methods of bankroll management
Fixed amount
This method is often exploited by beginners in the betting business. It is used to guarantee small losses, and to allow several bets.
It consists of always betting the same amount of money, usually stipulated by the bettor. It is intended to be a low amount.
Its advantage is to ensure that the bettor does not lose money quickly. In addition to limiting people from spending all the money in the bank on impulse.
However, if you think of earning quick profits, evaluate another option. With this method, in the same way that the loss is small, you win little too.
Bankroll percentage
The basis of this method is the same as that of the fixed amount, however, instead of stipulating a fixed amount, a fixed percentage of your total bankroll is applied. Usually 2% to 3%.
A great example is: In a bankroll of $100, the percentage applied of 2%, equals $2.00.
If you win the bet, and make a profit of £2.00, the bankroll is left with a total of £102.
The next bet placed must be set at $102. In other words, the next bet must be $2.04 and so on.
The big advantage is that your profit always increases, and accompanies the total value of your bankroll. However, if the bets are wrong, the amount subtracted will also be from the total money.
Martingale
This is perhaps one of the most famous methods in the world. The martingale may seem like a desperate act, but it is actually a very well thought out strategy.
Its use boils down to each time the bettor makes a mistake, the amount wagered is doubled until he wins again. With this, he recovers the money lost from all previous games.
Exemple:
- Amount wagered: $5 Result: Lost Bankroll value $95
- Amount Bet: $10 Result: Lost Banker’s Value $85
- Amount Bet: $20 Result: Lost Banker’s Value $65
- Amount Bet: $40 Result: Won Bankroll worth $105
This is an important technique to recover your losses, but be careful, it has its risks. If you don’t have some money in your bankroll, it may break.
You can notice that to bet $40, the bank got only $25, and would have no money to make the next martingale. In other words, the bank broke.
Kelly’s Criteria
Kelly’s criteria tends to be one of the smartest methods to know what amount to bet. Its results are derived from a simple formula, created by physicist John Kelly.
