Bankroll management is right up there with the most important disciplines that are needed to become successful at sports betting. Most people are conscious that it plays a part in betting, however very few stick to a system that will protect their bankroll sufficiently. We therefore have decided to focus this article on the best ways to manage your bankroll. We will also answer other relevant questions along the way.

The first thing I would like to do is really highlight the importance of managing your bankroll. Losses are unfortunately a part of sports betting and if you are placing too large a percentage of your bankroll on each bet, eventually you will end up losing the whole lot. Managing your money in the right way, in theory, will not allow this to happen. The idea is that you are able to withstand big losing runs should they happen. I understand that managing your money like this isn’t the most entertaining way to gamble and it might mean some people are only placing very small wagers on each bet, however it can be the difference between a winning and a losing gambler.

Here are a few important points to consider:

1 – The size of your bankroll: This money doesn’t even have to be sitting in your betting accounts, but work out how much money you are happy to put aside purely for betting. Make sure this money is completely separate from the money you need to live off, pay the bills with etc.

2 – What bets are you backing? Acca’s, roller’s, singles, short priced favourites, outsiders etc. All of these can have an impact on how much of your bankroll you will use on each bet. If you are backing longshot accumulators, it’s sensible to stake smaller than the short priced singles.

3 – The quality of your bets: Naturally this is a huge factor. You still have to be finding value in each of your selections to make money betting. Even with the most disciplined bankroll management skills you still won’t make profit with mediocre selections.

All of the above points need to be made personal to you. Work out exactly how much money you do have aside for betting and we are good to go. There are many different methods that can be used to manage your bankroll sufficiently, however we will be looking at a very simple, effective strategy that is easy to follow.

Realistically, you don’t want to be wagering more than 2% of your bankroll on any given bet. So if you have a £100 bankroll, your max bet would be £2. Although this doesn’t seem like much, it will allow your bankroll to withstand both winning and losing swings. Using this strategy means your stakes will increase as you continue to win and they will decrease if you start losing. This is providing you stick to betting a maximum of 2% of your bankroll. I would advise to review and change this every week, adjusting it to any wins or losses. Don’t get me wrong, this isn’t set in stone, arguably 2% is a little conservative, however if you would rather stake more, I certainly wouldn’t be going above 5%.

Managing your bankroll when following a tipster:

It can often be tricky to use the right bankroll management if you are following some tipsters, especially if they don’t use a staking plan of their own. However don’t let this change how you stake. You don’t need to change anything for them. For example a tipster might be placing a bet with a £10 stake, if you want to copy them exactly, be sure to have a bankroll of at least £500 to follow this. If it is any less, adjust the stake accordingly.

A very common type of bet at the moment for tipsters is the rolling bet. Which is where you roll your stake over each time onto the next bet when you have a winner, meaning the stake increases each time. With the rolling bet comes horrendous bankroll management in most cases. I have seen some tipsters suggesting starting with a £100 bank, followed by a roller starting at £25, therefore risking 25% of your bankroll each time you place a bet on the roller. This is one of the main issues with rolling bets. You can win 9 bets in a row, but if the 10th one fails you lose the same amount as if the first one didn’t come in. Therefore adopting a strategy like this, using 25% of the bankroll, is suicidal. With this in mind, if you really do enjoy following them, I personally wouldn’t want to be using much more than 1-2% of my bankroll on each challenge. Again, it might seem boring to be turning £1 into £10, however in the long run it certainly will be the right decision to make.

Manage Your Expectations Realistically

Remember, betting isn’t a get rich quick scheme. The saying ‘It’s a marathon not a sprint’ couldn’t be more true. Treat your betting as a business, take your staking very seriously. If you can do this alongside good value selections, you will be able to show a nice long term profit. If you are used to lumping almost all of your bankroll on a pick, then it might seem like a slow and boring way to make money. Especially if you are starting with a small bank. If you feel like this, take your money out and spend it on something else. This will save you from donating it to the bookmakers.

I also want to highlight the importance of making good selections alongside solid bankroll management. Both finding value and managing your bankroll are crucial in sports betting. You need to implement both of them to be able to make money though. My first bit of advice for you after reading this article is to knuckle down and work out how much you will be staking on each bet. Do not hesitate to get in touch if you would like any help with it.

Implications of Poor Bankroll Management

If you are staking too much on each of your selections, it almost becomes natural to start chasing your losses. I don’t want to patronise you by telling you never to chase losses, because this is obvious. However it is far too easy to fall into the trap. If you are sticking to a set plan, you will be far less inclined to keep on increasing your stakes to try and win the money back, because losses don’t feel like they’ve had as much of a hit on the balance.

You’ll see it on Twitter all of the time. A tipster has had a poor day and someone is there giving them abuse losing the plot because of how much money they have lost. I’m not saying they wouldn’t be angry if they were staking sensibly, but I’m certain they wouldn’t be feeling as angry, because a correctly implemented staking plan allows your bankroll to withstand losing runs.

Final Point

I would just like to summarise what I have mentioned above so you can use the staking plan for yourself. Simply work out your betting bankroll, and stake between 1-2% of it on each of your bets. Ideally I would stick with 1%, however 2% is just fine. If you are one to back selections at very short prices, for example at odds around 1.5, then you could arguably push your max bet up to 5% of your bankroll. I know for a fact that some people would much rather stake more than this and are happy too, however if you really want to take your betting seriously, give this a go. Keep a spreadsheet running and note down all of your bets and the results as well, this will be a huge help.

As always, if you have any questions or would like to add anything, please drop us a comment either on here on Twitter. We always like to hear from you!