Bank roll management is one of the toughest issues any bettor or capper has to handle. Sometimes, it’s even more important than betting the right teams.
I’m proud to say that I haven’t had a losing season in the last 8 seasons, but nevertheless, I’m less proud to admit that I lost my entire bankroll 3 times, until I built my current bankroll that been serving me for fourth season straight.
How did it happen? The answer is simple – betting too much on one game, getting too involved in a live game and trying to chase losses.
There is no shame in losing your bankroll, I would say it’s inevitable. The main question is, can you learn from that and prevent it later on?
The most important quality for each bettor is self discipline. To continue to keep a sharp head, even after losing streak that doesn’t end or after amazing hot run, when you think you’re on the top of the world.
Believe me, both streaks will pass.
You have to set very strong limits on your betting and stay within them.
I use a very simple method that helps me stay focused.
1) Before games, I use a 10 units method, with each unit being 0.5% of my entire bankroll. The upside of using percentages, instead of sum, is that you can’t lose it all at once, because your bets will get smaller if your bankroll shrinks.
2) Having said that, I’m not suggesting you change the bets size after every bet. Lets say you have 1000$ bankroll. That’s 5$ each unit. You don’t change it when you win or lose 50$. But when you win or lose 25% of your bankroll – readjust your bet size accordingly. You reached 1,250$? Each unit from now on should be worth 6.25$.
3) Live betting is very tricky, especially in Betfair, where it’s very easy to chase a team and go belly up. I set to myself the same principle as for regular game, so that my biggest possible live bet at once, is not more than 5% of my bankroll.
I do allow myself sometimes, to take a risk and do something foolish – but that is to make another bet on the game live, again, no more than 5% of my bankroll.
It’s often a bad idea, but worst possible scenario that can happen, is that you make three max bets on one outcome and lose 15% of your bankroll. It’s a lot and it’s very painful to lose something you worked very hard to make, but it’s still not too much and your bankroll can easily recover from that.
3) Set very clear withdraw points and stick to them. It’s important to a) enjoy the profits b) set something aside, in case things go bad. I usually withdraw 50% of the bankroll, each time I multiply it X5. That allows the bankroll to always get bigger (even after withdraw we left with X2.5 the original bankroll), but also allows us to withdraw substantial sum. If for some reason, you will lose the remaining bankroll, I would deposit only the size of the original bankroll and start from the beginning.
Since I’m an NBA expert and 90% of my bets are on the NBA, I would also like to write a bit about stakes betting in the NBA.
NBA is a league with huge amount of games. 30 teams that play 82 games each, 50 – 60 games a week are being played during the regular season.
It’s not easy to pick what games to play and what to skip. So many trends for each game, so many stats, facts, numbers and so on.
In such a league, it’s very important to have huge self discipline. Not to take rush bets and so on.
To take special angles bets only, that are backed up by stats and trends or very special stats and trends that are very hard for public to see and you can take advantage of that.
It’s important to make big units bets, only on games with special angle, beyond trends and stats, while keeping trends and stats bets to the medium bets only and always have the strength to skip bets, where there are reasons not to take the bet, even if there are many reasons to take it.
That brings me to the last part of this article and that is why sometimes there are bad streaks in the NBA.
NBA is a game of numbers in the end. To have an advantage over the bookies. Sometimes, despite the advantage, there will be several bets in a row, where bets will lose.
Knowing that you are doing something that you done very good for 8 straight seasons, is the main reason why it is easy to stay the course and not try to change the formula or try different adventures.
Experience is one of the most important things as far as bank management goes and unfortunately, it can’t be replaced by anything else.
The good thing though is that if you have good self discipline and good knowledge of how to bet, experience will come in the end and not at the expense of your bankroll.