No matter what form of betting you’re into, building a bankroll is one of the things all the pros do. And it’s for a good reason too – not only does it allow you to prolong your experience, but it’s also an effective approach to managing your risk.
The main goal is to let your winnings grow your bankroll. Obviously, the first chunk of it is going to come from your own pocket, but once you get good at the art of betting, you’ll essentially be playing with other people’s (or the house’s) money.
With the help of these tips, we’ll show you how to build your bankroll the right way…
DO: Stick to your guns!
Are you particularly good at a certain game? Although it may be tempting to branch out and start learning other games, you should stick to your guns. That way, you’ll be using your existing knowledge to its maximum potential.
Poker Bankroll management, for instance, requires you to master a certain buy-in level before moving on to a higher one. It’s a self-imposed limitation that keeps you from biting off more than you can chew.
In essence, it keeps you honest in terms of where you stand, skill-wise. It also incentivizes you to master a certain variant of the game (such as Hold’em or Omaha) and not to be inconsistent.
DON’T: Bet too much
Betting is all about getting a solid grasp of risk versus reward and learning to recognize when to push forward and when to hold back. The idea is to never blow your entire bankroll on a single bet regardless. At the most, it should be a tiny, pre-defined percentage of it. Although different people have different ideas about the exact number, most would agree that it shouldn’t exceed 5%.
A single bet should only ever be a small percentage of your entire bankroll. (Picture Source: Pixabay.com)DO: Take advantage of promotions
Typically, any sportsbook or casino will entice you to make a bet through them by rewarding you with lucrative bonuses. It pays off to study the conditions of the deal and let the bonuses work for you as you’re growing your bankroll.
DON’T: Foster unrealistic expectations
Forget about making thousands from a $5 or £5 bet. Unlike what’s portrayed in the movies and popular culture, it doesn’t work like that in real life. In fact, one of the unexpected downsides of a pro gambler’s life is the routine of daily grinding. In many ways, it’s much like a day job. You get up, do the work, rinse and repeat. Remember that success equals consistency over time rather than getting lucky with a single bet.
DO: Take a break often
Whether winning or losing, you’re more than likely to experience wild emotional swings and go on tilt. Even the most hardcore seasoned pros are not immune to this, so be wary of it. The solution is defined by responsible gambling guidelines by taking a break often, especially when things aren’t going your way. By doing this, you’ll stop yourself from making emotional decisions that often result in suboptimal betting patterns.
DON’T: Withdraw your winnings too soon
When building your bankroll, you want to see it grow as quickly as possible. As tempting as it may be to withdraw your winnings, how are you going to reach your goals if you unavoidably ameliorate your bankroll as a result? Think of it like building a business, a process that’s referred to as bootstrapping. When working with limited finances, it’s in the entrepreneur’s best interest to funnel all the profits back into growing the company rather than pocketing them.
Conclusion
Whether you’re into sports betting or casino games, stick to the above-mentioned guidelines and you’ll be setting yourself up for success. Keep in mind that succeeding in this field is a marathon, not a sprint – you’re in it for the long haul.
