Managing your bankroll is one of the most important aspects of sports betting. It can make or break a handicapper’s profitability not just for a season but for an entire career.
The term “bankroll” is a generalized concept that encompasses many different factors that vary between players including overall goals, personal financial situation, income, opportunity cost, back up plan, spending and more. Ultimately, the goal of any bankroll management strategy is to have enough money to cover your losses if you are not winning and still be able to play with profit.
Casino games have the potential to lose money extremely fast, so it’s even more critical that players manage their bankroll. It is crucial for all players to set aside a bankroll of cash they can afford to lose and stick to it, regardless of how well they are doing at the tables. This can help keep casinos fun and prevent gamblers from making bad decisions when they are on a losing streak.
It’s important for all players to track their results in some way, whether it be using a spreadsheet or an app, to audit their performance and look for any areas where they need to improve. The data accumulated over time will also show players what their strengths (say, two-unit college basketball underdogs and three-unit MLB totals) and weaknesses are (say, one-unit NBA first-half wagers and two-unit NFL moneyline bets). Keeping track of this information will help players optimize their betting strategies to maximize their profits.