Managing your capital efficiently
It might be said that to earn money by betting, all you need to do is choose the right bets. But this simplistic and comforting vision neglects an essential point about the world of sports betting: the role of luck. The healthy management of your betting capital is crucial if you are to come out on top in the long term.
Never wager your entire bankroll
The first point to follow if you want to win is to avoid losing everything! And the only way to be sure of not losing everything is to never risk it all at once.
How much should you bet?
Most punters agree on the fact that you must never wager more than a certain proportion of your capital, but not everyone agrees on exactly how much. Some say 1%, while others go as high as 20% when confidence is very high. The best solution is probably somewhere between the two. Betting 1% of your capital means there’s no risk of you going bankrupt, but unless you have a really large amount of capital, betting so little means minimal winnings and the risk of losing your interest, given the lack of a significant profit. Furthermore, betting too little could cause you to place more bets and follow tips that you might otherwise avoid if you bet at higher stakes. However, betting 20% - a fifth of your capital - could soon lead to bankruptcy if you have a bad run.
Stakes according to the type of punter
For somewhat "defensive" punters, who prefer to wager small amounts, 5% could be seen as a good compromise. Indeed, this leaves you a large safety net to absorb failures, while also offering you clear and reasonable profits. For somewhat "aggressive" punters, who tend more towards stakes of 20%, dropping down to 10% seems to be a viable alternative: the winnings will remain significant while offering you greater security.
Adapting your stakes to the bet
You may also decide to adapt your stakes to your level of confidence in your bet. This allows you to minimise your losses on a somewhat tricky bet and maximise your winnings on a highly likely event, provided that you make intelligent choices!
Choose a percentage of your bankroll – between 5% and 10%. Give your bet a score out of 10. Divide this score by 10. Multiply the result by the percentage of the bankroll that you have defined and you will obtain the ideal amount of your stake.
For example, if I estimate the chances of a win for team A to be 6/10 and the percentage of the bankroll that I have chosen is 7%.
6 divided by 10 = 0.6.
0.6 multiplied by 7 = 4.2
Concerning the chances of a win for team A, I must wager 4.2 pounds.
If you don’t feel the need to manage your stakes in such a meticulous manner, at least try to remember this advice which is fundamental to the management of your money and your long-term profits: Never bet your whole bankroll at once.