How to Manage your Bankroll When First Beginning Sports Betting
If you are a newbie to sports betting and have not yet figured out a way of managing your bankroll, here are a few things you can do to get organized.
How much can you afford to bet? -- The most important thing many newbies do not do is to calculate the amount they can afford to bet at the beginning of every month. Instead of doing this, they just keep placing bets on matches that are interesting to them until the money runs out and they have to stop.
Managing your bankroll means knowing how much money you can bet at the beginning of each month, and then keeping track of it as the month goes on. You can calculate this by looking at your monthly income, deducting the amount needed for bills and spending money and seeing how much is left. A percentage of this is how much you can afford to bet that month.
How much to spend per bet? -- The next step in managing your bankroll is calculating how much you can afford to spend per bet. That is done by calculating the amount of money in your bankroll divided by the number of bets you will place that month. The total is the amount you can spend on each bet you place.
Keeping track of your bets -- Keep a record of every bet you place and the result over the entire month.
This will not only help you manage your bankroll, it will also help you identify the bets that are doing well for you and those you should avoid in future.
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