Bankroll management is paramount to earning money from sports betting Naija; it represents how the gambler works his money.
In recent years, the sports betting market has found fertile territory. This is due to the growth of supporters of the activity and the pandemic’s emergence, which made many people look for ways to entertain and earn money with good management of betting banks.
However, not everything is perfect. As you can’t believe everything that appears in the online environment, Internet users are suspicious about everything that sports bookmakers offer and whether it’s possible to earn money betting.
So, today you will understand how to manage a bank well and succeed in your bets. Check out!
First, what is bankroll management?
First of all, it is necessary to understand what is famous bankroll management. Bankroll management represents how you, the gambler, manage the amount at your disposal to be successful in the rounds without completely losing your money and, ultimately, losing money.
Well, to prevent that from happening, some methods are used, but not all are effective. What is certain is that, to manage a bank well, you need to bet a certain amount according to the bank’s value to generate profit at the least possible risk.
Negative expected value: a risk for your management
Have you ever heard about “expected value”? So, it’s time to meet him!
Expected value is a term that represents the profit a bettor expects when he keeps betting with the same odds over and over. However, therein lies the danger: the desired value can be positive or negative in this case. If it’s negative, you’ll end up at a loss, even if you have a fantastic technique on how to manage a bankroll.
So often review your results and develop action plans for the coming weeks.
Learn about bankroll management techniques
How about knowing the most common methods used in bankroll management? So check out about each of them below:
When a player bets all in a single spin. Not recommended strategy, as the bank value will be equal to the value used in the bet.
Developed by mathematician John Kelly, this algorithm considers the probability of an outcome occurring and the odds of the bookmaker. The formula used is Kelly = (BP – Q)/B, where B is the house odd, P is the probability that the result will occur, and Q is the probability that the effect will not occur.
Fibonacci straight is also a method used by bookmakers. It suggests that the bettor bets on the tie and, every time there is a setback, he moves to the next number in the sequence: 1, 1, 2, 3, 5, 8, 13, 21, 34…
When the player sets the same value for all of his bets, regardless of any changes in his bankroll, it is an advantageous model, albeit limited and restricted.
When the player chooses a percentage of the bankroll to be used for each bet, generally, 2% to 5% of the total amount is used.
Martingale Method: Reliable or Not?
The Martingale method is a strategy in which a player doubles the stake after losing everything in a game. As it is a very risky and unreliable technique, it cannot be considered a bankroll management method, as it can quickly lead the bettor to loss.