Effective bankroll management is crucial for any sports bettor, and adjusting your bet size as your bankroll changes is a key aspect of that. Here are some tips to help you manage your bets effectively:
Set a Bet Unit Size To start, determine your bet unit size, which should be a percentage of your bankroll that you're comfortable with, typically between 1-2.5%. For example, if you have a bankroll of $1000, your bet unit size should be between $10-$25.
Reassess Your Bet Unit Size As your bankroll changes, you'll need to reassess your bet unit size regularly. A good rule of thumb is to do so with every bankroll change of $500 or $1000 for bankrolls below $10,000. For example, if your bankroll increases from $1000 to $1500, you may want to increase your bet unit size from $10 to $15.
Stick to Your Bet Unit Size It's important to stick to your bet unit size, regardless of whether you're on a winning or losing streak. This will help you avoid overbetting or chasing losses, which can quickly deplete your bankroll.
Adjust Your Bet Unit Size Slowly If you decide to adjust your bet unit size, do so slowly over a few bets rather than all at once. For example, if you want to increase your bet unit size from $10 to $15, do it gradually. This will help you adjust to the new size and avoid any drastic changes that could negatively impact your bankroll.
Reassess Regularly Finally, make sure to reassess your bet unit size regularly. As your bankroll grows, it may become less necessary to adjust your bet unit size with every $500 or $1000 change. However, it's still important to regularly reassess your bet unit size and make adjustments as needed based on your current bankroll and betting goals.
By following these tips, you'll be able to adjust your bet size as your bankroll changes, which is crucial for effective bankroll management. Remember to find a system that works for you and stick to it, and with experience, you can fine-tune your approach and become a successful sports bettor.