Many people get into betting games to win the prize pool. With each loss, the player feels the urge to play again in the hope of winning the next game. This desire to win the game at all costs leads most of the time to misuse money intended for the bet. Some people find themselves completely robbed. Here is a comprehensive guide that can help you better manage your bankroll to help you avoid this inconvenience.
What exactly is a bankroll?
Whether it’s online poker or a limited multiplayer online multiplayer game, the term bankroll refers to the player’s cash flow, in other words, the money you have available to play with. It’s the cash you have on hand at the cashier’s desk, not the chips on the table, as some people think. Bankroll is defined as the bettor’s capital that is intended to be used for sports betting. There is no fixed amount that determines a bankroll. It is up to the player to establish his bankroll according to the bets he wishes to make. If you are still having trouble managing your bankroll, we will explain in this article how to do it so that you don’t run out of money.
Bankroll management: definition and necessity
Bankroll management aims to properly use the money allocated to the bet or already won during the bets. In this hypothesis, the player must take all the necessary measures to ensure that his reserve is not exhausted. Just because you have won several games in succession does not mean that you automatically have to win the next ones.
Always keep in mind that betting is a game of chance and that you can lose at any time. Even if you have a fortune, never rule out the possibility that you might fail. Many people with huge incomes have been impoverished as a result of one or more bets. Worse still, if you make large bets, supposedly to be a wealthy person.
Clearly, it is essential to manage your bankroll well. This will allow you to set yourself playing limits and keep you away from the risk of being robbed. You will therefore take steps to avoid wasting money.
Secrets to better manage your bankroll
It is more than essential to be wise during a betting game, which requires good bankroll management. When you’re a beginner, management can be very progressive. Initially, the idea is to manage your money by counting on your bonuses. To do this, we recommend opening several accounts to have sufficient funds. For those who would like to manage their bankroll well, it is advisable to make a 5% bet every time an opportunity arises.
All in all, the amount of the bet should be set according to 3 criteria, and you can choose between one or the other. First is the confidence index. It is measured from 1 to 10, and it allows you to set the exact amount of your bet. But first, it’s a good idea to deduct an amount equal to 5% of your bet.
You can also bet according to the odds. But first, you have to determine the amount that is 5%. You have to understand that the lower the odds, the lower the value of the bet. This will allow you to have a constant payout even if the value of your bet is low.
Alternatively, you can use Kelly’s method of determining your bet amount:
- Kelly’s Constant;
- Kelly Fraction ;
- Total Kelly.
Each of these forms of bankroll management has its own ideas. The Kelly Total is a sufficiently risky method. It offers the possibility of betting about 50% of one’s bankroll.
The Kelly fraction is simpler and more conservative. What makes it unique is the fact that it allows you to bet 50% or 25% of your capital. Depending on the bet chosen, this method can be called half Kelly or a quarter Kelly. This technique is much more interesting than the Kelly total, although it gives the impression of a reduction in winnings depending on the fraction chosen at the outset. On the other hand, there is the Kelly constant which resembles the Kelly total, with the only difference being that the percentage of the amount to be bet is constant at 15%.