How to Manage Your Money In Sports Betting

Just like a football club, if you do not manage your money properly, you will sink into debt and unable to pay for the players wages, stewards for home matches bus for away matches, and even the simple maintenance of the field. To win sports betting in the long run, you need to have a bankroll which is separate from your daily expenses and build it up from there.


What is a Bankroll?

A bankroll is money that is set aside and the only purpose of a bankroll is to help make you win more money in the sports betting world. Just think that if you bust your bankroll, game's over. So NEVER let your bankroll bust.

How not to bust your bankroll?

Contrary to many, you do not need a huge bankroll to survive for long in sports betting. But what you need is strong mental discipline on money management, and of course, a good money management system.

Money Management 

There are various kinds of money management styles and each have their benefits and risks.

• Kelly Criterion
• Flat-Betting
• Unit Size Betting
• Martingale 
• Reverse-Martingale
• Compounded strategy (Great for Bankroll building)

Conclusion

I do not advice you one money management from the other. It is up to each individual preference and risk profile. If you are a casual punter, who bets for the thrill and excitement for the game, go ahead and bet however you like, but it is likely that you will lose money in the long run.
For more serious punters, if you are betting for money (don't we all?), choose a money management style that suits your personality and your aim.

I am using the compounded strategy, in my Journey from $10 to $10,000. Please join me in my journey and feel free to comment on what you think of the types of money management styles below.