How to be discipline in managing your bankroll?

shasan

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

If you win then still your maximum bet is 10$ or you increase your maximum bet amount? Also, if the total amount becomes double or multiple times of the initial amount then you withdraw the winning or you keep all the funds on the gambling sites.

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Quote from: Samlucky O on October 13, 2024, 12:22:05 AM

Well I wouldn't argue with you about that, surely there are times when we blow our bankroll in the first week. Sometimes 1 day or 2 depending on how we are controlled by our emotion. Sometimes We add fund, we blow it off, add again and keep gambling and end up almost emptying our account, but it's due to our lack of self control and allowing our emotions to control us. And also not being self decisive.

So now this thread is trying to point out our weak aspect, and the way we can mitigate our spending to save more. We should put it into consideration than still following the old part that keeps controlling us.

True, if we can change that way and if we can manage to control our emotions instead of it controlling us, there are chances that we may get decent results, there are gamblers who can and there are who can't, the outcome for those who can't mostly topping more money and keep experiencing loses, while for some who can control they can either lessen the loses and managing to keep their target allocated amount of money to use or sometimes being lucky they will earn from their routine strategy.

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Quote from: Fredomago on October 08, 2024, 06:08:39 PM

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Quote from: Nrcewker on October 08, 2024, 11:53:11 AM

I believe the 40:30:30 rule. I use 40% of the monthly expenses for daily needs/paying bills. I save 30% of the monthly income. Later funds are used from here if any emergency occurs. The last 30% I invest in various fields. Now some certain percentage from this 30% is used to spend on gambling. I don’t do frequent gambling. I only place bets on the matches where my favorite team or player plays. If I lose, then I wait for the next month to deposit again and recover the lost money.

Your strategy is a nice one, but am supprised on how you can cope up without gambling after you have lost your expected bankroll which should have been used till month end in a short period of time. Because I know many people usually set aside some amount of money for gambling, to use it gradually till the end of the month. But with this your strategy don't you think you might end your bankroll so suddenly? and might be tempted to touch your savings or any other important money? For me it is good you split your gambling fund across the week, in other not to use all your bankroll at once.

If you are someone whose really that liking or wanting to enjoy most of the amount or budget that you do have set for the whole month, then you would really be thinking up that you would really be splitting it out and make most of it or able to enjoy in a couple of days or weeks if you are lucky but we do know that not all people would really be something like this on which there would really be those individuals that they would really be wanting or liking on making one bet or all in on a particular gambling session and if they do deplete their balance then its completely that totally gone.
Its true that there's a chance that you will really be making more deposits on the moment that this one happens .but actually this one will really be depending on someones control.

Agree to this, depending from how a person set its goal and how good it is practicing his strategy, it's a tough call when balancing emotions against managing your bankroll, there's always a temptation along the way that might change things even you fully set things up, once you break your own rules then automatically expect that you'll ruined that months or weeks budget, and expect to add more deposits and lose a lot.

Well I wouldn't argue with you about that, surely there are times when we blow our bankroll in the first week. Sometimes 1 day or 2 depending on how we are controlled by our emotion. Sometimes We add fund, we blow it off, add again and keep gambling and end up almost emptying our account, but it's due to our lack of self control and allowing our emotions to control us. And also not being self decisive.

So now this thread is trying to point out our weak aspect, and the way we can mitigate our spending to save more. We should put it into consideration than still following the old part that keeps controlling us.

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

I really love you ideas regarding this, it will be very nice if only the gambler will always stick to the plans of not refilling till the next month no matter the losses that occur within that particular month, this will work best for monthly income earners. However, naturally having an effective budgeting and funds allocation is very good as it helps in spending ones funds on necessities, and in gambling it reduces the chances of being addicted and sustaining a responsible gambling behaviors, staying according to the plans is what can be very difficult, and it requires personal discipline, because one can get carried away along the line if not careful.

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Quote from: Onyeeze on October 11, 2024, 03:22:40 PM

Quote from: Dr.Bitcoin_Strange on October 07, 2024, 08:56:35 AM

Yea, I agree with you. This strategy can help one manage their bankroll very well and can further promote the responsible gambling habits in bettor. Gambling is not a source of income and because it is not, a gambler needs to budget a small amount to spend on gambling, which will reduce the temptation of wanted to spend all their salaries on gambling.

I like your point of views, because I know very well that gambling some people misunderstood the process of gambling until they experienced loss repeatedly before they can adjust, I can see that if you have not experienced loss in gambling you will not amend from gambling, when you see some who participate in gambling as a source of income, you should not blame them that much because they have not experienced loss, if gambling fails them like twice you will not see them to imagine such, that gambling can be a source of income, gambling is something that come with risk and its obvious.

Before anyone will begin to see gambling as a source of income, the problem is from who actually talked them into gambling or where they learned how to gamble from. For example, when I initially started gambling, I had high hopes because I thought that gambling is something that can just go as predicted. I didn't even know that games can be fucked up and my money will waste, but a few times after trying it, then I realized what gambling is really all about.

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Quote from: Peanutswar on October 12, 2024, 01:33:36 AM

Even not in the monthly income percentage base on my experience I settle all the things I need such as the bills, rent and basic needs, also need to consider to have savings and emergency funds now if that's enough for a day and make an extra money that's the time I do play gambling just a little extra and not just a percentage because not all the time we know that the funds sometimes get short depends on the daily basis situation so I do as I settle what for a month needed to make sure I don't need to get bothered when somethings needed unexpectedly. Base on my last play I do 200$ just to play casual and hit a good profit and make a cashout for the extra funds so other time I play again there's in my wallet.

Learning to manages our money to gamble will be necessary and important because that will help us to prevent the big lose that can happen anytime. We must have a strict discipline to manage our bankroll and no need to use all of the money for that day to be used to playing gambling. Even if you are rich, you need to manages your bankroll to gambling because gambling can make you lose all of your money if you are not carefully to use the money. It is need more practices to have discipline in managing your bankroll so you will not lose too much money in gambling.

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Quote from: Peanutswar on October 12, 2024, 01:33:36 AM

Even not in the monthly income percentage base on my experience I settle all the things I need such as the bills, rent and basic needs, also need to consider to have savings and emergency funds now if that's enough for a day and make an extra money that's the time I do play gambling just a little extra and not just a percentage because not all the time we know that the funds sometimes get short depends on the daily basis situation so I do as I settle what for a month needed to make sure I don't need to get bothered when somethings needed unexpectedly. Base on my last play I do 200$ just to play casual and hit a good profit and make a cashout for the extra funds so other time I play again there's in my wallet.

You are right, sometimes in a day we can spend different expenses, and if we accumulate it per month sometimes we spend a lot or less, adjusting to our daily expenses. Sometimes there are expenses that we don't expect and we have to prepare them well. Before we gamble, we should be able to make sure that we can meet all of that, whether it's for basic needs or to be saved as an emergency fund. Indeed, when we gamble and can win a large amount, it will allow us to hold money. However, we must see the risk first rather than seeing the victory that we "might" get, because the chances are quite small.

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Even not in the monthly income percentage base on my experience I settle all the things I need such as the bills, rent and basic needs, also need to consider to have savings and emergency funds now if that's enough for a day and make an extra money that's the time I do play gambling just a little extra and not just a percentage because not all the time we know that the funds sometimes get short depends on the daily basis situation so I do as I settle what for a month needed to make sure I don't need to get bothered when somethings needed unexpectedly. Base on my last play I do 200$ just to play casual and hit a good profit and make a cashout for the extra funds so other time I play again there's in my wallet.

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Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200.

From the write-up, this should not be more than $100 tho satisfy 1% to 5% mark.

Quote

And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

What if the person is not paid monthly, the person may be paid weekly or every three days or even daily. I think the person shouldn't assume what he/she would earn in a month and fund their casino account because that could mean counting your chicks before they hatched

The percentage should be in your current earnings as at the time you are trying to gamble and if you get new funds and wish gambling again, then the percentage should be drawn upon the new funds only.

It's a sound percentage, myself grabbing with 2% every weekend and so far, I don't have a problem

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To be successful in the game you have to be very successful in managing our money, our funds are the most important thing to us , since it is what allows us to be in the game all the time, I think that things when we are in a casino can be treated differently , because there are those who are very wasteful (usually rich) and those who manage their money and stretch it to the maximum in order to get some fun and obviously money, because here what is Emphasized is money, and that is what we want to take care of and in some way multiply , control our funds because I think that everything flows , whether you win or lose.

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Quote from: Dr.Bitcoin_Strange on October 07, 2024, 08:56:35 AM

Yea, I agree with you. This strategy can help one manage their bankroll very well and can further promote the responsible gambling habits in bettor. Gambling is not a source of income and because it is not, a gambler needs to budget a small amount to spend on gambling, which will reduce the temptation of wanted to spend all their salaries on gambling.

I like your point of views, because I know very well that gambling some people misunderstood the process of gambling until they experienced loss repeatedly before they can adjust, I can see that if you have not experienced loss in gambling you will not amend from gambling, when you see some who participate in gambling as a source of income, you should not blame them that much because they have not experienced loss, if gambling fails them like twice you will not see them to imagine such, that gambling can be a source of income, gambling is something that come with risk and its obvious.

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Quote from: Fredomago on October 10, 2024, 01:47:27 PM

Quote from: Dewi Aries on October 10, 2024, 12:41:00 PM

Basically, financial management is an important aspect that must be possessed by someone when they are involved in an activity that involves risks such as gambling, but this financial management ability will most likely only be possessed by a gambler who understands, knows and is aware of the risks in gambling, in the sense that when a gambler only focuses on his chances of winning, it is very unlikely for them to be able to put limits on the amount of money at stake, usually they always want to bet large amounts because they want to get big wins.

Therefore, this is the reason why we are always advised to respond to everything with a rational mindset with common sense, because that way you will most likely know and be aware of the various unwanted possibilities that can befall you at any time, and I would say that good financial management skills are not to generate more wins but to minimize the possibility of losing significant amounts of money.

Well said and I completely agree with that, if you are seeking to win then most of the time your judgements will lead you losing a lot, as instead of controlling your emotions you'll be tempted to push for more, that's why it's very important to have that self control and manage your finances correctly, the chance of fulfilling that enjoyment with lesser losses of your money might achieved.

More on your self assessment and how you'll plan managing your bankroll, budget and target amount needs to sync with your strategy.

Actually, if you really want to win, it doesn't mean you have to always force yourself to continue gambling, because after all, it is an action that will ultimately only harm you, but it is a fact that unfortunately most of them do not know that obsession and various forced actions will only make them lose a large amount of money instead of winning.

On the other hand, I will say that anyone can gamble with the intention of seeking victory, but it is only allowed if you are able to control and manage everything well, in the sense that there is no action that is too forced, I can gamble with that intention but I will still try to keep everything under control, and that way I will not experience bad things because when it turns out that the session ends in defeat, that's where I will stop, which means luck is far from me at that time.

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Quote from: Maslate on October 10, 2024, 11:49:22 PM

Quote from: Rabata on October 10, 2024, 11:15:22 PM

If a specific budget is kept every month then a gambler does not have to worry about the budget and he gets a chance to have uninterrupted gambling.

It’s not that simple, sure, you set a budget based on your monthly income, but your bankroll is supposed to be the only amount you gamble with. Now, let’s say you blow through that in just a week, and you still feel the urge to keep betting. There are so many games you want to bet on or you want to make up for your losses. That’s when you might be tempted to break your own rules. So yeah, it really takes a lot of discipline—easier said than done.

That's the right term, easier said than done, it takes a lots of experience to control yourself, though there are many gamblers who are unable to control but there are some that due to keep practicing they'll be able to master that control and manage to lose only the amount that they can afford to let go. Not easy in terms of resisting temptation especially if you do have some spare most of the time, you'll have that mindset that you may win on your next try and will be able to recover whatever you lose.. and that's it you ruined your setup and expect to lose more...

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Quote from: $weetne$$ on October 10, 2024, 03:50:55 PM

Quote from: Su-asa on October 10, 2024, 12:45:08 PM

Having a bankroll for gambling each month can be very helpful, it saves you from touching money wrecklessly. If you can set aside a moderate amount of money for a month and decide that no matter what happens to those funds you won't exceed it this would give you more control and restrictive measures to be disciplined in terms of managing funds. Withdrawing your wins just like you said is a display of discipline, instead of rolling over and trying to push your luck it's best to withdraw from each Profit made on every bet.

Our bankroll should depend on how often we gamble because you can not be a very active gambler that does it almost daily and yet you set a monthly budget. There is no way that you will be capable of living up to that budget but having a weekly budget can help you to stay disciplined and not not exceed your weekly budget. When I was actively gambling I always set a weekly bankroll then any profits that I make from my bets, I add a percentage to my bankroll to increase it and continue gambling. I still maintain discipline to not exceed my budget regardless of what happens. If I was to lose everything, I will have to stop gambling for the week and wait until next week comes before I strategize for my next bets. Gambling without a budget does you no good but only harm therefore we should be on a budget always.

In my perspective, anyone that should often actively engage in gambling on a daily basis creates the picture of someone who gambles for a living and to say the least am quite unsure about such individual's ability to hold on to a specific bankroll never exceeding it at any point in time. Though am not saying it's ain't possible but It's gonna need a total commitment to discipline to maintain that. I personally don't gamble that often in a week as I am careful not to go above my bankroll due to how small a bankroll I keep for each month.

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Quote from: Rabata on October 10, 2024, 11:15:22 PM

If a specific budget is kept every month then a gambler does not have to worry about the budget and he gets a chance to have uninterrupted gambling.

It’s not that simple, sure, you set a budget based on your monthly income, but your bankroll is supposed to be the only amount you gamble with. Now, let’s say you blow through that in just a week, and you still feel the urge to keep betting. There are so many games you want to bet on or you want to make up for your losses. That’s when you might be tempted to break your own rules. So yeah, it really takes a lot of discipline—easier said than done.

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Quote from: Zadicar on October 10, 2024, 03:01:12 PM

When you do have the discipline and control then this is something that will really be that needing up for you on not to be come that impulsive on which it would really be something that you would really be needed up because on the time or moment that you would really be finding yourself having no control then you might really be ending up on having huge problems on the time or moment that you would be having those kind of greed and other emotional aspect that involves out being that impulsive. On the time or moment that you do find yourself on such condition then you would really be having some issues or problems on which
this could really be ending up on having that kind of similar issues and stuffs. Its really that important that you should really be knowing on what you are really that doing.

You are right, with us who gamble well in the sense that we can manage everything in a limited way, but occasionally there must be a moment when we can lose control of ourselves and the discipline we have will determine it if we have good discipline with consistency and firm behavior then we will succeed in controlling the discipline that we have trained ourselves for a long time, although I am sure there are some people who definitely fail to apply their discipline which results in them losing control of themselves.
Greed or other emotional attitudes will definitely occur and be felt by people who gamble, most people fail to control their emotions when gambling so that it leads them to greater losses such as funds allocated exceeding reasonable limits and that is a big problem that occurs, when in a state like that then it is certain that you are addicted and it is difficult to get out. Only ourselves will help, therefore we must be able to train and maintain discipline in gambling finances.

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Quote from: $weetne$$ on October 10, 2024, 03:50:55 PM

Quote from: Su-asa on October 10, 2024, 12:45:08 PM

Having a bankroll for gambling each month can be very helpful, it saves you from touching money wrecklessly. If you can set aside a moderate amount of money for a month and decide that no matter what happens to those funds you won't exceed it this would give you more control and restrictive measures to be disciplined in terms of managing funds. Withdrawing your wins just like you said is a display of discipline, instead of rolling over and trying to push your luck it's best to withdraw from each Profit made on every bet.

I still maintain discipline to not exceed my budget regardless of what happens. If I was to lose everything, I will have to stop gambling for the week and wait until next week comes before I strategize for my next bets. Gambling without a budget does you no good but only harm therefore we should be on a budget always.

If a specific budget is kept every month then a gambler does not have to worry about the budget and he gets a chance to have uninterrupted gambling. I gamble within my budget most of the time but I can control it even if I exceed my budget at certain moments. Because in gambling it is always difficult to gamble within a certain rules. By planning a budget I will be able to gamble at a fixed rate which will allow me to have uninterrupted gambling until the next budget period. But I like to take chances on certain bets where I have a higher amount of risk. If I win that bet then I can be more profitable there and if I lose there I have to stop betting for a few days. But I will not take any decision that will have a fatal negative impact on my monthly income.

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Quote from: $weetne$$ on October 10, 2024, 03:50:55 PM

Our bankroll should depend on how often we gamble because you can not be a very active gambler that does it almost daily and yet you set a monthly budget. There is no way that you will be capable of living up to that budget but having a weekly budget can help you to stay disciplined and not not exceed your weekly budget. When I was actively gambling I always set a weekly bankroll then any profits that I make from my bets, I add a percentage to my bankroll to increase it and continue gambling. I still maintain discipline to not exceed my budget regardless of what happens. If I was to lose everything, I will have to stop gambling for the week and wait until next week comes before I strategize for my next bets. Gambling without a budget does you no good but only harm therefore we should be on a budget always.

Becoming an active gambler can happen if our thinking is wrong about gambling. Like those who gamble with the aim of seeking profit, people like this tend to gamble excessively and they usually don't see their condition whether they have money or not, but because of their wrong goals, they are likely to become active gamblers, even though it is actually not recommended to become an active gambler, because I don't think there is a clear advantage even to being an active gambler. Even though you keep increasing it and continue to gamble, you can still control yourself or maintain discipline, that's a pretty good thing. You just need to keep maintaining your discipline so that everything goes well, but I think there must be times when you might think about crossing the line or maybe you have already crossed the line.

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Quote from: Su-asa on October 10, 2024, 12:45:08 PM

Having a bankroll for gambling each month can be very helpful, it saves you from touching money wrecklessly. If you can set aside a moderate amount of money for a month and decide that no matter what happens to those funds you won't exceed it this would give you more control and restrictive measures to be disciplined in terms of managing funds. Withdrawing your wins just like you said is a display of discipline, instead of rolling over and trying to push your luck it's best to withdraw from each Profit made on every bet.

Our bankroll should depend on how often we gamble because you can not be a very active gambler that does it almost daily and yet you set a monthly budget. There is no way that you will be capable of living up to that budget but having a weekly budget can help you to stay disciplined and not not exceed your weekly budget. When I was actively gambling I always set a weekly bankroll then any profits that I make from my bets, I add a percentage to my bankroll to increase it and continue gambling. I still maintain discipline to not exceed my budget regardless of what happens. If I was to lose everything, I will have to stop gambling for the week and wait until next week comes before I strategize for my next bets. Gambling without a budget does you no good but only harm therefore we should be on a budget always.

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Quote from: eisen33 on October 10, 2024, 03:55:59 AM

Quote from: Ojima-ojo on October 09, 2024, 04:53:42 PM

Having no bankroll also is another level of decipline on its own and this is because for one to be able to gamble without having a budget and still yet not become addicted makes it possible for such a person to gamble successfully without any form of problems which is another level of control itself.

Any successful gambler can attest to the fact that gambling Budget is hard to mentain sometimes and at that we should be able to stand strong even without a gambling budget in form of bankroll in place.

In my opinion, it's not that complicated with the budget, if I want to play and put aside $50 for gambling, then for me it will mean that I can play until this budget runs out, in case of a loss I will not replenish the budget again and try to play further. And I do not attribute this to discipline but to managing my finances, I will try to distribute this budget so that I can play with this money as long as possible, and to get a win. Not losing everything in one day, this is about managing finances, and not allowing yourself to replenish the bank again on the same day is already about discipline.

Gambling budgets are not meant to be limited on funds, timing is also necessary. The both work properly to ascertain a better control on expenses. Assuming a player decides to gamble for 3 hours in a day and wants to manage $50 for 3 days, he's supposed to stick to the time, and the designated amount he should play in a day.

Because when that time management is not in place, that'll be a weak point to self discipline. Nobody would be capable of retaining their bankroll, if they can't stop playing at a given moment, be it money he's able to lose, whatever affects the duration will deal with the finances of a gambler.

Topic: How to be discipline in managing your bankroll? (Read 1328 times)