How to be discipline in managing your bankroll? - page 3.

Fivestar4everMVP

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Quote from: Charles-Tim on Today at 09:51:13 AM

If I am earning $2000 monthly, I can not use more than 1% of it to gamble. That is $20 weekly. I can use $5 weekly for gambling. But there are times that I may not gamble for a long time and use higher amount but in a way that it will still not be more than 1% weekly to gamble. Using very small amount to gamble is very important for gambling not to have negative effect on your financial life.

You are very correct and i completely agree with you, this is possibly one of the biggest secret many people don't actually understand.
If one is really gambling as a means of just having fun and getting experiences, and not particularly for making profit so to say, then gambling with a very tiny insignificant percent of one's monthly income is very important, and this is because, the very moment one begins to spend as much as $100, $200 on gambling monthly, he or she will begin to develop strong interest in making sure he or she wins, as a means of recovering this money or part of it atleast, this amounts are huge and we cannot deny it, it won't be easy to just forget about it if one looses all of it to gambling no matter how wealthy the person is.
But loosing like $5 to $20 monthly to gambling can be easily forgotten since it can come off as nothing to someone earning $2000 and above monthly.

memehunter

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Quote from: stadus on Today at 08:48:31 AM

Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

Lol, the whole essence of gambling is to take big risks in the hope of a big hit. Your bankroll management strategy will lead towards boredom, and sooner or later you will eventually take big risks to cover losses. If you have that much discipline, you would not have leaned towards gambling.
Gambling is fun based on dopamine and adrenaline rushes, and if you are not taking enough risks to feel uncomfortable, you will always be unsatisfied as a gambler. Now keep in mind that when I am talking about gambling, I mean betting on matches just for fun and money without doing enough research. If you are placing bets after researching, it cannot be termed as gambling; it is just another work, and if you enjoy the process, you will be much better off like any other profession or occupation.

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Quote from: stadus on Today at 08:48:31 AM

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?

Although the hypothetical example is on the high side with 20% of $2,000 being $200. For a reasonable gambler, 10 % max should be the range on monthly expenses on gambling. But ultimately, I think the challenge for how much stake to bet on is greed which is basically caused by lack of emotional control. So whether 5 or 10% , a gambler who doesn't have that strong emotional balance would keep playing until the deposit could be exhausted.

That is why I believe experience is the best teacher in life of a gambler. A newbie gambler does not understand all the percentage calculation and advise until he has gone through bankrupt experience often times then he could start reading and moving towards bankroll management.

To manage bankroll is easy only if you are determined not to refill after exhausting initial amount for the month. No determination is the reason for bankroll mismanagement.

Dr.Bitcoin_Strange

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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.

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Quote from: stadus on Today at 08:48:31 AM

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

I have never gambled above my limit or against my wish and I tried as much as possible to maintain and sustain a safety gambling practice because I know the implications involved gambling uncontrollably because when it gets to addictive phase it would be very hard to control. Most people do not allocates specific funds to their gambling and for that they can lose huge money without accounting how they loses those money to the gambling site. I do not even gamble all the weeks most times when I am touched or feels like I have some cool games to bet on then I have to slate out money for that week to gamble immediately it's settled I will wait for another good moments to gamble.

Charles-Tim

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If I am earning $2000 monthly, I can not use more than 1% of it to gamble. That is $20 weekly. I can use $5 weekly for gambling. But there are times that I may not gamble for a long time and use higher amount but in a way that it will still not be more than 1% weekly to gamble. Using very small amount to gamble is very important for gambling not to have negative effect on your financial life.

sunsilk

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Quote from: stadus on Today at 08:48:31 AM

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

I'm doing a similar method and sometimes it's even lower than those percentages that you've mentioned. It's a matter of control of budget and emotion and these two factors will make you more disciplined once you're able to control it.

Any percentage and allocation from your salary or spare money will do. What matters here is that it won't hurt your pocket a lot and it won't be allowing you to sacrifice things for other expenditures that seems dear to you.

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Quote from: bitbollo on Today at 09:29:42 AM

200 usd in a western countries will allow to pay: 3/4 streaming service + internet connection + parking for a scooter.

If you are ok to waste such items each month go ahead..

If you think it's just a waste of money, then $200 might seem like a lot. But if you truly believe in your skills and are serious about being a successful gambler, a $200 monthly bankroll is reasonable. I’ve been in that situation, risking more than I should, and it doesn’t feel greatm, especially when your bets are too high. However, sticking to $10 per wager feels manageable, especially with that monthly income, as long as you follow the rule and avoid chasing losses.

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Quote from: stadus on Today at 08:48:31 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?

Well, it's a good strategy you have shared, but I will guess this is only effective for people who are really active in gambling, like those who possibly have commited themselves to gambling/betting on various sports games on daily.

I myself is an occasional gambler, this is to say that, I don't gamble that often, so, possibly, I don't need a complex bankroll management method, I do things a bit differently, and what I do is that when ever I feel like to gamble, or do some sports betting, I simply take a very small part of my money, amount I take depends on how much I have at that moment and how much I willing to loose to gambling and it won't affect me in any negative way.

So, I just take fund and deposit it on my preferred casino, and then off I go with betting and playing my favorite games, if I loose all the money in the process, I simply forget and move on, but if I win, I withdraw about 60 to 70 percent of the winning and continue playing with the rest of the fund.

I don't gamble that frequently, sometimes, I can go several months without gambling. So, gambling is not really a serious business for me to begin to think of how to manage bankroll and so.

bitbollo

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I find 10% of monthly income a huge amount to be used for gambling. Or you will have a kind of stop loss, otherwise it's an huge amount for gambling.
200 usd in a western countries will allow to pay: 3/4 streaming service + internet connection + parking for a scooter.

If you are ok to waste such items each month go ahead. In 10 years it's like you have wasted an entire year of hard work ... just for nothing...

Best ways for bankroll management:
It should be limited as much as possible (unless you have some strong insights for your bets).
Never leave money inside a gambling site/bookmaker.
Never play amount that you need, never try any magic trick with your cash.

bakasabo

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First of all I would say that I dont set a special bankroll based on my monthly income. My philosophy is, that I try not to stick to specific numbers when it is about entertainment, leisure for me and my family. Partly this is because I know a feeling when you are in moment of excitement and it suddenly stops for some reason. It totally nullifies previous effect of "fun". However, I have disciplined myself about managing finances in general. I record all my expenses and income. Quite often I check ration of how much earned:spent, see all my balances, and sticking to quality more than quantity in addition to being a person that saves money, lead me to situation when I can simultaneously know when to stop, and spend until I feel like it is enough of fun for today.

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Quote from: Frankolala on Today at 09:13:14 AM

Quote from: stadus on Today at 08:48:31 AM

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

I think for someone earning $2000, $200 is too much to gamble with because it has exceeded the maximum percentage which is 5%.$100 is 5% of $2000 and that amount is cool for gamblers with high gambling appetite. Bankroll management is the major problem majority of gamblers are facing because they lack discipline and some don't know the right amount that they should use to gamble.

OP must be wrong with his calculation, 5% of $2000 is $100 not $200.
It could be too much for some but for someone who doesn't have a lot of financial responsibility in life, I think $200 is fair.

Quote from: Frankolala on Today at 09:13:14 AM

After setting aside 5% of your income for gambling, you should also set a time limit that ypu atick to whenever you are gambling. It will ebable you have proper discipline on your gambling activities and reduce your losses.

Time management is very important, and since OP is focus on sports betting, I think it doesn't consume a lot of time compared to casinos games.

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That’s a good practice actually. However, on my part, I don’t set any amount or percentage but only stick to the amount I can afford to lose. And it’s never a problem to me since I only gamble occasionally, and when I gamble, I make sure to separate funds just for gambling, enough for me to satisfy and entertain me, winning is just a bonus. But it’s more fun actually if I end up winning significant amount, although losing is also inevitable.

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Quote from: stadus on Today at 08:48:31 AM

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

I think for someone earning $2000, $200 is too much to gamble with because it has exceeded the maximum percentage which is 5%. $100 is 5% of $2000 and that amount is cool for gamblers with high gambling appetite. Bankroll management is the major problem majority of gamblers are facing because they lack discipline, and some don't know the right amount that they should use to gamble.

After setting aside 5% of your income for gambling, you should also set a time limit that you stick to whenever you are gambling. It will enable you have proper discipline on your gambling activities and reduce your losses.

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Quote from: lovesmayfamilis on Today at 09:05:42 AM

It will be a good practice if, at the end of the month, we can analyze our profit or loss. Conduct several such calculations to correctly draw up your monthly budget allocated for games or entertainment.

That's absolutely necessary if you're planning to gamble long-term and take it seriously. Bankroll management shows that you're committed to developing your skills and approach, starting with disciplined control over your finances. It’s a foundational step for any serious gambler.

Just like a business venture, you'll have to evaluate your business and make necessary adjustments along the way.

Quote from: lovesmayfamilis on Today at 09:05:42 AM

Moreover, it will be reasonable to pay off all obligations before starting to spend money that you essentially do not have, if there are any debts or loans. It is much easier to calmly pay taxes and not try to compensate for losses with the help of gambling.

If you have a lot of debt, limiting gambling is definitely wise. Personally, I base my 5% limit on my net income for a safer approach. To break it down: if I earn $2,000 per month and my expenses total $1,000, my bankroll for gambling would be $50 for the month. It might not seem like much, but with discipline, you can still enjoy gambling over the long term without financial stress.

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It will be a good practice if, at the end of the month, we can analyze our profit or loss. Conduct several such calculations to correctly draw up your monthly budget allocated for games or entertainment. Moreover, it will be reasonable to pay off all obligations before starting to spend money that you essentially do not have, if there are any debts or loans. It is much easier to calmly pay taxes and not try to compensate for losses with the help of gambling.

Wiwo

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I don't have any set bankroll for betting each month, what I do is to set aside an amount that I can afford to manage to play for long with that can at least cover my whole week even though if I go on a persistent loses, and if I get lucky to win a few bets along the way, I make sure to withdraw my winnings before anything else.

Difference bettors with their own unique bankroll management, but the most important thing is to stick to the approach that best work for you as an individuals.

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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?

Topic: How to be discipline in managing your bankroll? - page 3. (Read 246 times)