How to be discipline in managing your bankroll? - page 7.

MAAManda

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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?

Although I've read about how to manage money in trading or betting, but it all doesn't apply to me, it makes me even more confused. So I personally don't have any strategy other than making a special allocation every month, usually between $ 100 - $ 400, and if the allocation runs out in that month, I'll not add it again. In addition to the loss limit, I also have a win limit, if it has reached at least 3x my bankroll, I'll make a withdrawal and will try to gamble again the following month.

Cryptomultiplier

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

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

I have always people who talk much about sticking to a said budget and actually have the discipline to do so in the end.
The issue I have with such a strategy is just the simple fact that one may bet more if they are addicted and mostly bored and also if they have friends that do so quite often and are generous with their betting codes.

If you got a winning ticket from a trusted friend and you have exhausted this percentage you allocated for strict gambling purposes, what then would be the next course of action for you?
Am sure giving an answer to this question will make one know if they are ready to pay the price of letting such strategy abide or if they would prefer going with the flow during real sure bets.

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Quote from: $crypto$ on October 07, 2024, 10:25:15 AM

Usually to gamble $10 - $20 from the signature income of each week, if winning then will not increase the allocation every week then I will maintain the existing winnings with the capital.

However, it is uncertain about the amount every month, even I myself cannot calculate the exact amount, sometimes a month can spend $20 because some bets can be won, then that money is used to bet again.

From the rest of the winnings, it will be interesting to leave a little in the account so that sports betting can continue every week.

Im also doing this stuff wayback when im still that earning $50 per week on my campaign on which i do really allocate at least $10-15 amount for me to gamble and the rest of the
amount would really be used into other means like buying up some food or any needs on which this is something that could be that significant if it would really be that accumulated.
It will really be just that depending on you on how you would really be gonna spending your money because if you do really need up something then you would really be just basically
be mindful on spending or making up some budget on which this is really that a must thing to be done i should say, but people do really failed up into this aspect.

BABY SHOES

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A $2000 income and 10%-$200 for gambling is too much for me... But I know everyone has a percentage limit for gambling every month but for me this is too big... If it's $200/month then a day you can bet $6 more.

If I have a big income then the gambling bankroll will not be that big or even less because I know it's too big for me... Maybe 1-5% would be better than above 10% even though you have a sense of responsibility but still we with a small monthly income think this is big.

$crypto$

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Usually to gamble $10 - $20 from the signature income of each week, if winning then will not increase the allocation every week then I will maintain the existing winnings with the capital.

However, it is uncertain about the amount every month, even I myself cannot calculate the exact amount, sometimes a month can spend $20 because some bets can be won, then that money is used to bet again.

From the rest of the winnings, it will be interesting to leave a little in the account so that sports betting can continue every week.

SUPERSAIAN

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Quote from: Frankolala on October 07, 2024, 08:13:14 AM

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

If the limitation is broken, the gambler can then be dragged down the cliff, which is usually the case. If you are a sports bettor or a regular gambler, if you do not set limits for yourself, the result will be really bad. Instead of making money, your ambition will bring you a lot of trauma.

Your relationship with your family and friends will be damaged, your morale will be damaged and it will not get better for a long time. Therefore, it is best to draw a line for yourself and not go beyond that line.

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Quote from: Sanitough on October 07, 2024, 09:54:05 AM

If you’re a regular sports gambler, you’ll eventually get to the point where you’re curious about how others become winners in sports betting. As they say, most of us are bound to lose in the long run, and that’s largely due to a lack of discipline, especially in bankroll management.

Just imagine maintaining a high winning percentage, but then emotions take over, and you go all-in on a bet only to lose it all. That’s the trap in gambling--the greed to quickly recoup losses, which often leads to bigger losses. Discipline is key to avoiding that downfall.

I completely agree with you. This was my story when I started. I think that people who start out betting on sports and even online casino at least I can speak for my region, start out with indiscipline and out of control then at a point they may realize if they, I mean the wise ones that if they continue that way, they will end up losing a ton of money and wrecking their lives. I think that it where the curiosity now steps in and they begin to curtail their betting expenses and even have a proper bankroll management.

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For those who are gambling occasionally, this i not important to them because they gamble once in a while, making it easy for them to limit their losses. However, a gambler that gambles weekly or daily needs to set a gamble budget to prevent him from excess loss when gambling.

Although, I have a gamble budget for my weekly gambling but sometime due to tight schedule at work, I might not have time to gamble throughout the week except during weekends. If I am unable to use all my budget that week, I carry it over to the next week without refilling it and if it happens that I exhaust my budget, I don't gamble anymore till it is refill. I think this are simple practice that will keep one save from careless gambling that might become a problem to us in the latter.

Doan9269

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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.

Well, on this, we all have our different approach on how we engage the use of our bankroll for gambling, but i will also bring to our notice that not all gamblers only have a single source of income, some have a multiple source and they can afford to use more than 1-5% of their monthly income, that is why is it not good enough for us to make comparison of ourselves in gambling, every gambler should treat his gambling style according to his affordability.

Solosanz

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Quote from: AmoreJaz on October 07, 2024, 09:06:40 AM

It may not be 1% or 10% of the salary, but as long as you can afford the amount to lose. So it doesn't matter how much is your salary. As long as you are spending the amount that you can very well afford to lose. Whether in sportsbetting or casino classics, the gambler should see to it that the money being used is the money that he can get rid of without any significant impact in his financial aspect of life.

Yep, that 1%-10% is just a basic rule in order to make it easier to understand, after all it's back to our own preference.

Just like 40(needs) /30(debt) /20(savings) /10(wants) spending rule, many people say it's really help them, but for me it's not a good rule. My spending rule is 40% needs, 59% savings and 1% wants, there are no debt because I don't take loan.

As long as it's not affect other people life, it's fine.

stomachgrowls

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Quote from: Lucasgabd on October 07, 2024, 09:08:26 AM

Quote from: AmoreJaz on October 07, 2024, 09:06:40 AM

Quote from: danherbias07 on October 07, 2024, 09:02:24 AM

It's easier for me to be disciplined in my bankroll when it comes to sports betting because I only pick games that I have very high knowledge of and I don't do blind bets anymore unlike how I did it before. Ever since I computed all the money that I wasted by making parlays from sports that I have no knowledge about, that's when I stopped.
This is why I get to bet rarely when no NBA is happening and UFC and Boxing are events that mostly happen weekly and sometimes none in a week. Therefore, my balance is intact as long as I don't find the game that I want to bet on badly.

In casino games it's different, it's difficult to be disciplined there especially when you are on a losing streak. The problem is, those games are 24/7 available and you can deposit anytime you want and instantly play the game. This is where it goes wrong for most gamblers.

The same as you, I only gamble a part of my salary that I can afford to lose and I try to stick with it.

It may not be 1% or 10% of the salary, but as long as you can afford the amount to lose. So it doesn't matter how much is your salary. As long as you are spending the amount that you can very well afford to lose. Whether in sportsbetting or casino classics, the gambler should see to it that the money being used is the money that he can get rid of without any significant impact in his financial aspect of life.

maybe the salary matters a little bit and your discipline with investing and doing other things besides gambling too
regarding managing bankroll having a clear set of rules and ALWAYS following them is probably the most important thing
sometimes you may be tempted to break your rules and even if this works it's a bad idea
reflect on your rules and change them if you need to but don't develop bad habits breaking them

Managing bankroll is something that will really be hard to do even if we do say that you do have that bigger bankroll or capital but its not something that you could easily to avoid on losing in a short period of time.
When doing gambling then it will really be that crucial that you should really be that having that control and moderation when it comes to capital. Only spend on the amount on which you can afford to lose,
also when it comes to gambling then this is something that talks about entertainment or leisure on which you will really be just that making use of the amount that it is really that extra. Main mistakes of people
who do get involved with gambling is really that trying out to make profits as much as they could and ending up on having no good handling about into their finances and thats the main reason on why
they do really end up on messing their lives because of wrong decisions or actions.

SmartGold01

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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.

I think I made similar post before here in the forum and in this section were someone argued about that it's not wise assigning a particular amount to gamble. Well, I felt very bad not because he disagree to what I am saying but I just felt bad because s/he didn't know what was doing because as I know gambling without assigning a specific amount to gamble can either made you a gambling addicts, and someone who can't give a concrete list of how much he has been using to gamble, but if allocation of funds is implemented it would help reduced the amount and how often a gambler should gamble after the initial deposited amount has been exhausted s/he will have to wait till the next month to allocate that same amount to continue gambling with this gambling addiction can be narrowed or gradually eliminate.

retreat

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Maybe for some people managing their bankroll is easier if they allocate their income each month not in the form of a percentage, but just a certain amount of money, because not everyone has a fixed income each month or has income that can be allocated regularly - maybe they can gamble 100 usd this month, or 150 usd next month. So the point is to stick to the amount that someone is ready to gamble, which is money that has been allocated previously after calculating other more important priorities, then they can stick to that and not go beyond that.

Sanitough

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Quote from: Davidvictorson on October 07, 2024, 09:43:14 AM

Not everyone understands bankroll management because when they first started to gamble it was based on peer influence.

Most of us start at this stage.

Quote from: Davidvictorson on October 07, 2024, 09:43:14 AM

To add to it, many gamblers do not even read gambling books, or watch gambling related videos or podcasts they therefore may not have even come across the word talkless of how to implement it. I like your example, it is easy to understand and I hope those who don't understand the concept and how to apply it makes use of this example.

If you’re a regular sports gambler, you’ll eventually get to the point where you’re curious about how others become winners in sports betting. As they say, most of us are bound to lose in the long run, and that’s largely due to a lack of discipline, especially in bankroll management.

Just imagine maintaining a high winning percentage, but then emotions take over, and you go all-in on a bet only to lose it all. That’s the trap in gambling--the greed to quickly recoup losses, which often leads to bigger losses. Discipline is key to avoiding that downfall.

Findingnemo

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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. 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?

$200 is 10% of 2K not just 5% so in case if you are mistaken.

That's pretty good approach of how to manage your bankroll and having self control is the key to not to lose more than we are supposed to do but I would also say t's better can be flexible and no need to make it as a habit that should have been followed all the time. It's okay if you send 10% instead of 5% but you need to compensate for the next month or even two just to show you can control the urge of doing it.

Davidvictorson

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

Yesterday I commented on a topic where the user was talking about revenge gambling. I made mention of responsible gambling as one of the ways to minimize losses which is inevitable. And today I am here reading one of the perfect topics that is an example of responsible gambling. Not everyone understands bankroll management because when they first started to gamble it was based on peer influence. To add to it, many gamblers do not even read gambling books, or watch gambling related videos or podcasts they therefore may not have even come across the word talkless of how to implement it. I like your example, it is easy to understand and I hope those who don't understand the concept and how to apply it makes use of this example.

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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?

What a complete strategy you present, it's pretty good for gamblers who have an income of $2k, I agree with you about the division of finances in your betting plan, if it's $200 then form 10% of your total income.
Only for the division of $200 we can manage it again depending on how many gambling sessions we will use in a month's betting period, then just divide by the amount of your gambling budget, for example you want to bet 1 time a week, then if 1 month is 4 weeks then you will bet 4 times, and the $200 will be divided by 4 gambling sessions which is $50.
Seeing how much is left at the end of the month, winning or losing, it's back to yourself whether to add it or not, even if you get a win then you only need to choose to withdraw or continue, the most important thing in this case is that the gambling budget should not be more than the amount we have determined to lose in gambling.

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Quote from: AmoreJaz on October 07, 2024, 09:06:40 AM

Quote from: danherbias07 on October 07, 2024, 09:02:24 AM

It's easier for me to be disciplined in my bankroll when it comes to sports betting because I only pick games that I have very high knowledge of and I don't do blind bets anymore unlike how I did it before. Ever since I computed all the money that I wasted by making parlays from sports that I have no knowledge about, that's when I stopped.
This is why I get to bet rarely when no NBA is happening and UFC and Boxing are events that mostly happen weekly and sometimes none in a week. Therefore, my balance is intact as long as I don't find the game that I want to bet on badly.

In casino games it's different, it's difficult to be disciplined there especially when you are on a losing streak. The problem is, those games are 24/7 available and you can deposit anytime you want and instantly play the game. This is where it goes wrong for most gamblers.

The same as you, I only gamble a part of my salary that I can afford to lose and I try to stick with it.

It may not be 1% or 10% of the salary, but as long as you can afford the amount to lose. So it doesn't matter how much is your salary. As long as you are spending the amount that you can very well afford to lose. Whether in sportsbetting or casino classics, the gambler should see to it that the money being used is the money that he can get rid of without any significant impact in his financial aspect of life.

maybe the salary matters a little bit and your discipline with investing and doing other things besides gambling too
regarding managing bankroll having a clear set of rules and ALWAYS following them is probably the most important thing
sometimes you may be tempted to break your rules and even if this works it's a bad idea
reflect on your rules and change them if you need to but don't develop bad habits breaking them

AmoreJaz

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Quote from: danherbias07 on October 07, 2024, 09:02:24 AM

It's easier for me to be disciplined in my bankroll when it comes to sports betting because I only pick games that I have very high knowledge of and I don't do blind bets anymore unlike how I did it before. Ever since I computed all the money that I wasted by making parlays from sports that I have no knowledge about, that's when I stopped.
This is why I get to bet rarely when no NBA is happening and UFC and Boxing are events that mostly happen weekly and sometimes none in a week. Therefore, my balance is intact as long as I don't find the game that I want to bet on badly.

In casino games it's different, it's difficult to be disciplined there especially when you are on a losing streak. The problem is, those games are 24/7 available and you can deposit anytime you want and instantly play the game. This is where it goes wrong for most gamblers.

The same as you, I only gamble a part of my salary that I can afford to lose and I try to stick with it.

It may not be 1% or 10% of the salary, but as long as you can afford the amount to lose. So it doesn't matter how much is your salary. As long as you are spending the amount that you can very well afford to lose. Whether in sportsbetting or casino classics, the gambler should see to it that the money being used is the money that he can get rid of without any significant impact in his financial aspect of life.

Quote from: lovesmayfamilis on October 07, 2024, 08:05:42 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. 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 are playing on a single casino/bookie, would be easy to calculate as you can already see the amounts in your deposit and withdrawal history. In that way, you will know if you are doing good or not. Also, as much as possible, don't incur any debt just because you want to play. If you will do such act - you will soon realize that it will be your wrong move in this game.

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It's easier for me to be disciplined in my bankroll when it comes to sports betting because I only pick games that I have very high knowledge of and I don't do blind bets anymore unlike how I did it before. Ever since I computed all the money that I wasted by making parlays from sports that I have no knowledge about, that's when I stopped.
This is why I get to bet rarely when no NBA is happening and UFC and Boxing are events that mostly happen weekly and sometimes none in a week. Therefore, my balance is intact as long as I don't find the game that I want to bet on badly.

In casino games it's different, it's difficult to be disciplined there especially when you are on a losing streak. The problem is, those games are 24/7 available and you can deposit anytime you want and instantly play the game. This is where it goes wrong for most gamblers.

The same as you, I only gamble a part of my salary that I can afford to lose and I try to stick with it.

Topic: How to be discipline in managing your bankroll? - page 7. (Read 1328 times)