Topic: Know what bankroll management is in sports betting? - page 10. (Read 64289 times)

Nope, you're not the only one, any gambler who doesn't have control on his mind while betting would do that. Be sane, don't go insane because money is money no matter where it came from, so even losing a penny matters. If you'll start thinking this way, I won't say that you'll be entirely in profits but yes, you will be under least loss. When you say "doubling my bets", you're doing martingale and it can only be good if you don't get too long a losing streak that you can't resist. I've also seen some players who just double their bets, then quadruple it and then go all in and lose. Don't be one of them, follow the advices given here and play safe.

For me who find it hard to accept losses, never chase your losses is hard to follow. The few times I have double bet to catch up
on my losses, I know this is not good for my bankroll. But I am only human who sometimes gets out of control. This is one of my
weaknesses that I want to fix, but I can't do yet.

If you'll develop that strong will the discipline inside you will dictates how you'll be able to manage your bankroll properly, chasing loses is one of those factors that will only lead you to lose more.

Having a mindset that there's always tomorrow whatever happened today will allow you to catchup better to quit while you still have money inside your wallet than allow yourself to push thru and bust everything.

Being calm and always find enjoyment, that's helps to avoid losing control and greediness, if you have it
inside you it will let you decide properly and in the end of the day you'll enjoy playing the game.

1. Set a personal minimum/maximum bet for each match.
2. Pick a team with the likelihood of winning with better odds.

I don't usually bet on teams with odds less than 1.5. It's tempting to double or triple your bet on a team that's likely to win but with odds like 1.2 just to maximize your profits. The risk might be low but when you lose, that's going to sting a bit.

When you do already able to get some experience in multiple situations then you might able to realize and able to avoid it in next time.
People wont learn if they wont experience it thats why even telling them will be somewhat useless because people are greedy in nature
but due to strong self discipline this can really be controlled up not only with gambling but also in real life situations where decision
making is important. Management in everything is crucial and needed and if you do like to succeed in sports bet then this one
is one of the qualities that you should have.

Nice analogy and actually true. You can extend the life of your $100 and even earn more if you know how to strategize your bets. But if you go big in your bets, losing all your money will be fast and easy. Also, in sports betting, it is better to stick with the sports that you are really familiar of. The more you know the sport, the higher the chance that you will bet right.

Money management skills are what separate successful gamblers and traders from those that are long term losers, lets suppose you have a way to make money with sports bets, well all of that does not matter if you bet half of your capital on each game as you only need two losses in a row to go bankrupt, but if you only bet 1% of your capital on each one of your bets the chances that you lose 100 times in a row are incredibly low, so even if you have a streak of bad luck you can always recover.

This are great advice but in my experience even with the great advice in mind it's really hard to apply it in actual gambling and when the greediness of you to win and the urge to win back the losses I don't think it would really hard to remember this things but with practice I think anyone would be able to follow this advice.

IMO, it's theoretical and ideal at the same time if everyone is capable of applying these ideas in their daily gambling life.  But that isn't the case we all have individual differences in all aspects of life which makes these ideas not applicable to everyone.

However, we all know that it should be the case but still, if we get attached to it so much then oftentimes we get blinded and became greedy.  Somehow OP is right that gambling isn't funny but that is if you are looking at it on one side and that is when you keep on losing money and this is applicable to those gamblers who really intend to gain profit and intentionally go and make bets, not for the entertainment but winning. 

We have forgotten that sometimes there are few people who go to casinos just because they wanted to be entertained, chase boredom or just forget what is troubling them aside from financial issues.  This only shows that people who gamble have different approaches in gambling and we can't blame them if they aren't able to follow the bankroll management at a time.

FTFY.
The most important part for a gambler is control over their addiction and their level of tilt towards gambling. If you just lean down too much whenever thought of gambling comes to your mind, you seriously need help quitting it or at least dropping that level to some extent.

Anyways, I have learned that you need to decide your units as well as keep it least against the ratio of your total bankroll in order to level up the variance - variance means when you are winning a bet but suddenly something happens that makes you lose it. So it's better to keep your unit size least in order to beat the variance twist.

this is good information not just for new users but also for experienced and long time gamblers since some of them including me of course forgot this kind of simple information and forgot how to manage our bankroll well and most of the time chasing our losses rather than enjoying the game.

That's responsible betting at the minimum, betting with basis. I experienced betting for the sake of betting when I was new in gambling. Control was hardly something to think over. If there is a spare amount of money it could easily be spent gambling. Most often, it was just wasted. There was still fun of course but there was hardly any money from it.

With proper bankroll management and betting with basis, gambling could be both fun and profitable.

If all players will be able to set their mind these tips it will lessen the gamblers who will be too desparate in winning, Yes it's fine to chase winning but not to the point that we do things not based in our knowledge and capabilities. We should know when to bet and who to bet as there are many points we need to know to atleast get the chance of winning. I tried to practice in betting to really have an edge over the games I'm betting and have basis whenever I gamble.

These are surely great tips.However getting an edge over yourself is where most of us fail.Our brain is not functioning 100% correctly when we have several consecutive losses we are more or less controlled from dopamine.In this situation you can’t do much and you keep playing not caring about losing all of your initial bankroll and even more.

Some studies have shown that in such cases going for a walk,going out with friends or eating a pizza it can help you move your mind away from gambling but these studies are not final yet.

It is not easy to apply that such thing because when someone loses in gambling, he will not think about that, but he will think about recovering the losses even if he has a plan to playing gambling to enjoy his free time.
It would need discipline always to remember and stick with his plan in gambling games because he can lose his money anytime, and when he losses, he needs to decide to continue or stop the games. But stopping the games will be the good thing that he can do to prevent other losses.
Money management will always be a way to avoid losses, which is the main problem that many gamblers face. If we can not manage the money we will use to play gambling, we will lose more money without realizing it. We only realize when we lose all of the money that day, and we must not think about how we can recover those losses.

A calm mindset and deciding your units are always ones that I want to do always whenever I start gambling. Though really, a calm mindset is the hardest part when it comes to gambling, especially since it's not really a matter of losing at times imo, it's just that you forget that you're actually gambling. This makes your experience a lot more enjoyable, and hence, possibly makes you spend more and more, even if you were winning or losing. It's always important to remember that you're gambling, even if it's only for fun, since in the end, this is a direct trade of money for happiness after all.

You could also adjust your betting units depending on how confident you are that your bet will win. That's regardless of the odds because sometimes your personal assessment and analysis do not coincide with the odds. So there will be varying units of bets. Sometimes you place 1 unit, 2 units, 3 units, and so on with the smallest one placed on the odds you think are least likely to win.

As far as emotional control in gambling is concerned, I guess that's the most difficult part to achieve. Fortunately, though, one could be more controlled in sports betting than in casino gambling.

I think there is some threads that are somehow related to it but either outdated nor locked, see the links below:

Bankroll management - Don't go bust all the time
Bankroll Management Challenge!
Will you borrow money as your bankroll if you trust your skills in gambling?

I always do this especially on slots gambling so that I get too many spins. If I have only $10 on the bankroll I'd goo deep at 0.01 so that I may have a thousand spins to play with but the win was really that low. Sometimes I does this but when greed comes along busted was the outcome.

This is where always most gamblers been broke that much and I agree with you but becoming a smart gambler isn't that easy along the way maybe you could be broke many times before you learn your greatest and expensive lesson.

How I wish we are that calm but if a loss streak do happen most do panic and that's not the way we can calm our mind. The thing that calms my mind while playing is listening to music, pretty good it eases and makes me feel good especially if it's a jiving one (well, I'm referring when playing crash, dice, blackjack and slots - the fast games).

IMO those who gamble for fun I think they have already set their mind that they are prepared it will lose but when luck do happen they sometimes feel that they couldn't have to loss it anymore, I do sometimes feel it this way. There's no really fun on losing those money but I think having an edge is only when you got the expertise on the field especially on sports betting but on fast games and game of luck I think that's not possible, just my two cents.

Maybe poker, sports betting and other game of strategy is where you could only have an edge over something you're betting, I think it do fall on that category. Well, bankroll management wasn't bthay easy for most for starters but experience and more losses do help sometimes on the learning process.

Well, I think when you are just having fun gambling, you are smarter than the greedy types.
Most greedy type lose their composure and just put bets on anything they find as long as they think it will win.
Fun means you are calm also.
But there will always be a bad side of it, like you have too much fun and just giving away the money.

So to conclude. Too much is always not right. Always take a rest to think it over. Win or lose.

I think every gambler knew this deep inside, the problem it's very hard for them to always follow it, we keep saying to ourselves to not chase losses but in the end we decided to double our bets because we feel it, or some just wanted to, that's gambling is, and that's why it's hard to control too. I don't have any problem following this, but I don't have any problem breaking it too, as long as I can afford to lose my budget for the gambling session. Being calm will be easy if you can accept losses actually.