Gambling can be a high-risk, high-reward activity, and sports betting is an example. Betting on an underdog football team may earn you a huge profit if they win, but that comes with choosing a team with high odds of winning.
Betting on sports like football can be exciting for gamblers because of the action and thrill of these events. However, if you do not manage your money appropriately, that excitement may later turn into frustration.
You may become a successful football bettor by strategizing how to bet on football teams and events to increase your chances of success.
In addition, keeping your betting account and device secure with the appropriate security equipment can keep unauthorized persons from accessing your betting funds.
More importantly, being a successful bettor also involves managing your money and treating it as an investment. This strategy is called bankroll management.
How vital is bankroll management to a football bettor? This article addresses this question and discusses how you can adequately manage your gambling money when betting on football.
The Importance of Bankroll Management
Think of bankroll management as similar to creating a monthly household budget. You list the expenses, spending limits, and savings.
If you have a weekly personal allowance of $500, you will not spend it all on the first day and leave your wallet empty the rest of the week, will you?
The same goes for sports betting. If you have a $500 gambling budget for football betting, for example, spending it all on one team may be risky. If the team loses, you may walk away with nothing.
This example is not saying you should not spend the whole $500 budget on one ticket, like a parlay bet on multiple football games.
However, bankroll management assumes that the money in your bankroll is money you can afford to lose. If gambling leaves you unable to buy food or pay the bills, you may want to reconsider your priorities.
Money Management Strategies and Tips
Do Not Exceed Your Budget
Some bettors may go all out and spend their entire budget, expecting to make a huge or satisfactory return on their capital. Others may even borrow money to supplement their budget, expecting to score a win and pay back what they borrowed.
However, if you believe responsible football betting is not worth taking those risks, consider playing only within your budget. This way, even if you lose your entire stake, the money you set aside for other important things will be left untouched.
Keep a Separate Budget for Gambling
In addition to not going beyond your gambling budget, make sure to keep it separate from other budgets. This tip avoids inadvertently touching the money you set aside for necessities such as food, health expenses, and utility bills.
Keep a Record of Your Bankroll
Some football bettors may get so engrossed in gambling that they forget how much they have left in their bankroll or how much they have won or lost within the month.
Maintaining a record of your bankroll may sound simple, but this tip may involve some degree of discipline. Although you still need to put in some effort, keeping a bankroll record has some advantages.
A detailed record allows you to review your past football bets, such as which ones you won and lost and how much profit (or deficit) you made.
You can use this record to analyze which bets were the most profitable so that you may focus on them. You may also review the bets with the most losses so that you may avoid betting on those football teams or leagues next time.
Set a Stop-Loss Limit
For some people, winning money is the most challenging part of sports betting. For others, knowing when to stop may be the hardest thing to do.
Setting a stop-loss limit may be helpful in a situation where you may not feel confident with how you spend money on sports betting. Stop-loss is similar to creating a separate budget for gambling.
There are a few ways to put up a stop-loss limit, such as the following:
- Bet amount limit - You bet only with a specific amount of money, similar to keeping a budget for gambling, and you stop once you use it all up.
- Time or session limit - You set a specific period to place your football bets. For example, you will only bet $300 within the duration of an NFL conference championship match. You stop either when the game is over or when your entire budget is used up.
- Win or loss limit - Once you start winning a bet, it may be tempting to continue betting. Alternatively, if you keep losing, you may want to keep hoping to succeed in the next NFL match.
Setting a win limit means stopping once you won a certain amount of money. With a loss limit, you stop when you have lost a specific amount of money.
Spread Your Bets
In business and financial investments, you may have heard of the word “diversification.” This term means spreading your assets over different investments to lower your risk exposure and minimize potential losses.
In sports betting, the concept is similar. By diversifying your bets, you place your stake not only on one large bet but over several smaller bets.
With multiple smaller football bets, you may offset your losses if some stakes win. On the other hand, a single large bet may give you a larger payout, but you may lose the entire stake if you lose the bet.
Proper bankroll management does not guarantee that you will have more football betting success. However, bankroll management allows you to manage your money better, so you will have little to no financial difficulties brought by gambling later on.
If you still feel you are not confident enough with managing your betting habits, ask a financial consultant or seek help from a gambling therapist in your area.