Many bettors do not have control over their bets or their stake value. It can lead to compulsive betting with random values, losses most of the time, and ends by running out of everything. Not optimistic, agree? It mainly happens for the following reasons:
- lack of banking control;
- lack of analysis in your entries;
- lack of emotional control;
In this article, you will know how to avoid all these scenarios and manage your betting routine. But we can’t continue this writing without first recommending GGBET as the great gaming platform. In fact, this bookmaker offers responsible betting for those who lose control when gambling. If it is your case, set the limits and start your gaming experience with ease of mind. However, there is even a better way to master control in betting on your own. Next, we will focus on it.
The Unit Method
For starters, the unit in betting is the amount of money that is risked in a given pick. Thus, it represents the degree of confidence or risk when placing a bet.
How Does This Method Work?
The units are calculated by dividing the bankroll by 100. So, the result is one unit (equivalent to 1%). Since the bankroll is different for each bettor, the value varies from one person to another. For example, one bettor has an available balance of $100, and another has $1000. Then, the unit of the first is $1, and the second it is $10.
Scale of Units
Normally, the most widespread form is a scale of 1 to 10 as follows:
- stake 1-2, when there is a low probability of being won;
- stake 3-4, when there is little confidence and a surprize is expected;
- stake 5-6, when there are enough factors to win the bet;
- stake 7-8, when there is low probability of losing;
- stake 9-10, when there is high confidence and odds of winning.
The rules can’t be clearer: we define the value that will invest in each bet and keep it the same until a new evaluation of our banking. It can also be considered as a unit method, but without the possibility of changing the value invested.
Look at the odds of sports betting
It is another method which you could apply sometimes. This method does not differ much from the unit one mentioned above. Although, in this case, the odds will be taken into account.
Firstly, you will need to determine the unit amount based on your bankroll. It will give you a fixed stake. Secondly, check for the odds change: if they increase, you will have to decrease, proportionally, the amount you have set, and vice versa.
For example, let’s say you have a $1000 bankroll, and this time you want to place at the odds 3.00. With this method, you need to assume the fixed odds (e.g. 2.00) and decrease your unit amount according to it. The formula for it will look like this:
Unit amount / (odds – 1) = $10 / (3.00-1) = $5
So, you should place $5 at the odds of 3.00. As a result, this method makes you risk more with low odds and minimize risks with high odds.
This method is undoubtedly less conservative than the previous ones. It takes into account both the odds offered and the probability of victory in a bet. As a result, Kelly’s theory allows you to determine the optimal amount to wager on an event if the exact probability that the event will occur is known:
Percentage = probability – (1- probability) / (odds -1)
Be careful with this formula since it can easily lead to wagering some risky options, even betting 50% of your funds. Therefore, and in order not to risk the funds, it is recommended to use this strategy only if you are sure it is handled perfectly.
Overall, bankroll management is not an easy task, especially for novice players. Also, it is not as common a practice among gamblers as it should be. Nevertheless, all users need to know their budget and define a maximum amount they can afford to wager. No matter whether it is the moment of a great victory or an unlucky streak, here is a guideline for the bankroll handling:
- set the unit amount for placing different sporting fixtures;
- collect the necessary information before placing a bet;
- choose the market you are going to wager on well;
- avoid overbetting your stake amount;
- refrain from placing too many wagers to quickly recover what you have lost.
Thus, take into account all the things mentioned above, set the limits in advance, make sensible decisions, and not get too carried away by emotions.