1. Set a Betting Budget
The first step in managing your bankroll is setting a clear betting budget. This is the amount of money you're willing to risk without jeopardizing your financial stability. Bet Better's bankroll calculator can help you determine how much you should allocate for betting based on your total budget and risk tolerance.
It's important to never exceed your budget, no matter how confident you are in a bet. This ensures that your betting habits remain sustainable in the long run.
2. Use Fixed Percentage Betting
One popular strategy is the fixed percentage betting method, where you bet a consistent percentage of your total bankroll on each wager. For example, you might bet 2% of your total bankroll on each bet. This approach helps manage risk by ensuring that you don’t overexpose yourself on any single bet, while also allowing for growth as your bankroll increases.
Bet Better's betting tools can help you calculate the ideal percentage based on the size of your bankroll and the risk of each bet.
3. Kelly Criterion for Optimal Betting
The Kelly Criterion is a more advanced betting strategy that calculates the optimal size of a bet based on the perceived edge of a bet over the bookmaker's odds. This approach helps maximize the growth of your bankroll over time, although it requires precise calculations to avoid overestimating your edge.
Bet Better’s advanced analytics can help you identify value bets, giving you the edge needed to use the Kelly Criterion effectively.
4. Track and Analyze Your Bets
Tracking your bets and analyzing your performance over time is critical to understanding what strategies work and where improvements are needed. Bet Better provides detailed reports that break down your betting history, showing you where your profits are coming from and identifying areas where you might need to adjust your approach.
5. Stay Disciplined and Avoid Chasing Losses
One of the biggest mistakes bettors make is chasing losses by increasing their bet size after losing a wager. This can quickly lead to bankroll depletion. Instead, stick to your original betting plan and avoid emotional betting. Bet Better’s tools are designed to keep you focused on data-driven decisions rather than impulsive ones.