Setting a betting budget
The BENEFITS of bankroll management
Betting should be entertaining and in order to do that effectively it is important to have good systems in place to manage your spending each time that you participate.
By setting a bankroll you are creating the opportunity to spread your playing expenditure to cover more events and create a much greater return for your spend in the form of entertainment.
How to use a bankroll
Identify your bankroll
Money to be used for betting should be identified after conducting two key tasks. The first is to ensure that all funds needed for essential lifestyle activities such as the cost of running your home, travel, utilities and food. Once these are set aside this leaves you with a disposable income figure. Of these funds you should set aside an appropriate amount to all the social activities you enjoy as part of a balanced lifestyle. Dining out, family days, watching sport or partaking in other hobbies for example. Betting money should be indentfied and adhered to as part of that balanced process. You can then create your bankroll.
Set a staking plan
This is the key to bankroll management. If you have a set amount of £300 but stake £100 per bet, your bankroll will disappear quickly, as will your enjoyment. As a rule, look at staking no more than 2-5% of your bankroll per bet.
Adapt your bankroll
By keeping your stakes within that range, it enables the opportunity to make a bet part of more enhanced experiences. If your bankroll rises, the stakes can be in proportion to that if you choose to do so. Management such as this helps to keep the impact of non winning bets to an appropriate level. Instead of increasing a stake and chasing a loss, we advise reducing to maintain the opportunity to play and enjoy doing so. The benefits are not purely financial. The entertainment you get from your bets will go a lot further with a good staking plan. Betting 2% of your bankroll always gives you 50 bets to play with. Yes, the stakes of those bets may change but you are making the enjoyment of betting go a long way by adopting this approach.
Use tools to help
You can also use your account tools to help you. They will remove the ability for you to act impulsively.
Setting a deposit limit in line with your bankroll is a great way to ensure you are controlling your spending and getting best experience from your betting.
Further reading
Success in betting does not have to be purely financial. The ability to participate and the enjoyment that brings is just as important. By managing your bankroll, you will be able to enjoy your betting. Take a look at some of our other articles on ways to enhance your betting experience.
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