Diligent sports betting bankroll management can be the difference between winning sports bettors, and those who are destined to lose all their money.
Here’s an example:
- Let’s say that you have £1,000 to gamble with in total in your sports betting account with a bookmaker, but cannot replenish this money if you lose.
- Let’s say you were betting on an event with only two possible outcomes, and the bookmaker was offering 6/5 on outcome 1, and 1/2 on outcome 2 (this is a made up example).
- Let’s say according to your value bet calculations, you thought the true odds of each outcome was 1/1 – i.e. there is a 50% chance of outcome 1, and a 50% chance of outcome 2.
- Of course you would want to bet on outcome 1, as you are getting better odds than required. You would never bet on outcome 2, as you are getting worse odds than required.
- If you bet £1,000 on outcome 1, there’s nothing intrinsically wrong with the bet in terms of value. After all, you will be making £1,200 profit if outcome 1 happens!
- However, what if outcome 2 happens? 50% of the time it will, and you will lose your stake of £1,000.