Sports betting is a hobby for most of us, but others take it seriously and have invested a considerable amount of money in it. While it is challenging and a lofty goal to begin with, winning more often in sports betting can be learned if you know how. There are a lot of sources online where you can read countless tips and tricks to win a lot of money. 

But for  many betting industry experts like Mr. Ong, the current CEO of WS88, a licensed online betting company in Singapore, no matter what strategies you learn, the first and most basic thing you should know about is bankroll management. 

What is bankroll management? 

Bankroll management refers to how you handle your bets and your funds while making bets. It’s a very important skill to learn and without it, you’ll go broke in just a short time. 

In this guide, we’ll teach you some tips for you to learn how to deal with your bankroll more wisely and effectively. We’ll walk you through each trick and teach you how to apply it properly. With a little knowledge and discipline, you’ll be able to manage your bankroll to avoid going broke instantly. 

Remember, the keyword here is discipline and without it, these tips won’t really amount to anything at all.

Choose a Starting Balance

The first thing you should think about is how much money you want to put in your bankroll? However, before you decide that, you should take note that it should be money that you are prepared to lose. 

In short, extra money that you don’t need to pay your bills or whatever. It’s impossible to recommend how much money you should put personally since everyone has a different financial situation.

Now that you have decided on how much money you want to put, you should also remember that this is not money that you want to put in a single bet. The general idea is that this is the money that you’re going to put into sports betting in total. After that, put that money somewhere else that’s far from your living funds. Most people open a different bank account for this so you might want to do the same.

Also, there are instant withdrawal online casino singapore  sites that let you create an account to put your money in. They even have different features that are more convenient like 

Bet Sizing

Now, let’s say that you have put $500 in your bankroll. If so, how much money should you put on each bet? The general with sports betting is that you should look to be a long term winner. This means that you don’t have to look forward to doubling your bankroll overnight. The thing is that you should do this with each bet you make.

For example, since you have $500 in your account, let’s make each unit of your bankroll $5. This means that you have to bet $5 in each bet you make. Of course, this comes with several factors. And no, $5 is not the limit, actually. 

The idea here is that you should bet on an amount that you’re comfortable with. This is probably cliché but you won’t believe how much money people lose by chasing their losses and betting on more than they’re used to.

Account Reset

What is a betting reset? Betting reset refers to a time where you realize your profit, refill your bankroll, or change your bet unit. Basically, you should keep everything until a certain point of time where your bankroll’s size has changed drastically. 

There are a few scenarios you should remember. For example, if your bankroll in an instant withdrawal online casino singapore site has diminished significantly, it’s probably time to refill it and reduce your bet units. If it has grown much bigger, then you should take time to consider making your units larger like from $5 to $10.

Takeaway

Bankroll management might sound very bothersome but it’s  the key to longevity in the gmabling industry. Without proper bankroll management, you’d lose more than what you bargained for or even go bankrupt. However, taking Mr. Ong’s advice, the key to proper bankroll management is discipline. Without having discipline, all of your efforts for proper bankroll management will be useless.