Soccer betting is a thrilling experience. As you learn the ins and outs of placing a match result bet or an over/under bet, you may feel like royalty as a soccer bettor if you can land a winning wager. However, the best soccer bettors have a proficient handle on bankroll management to be the utmost successful in the wagering space.
You can do Novibet soccer betting online from wherever you are. Place live bets while spectating a soccer game for the best results so that you have the most information necessary to make the most informed betting decisions.
What Is Bankroll Management?
Newbie soccer bettors, listen up! Bankroll management is the general practice of managing your betting funds to ensure reduced risk so they last longer for more wagering activities. Allocating your money strategically to certain bets ensures you do not lose too much if the wager goes south.
There is less chance of you going completely broke with proper bankroll management. Keeping a strict budget on how much you spend with betting institutes emotional control to lower the likelihood of reckless betting activities. If you are lucky enough to land a win with your wagers, proper bankroll management can contribute to steady, sustainable growth with time.
Choose the Right Staking Strategy
Before you even spectate a soccer game, do some research on data related to the types of bets you want to wager on. Maybe you think one team will score more than 2 points during the current game, to which you may place a live over bet if that team has already gotten 2 points and they have a high percentage of ball possession.
Fixed Unit Betting
Now that you know what bet you want to place, how much should the bet be? In most cases, a good rule of thumb is to place a wager that is 1% to 5% of your bankroll so that you aren’t losing too much cash if the bet fails.
This is called fixed unit betting. Hence, if you have $1,000 and want to do a wager of 5% of your current bankroll on this over bet, you would be wagering $50. The fixed unit portion of this bet means that each bet you place will be $50 because it is 5% of your original bankroll amount.
Percentage-Based Betting
You may recalculate your wager based on the specific percentage of your current bankroll. Continuing with the above example, you may have won that $50 wager on the over bet. Let’s say that you got $100 back for winning that bet. Now your bankroll is $1,050. If you still want to wager 5% of your bankroll, you can now bet $52.50 with percentage-based betting.
If you lost that over bet, then your new bankroll amount would be $950. Hence, your new bet amount would have to be $47.50. Hence, as your bankroll increases, so does your bet size and conversely if your bankroll decreases.
The Kelly Criterion
The Kelly Criterion is a mathematical formula that suggests bet sizes based on winning probability and overall returns on investment. The formula looks like this:
f∗=bbp−q
The “f*” is the optimal fraction of your bankroll to bet. The “b” represents the decimal odds minus 1, which is the potential profit per unit bet. “P” is the probability of your bet winning through your assessment. “Q” is the probability of losing, which is calculated by (1 – p).
Always Track Your Bets
A healthy bankroll management strategy involves tracking your bets accordingly. Keep all your digital receipts for wagering proof. Write in a notebook or track bets with a Google Sheets document to stay extra organized.
