Every form of gambling requires solid bankroll management. The units are the dollars/pounds/euros we wager and we need to ensure we have enough to gamble. The essence of bankroll management basically to be cautious. Yes, we’re gambling but every experience gambler knows you need to be sensible when gambling. That’s the whole point of responsibly gambling. In this piece we’re going to share a couple of tips that will help ensure you are employing solid bankroll management.
Setup a Spreadsheet
Spreadsheets are fantastic tool for bankroll management. You can record your daily, weekly, monthly results, separate them by game and even calculate your hourly win rate. A spread can be used for any form of gambling but is probably most useful for sports-betting and poker.
You don’t have to be an Excel expert to create one. There are simple tutorials online that can aid you. Naturally, the better you are, the more advanced your spreadsheet can. Narciso Baldo, Director of Texas Hold’em Questions states “there are rules you need to adhere to, otherwise it’s a pointless activity”. If you start a poker spreadsheet or sports betting one, make sure you enter data accurately. If you don’t, you’ll get false results and renders reporting irrelevant and wrong.
Play Within Your Means
Our second tip for excellent bankroll management is a very simple but effective one. Play within your means and don’t wager more than you can afford. Look, if you have a bankroll of $100 and are making bets of $50, you’re going to go broke very quickly. Playing within your means is about making bets that won’t bust you if you lose. It also means taking care to ensure you’re not risking money that is ringfenced for your personal life. I can’t emphasize this enough.
Bankroll management basically is a safeguard to protect you from the problems that can arise from frequent gambling. So, a helpful tip for playing within your means is to ensure you have at least 50 “buy ins” or “wagers” for the game you like to play. This means you can afford some losing sessions without dipping into other funds.
For poker, this means a bankroll of $2,500 for $50 buy-ins, for sports betting bets of $20 it means a bankroll of $1,000. You see how it allows you to sustain some bad runs? If you’ve been gambling beyond your means, you need to consider what your bankroll is and divide it by 50 to ascertain what type of bet or game you should be playing in.
There you go, two tips for excellent bankroll management. I hope it helps you manage your bankroll better in 2021 and beyond.