Betting Bankroll Management 101 – Online Betting

Betting Bankroll Management 101 - Online Betting

If you’d like to join the millions of people enjoying world-class casino gaming, not only would I like to welcome you but I’d also like to discuss an important part of it before you dive in.

What you need to remember is that every single casino and bookmaker that is available to has the exact same intention that you have when you play – to get as much money as you possibly can. They are smart about it, and you should be too, which is why I have put together a small guide to managing your bankroll.

What is Good Bankroll Management?

So, you want to sign up to one of the many Canadian mobile casinos or sportsbooks available but you’re too scared to take the risk? Fear not, because bankroll management is here to help.

Good betting bankroll management can essentially be broken down into three different stages, the first of which includes setting up a budget for the amount of money you’re prepared to lose and using that money solely for betting.

The second stage requires you establishing a few rules to guide you on how much you should put down on any given bet, and the final stage will involve you applying those rules. You need to consider this an ongoing process and take your rules seriously if you’d like to manage your bankroll well.

Online Betting - Betting Bankroll Management 101

Why Is It So Important?

The answer is really quite simple. Good betting bankroll management is the first step towards responsible betting, that is assuming that it is being applied correctly, of course.

If you look at how I broke bankroll management down above, you can clearly see that the strategy implemented ensures that you never lose more than expected, which means never spending your rent, savings or gas money.

Some of the other benefits include not chasing losses when you stumble across a losing streak, having the capacity to withstand a number of losses before your money runs out and being able to make more rational and informed betting decisions.

The Dangers of Bad Betting Bankroll Management

In order to fully understand this, we’re going to take a look at the world poker legends. Names like Phil Ivey, Johnny Moss and Doyle Brunson come to mind for the pure fact that they are exceptionally talented players.

However, there is one name that is sure to appear near the top of just about everyone’s list, and that is Stu Ungar. An unbelievably talented gambler, Stu Ungar won millions in his betting career, and yet he still died a broke man.

His story is the idealistic cautionary tale for those of you new to betting bankroll management because he is a prime example of how much you could lose if you don’t manage your money properly.

Make sure you learn from Ungar’s mistakes and focus on the benefits that I outlined earlier, because without stressing the importance of managing your money well you could make some irreparable mistakes.