Bettors bet too much compared to the size of their bankroll
Thursday, December 14th - Michael Williams
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It has been seen that in sports betting most bettors bet too much per game when compared to the size of their bankroll. Let us illustrate this by means of an example.
Let us take two people A and B who have $1000 dollars as their bankroll. Both A and B decide to bet on sports this season. A is a bigger risk taker than B so he decides to bet $200 per game, which works out to 20% of his bankroll. While B decides to bet $50 or 5% of his bankroll.
A’s logic is that if he bets more then he will win more. In a period of seven days with picks of 4-2, A wins $360 while B wins $90. A is extremely happy since his logic was right. A continues with this logic and in the second week with picks of 8-4, A goes on to win more and now has a bankroll of $1720 while B has only $1180.
In week 3 and 4, both A and B have bad luck with picks of 2-4 and 1-3. A lost $940 while B lost $235. With A losing $940, his bankroll had become lower than B’s. However, A refused to believe that the losing streak would continue so he stuck to placing $200 bets per game. What happens next?
In week 5 and 6, their pick went to 2-2 and 1-3. A actually loses his entire bankroll and is down $280 dollars while B lost $360 in the 4 weeks when going through a bad run and he still had $820 left from his bankroll.
After losing his entire bankroll, A decides to stop betting but B continues. The subsequent week B wins and continues doing so till the end of the playing season.
The clearly illustrates that if you bet too much of your bankroll, you are bound to lose it completely. Yes, it is extremely tempting to place as much bet as possible especially when you are winning. One needs to remember that one will have a winning streak as well as a losing streak especially if one plays for extended period of time. However, as a bettor you should ensure that you keep yourself in contention. If you manage your bankroll. So next time you are winning, use your winnings and a tiny percentage of your bankroll to increase your bets to capitalize on your winning streak. However, if you’re facing a losing streak, decrease the amount you bet. That way you will never lose your entire bankroll.
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