Betting online in Nigeria is a good way to generate spare cash from something you love. However, online sports betting is addictive and you can easily lose all your funds if you’re not careful. This is why bankroll management is crucial to every bettor. Your online sports betting bankroll is the money you keep aside specifically for betting. Having a bankroll helps you stay in control as long as you know how to manage it.
How To Manage Your Bankroll In Online Sports Betting
1. Plan According To Your Purse
Since betting should only be done with spare cash, it’s important that you determine the size of your bankroll based on money you can afford to lose. Never bet an amount of money you can’t do without. Keep in mind that sources of income vary from person to person. So, the amount of money your friend can afford to invest in betting might not be affordable for you.
2. Determine Your Unit Size
The next thing you should put in order after your bankroll is your unit size.
After you’ve determined the size of your bankroll, make sure the amount you spend on each bet is reasonable. The more frequently you want to bet in a day, the less money you should invest in each bet. The unit size is the percentage of your bankroll you intend to invest in a single event. Beginners should start from 1-5% while professional bettors can go as high as 2-5%. It’s always safe to stay below 5%. Only bet up to 8% when you’re dealing with a small bankroll that’s less than 100 thousand naira. While increasing the your unit size increases your chances of winning, it also increases your risk. Take things slow and steady and you’ll benefit from betting long-term.
3. Reevaluate Your Bankroll From Time To Time
Just like sports, online sports betting is dynamic. It changes from time to time. This is why it would make sense to reevaluate your bankroll unit from time to time. If you notice that you’re losing big, you need to make some adjustments. The reasonable thing to do would be reducing the percentage of your unit size. It might be tempting to increase your percentage to recoup your losses but you should not fall for this temptation. Dial back and change your strategy. When you’re winning, it might become tempting to increase your unit size. This is advisable but it should never go above 5% on a single event.
With these few tips, you can enjoy your betting career without losing control of your funds. Remember, online sports betting should always be done with your head and never with your heart.