4 Things That Are Draining Your Bankroll When Betting
There are few activities as exciting as betting on sports. When it comes to being a prolific sports bettor, it’s all about finding the best betting values for the money you’re risking.
That said, no matter how good of a sports bettor you are, some things could be depleting your bankroll and preventing you from being more successful.
Here are the top four things that are draining your bankroll, along with simple and useful tips on fixing them.
4. Betting With Your Heart and Not Your Head
Let’s start with the most obvious of the four things discussed in this article. Even if you follow top online resources like sportsfanbetting.com and have relevant information but bet with your heart and not your head, you’re almost certainly unnecessarily draining your bankroll. And one of the most common mistakes when it comes to this is always betting on your favorite team or player when they are playing.
Don’t get this wrong. There’s nothing wrong with betting on the team you’re rooting for. This will inevitably happen from time to time. But, when you’re always betting just because you’re a fan and not because the team has objective winning chances is when this practice starts draining your bankroll.
A helpful way to avoid this is to think of it this way – you’re already entertained and excited when watching your favorite team. Why would you have to risk any money to be more entertained? Instead, just enjoy your favorite team’s games and focus on finding the bets that offer you good odds and realistic winning chances.
3. Going Overboard When Increasing Your Bets
Winning massive amounts of money on a lucky sports bet is undoubtedly exciting and gripping, but it’s not the way to sustain your bankroll. There’s a proven and time-tested approach to how you should grow your bankroll and garner steady profits from sports betting over time.
You do this by steadily increasing the size of your bets as your bankroll grows. With that in mind, it includes increasing your bankroll when you’re winning and decreasing it when the money is tight. This is the best way to see your bankroll grow over time.
This strategy makes perfect sense when you’re reading this with a clear head. However, the problem is that many bettors get greedy after only a few wins and go overboard with increasing their bets. Doing so puts them at a bigger risk of draining their bankroll, especially if this action is combined with a lack of experience. To avoid these simple mistakes, make sure to check our article about 5 things to know before betting.
2. Not Keeping Track Of Your Betting Results
Betting on sports is certainly fun and exciting, but tracking every bet you place and how much you win or lose is certainly not either of those things. However, this is precisely why many sports bettors throw their bankrolls in the drain. They don’t know their cash flow and can’t tell whether they’re up or down.
Although it sounds tedious, tracking your betting results doesn’t have to be this. You don’t need a super-complicated tracking system, especially if you’re a beginner. You can just write your results on a piece of paper. Even more conveniently, use a spreadsheet tool for a streamlined overview.
You’ll be much more responsible with your money with precise information of how much money is going in versus how much money is going out. You’ll automatically focus on high-value bets. In return, this will help you stop unnecessary bankroll depletion.
1. Chasing Losses
Lastly, the number one thing draining most sports bettors’ bankroll is chasing losses. Not knowing how and when to stop during a losing streak is one of the biggest reasons why the majority of even top online casino players, just like bettors, lose more than they win. While sometimes chasing losses works out, it isn’t the case in most situations.
Sometimes, when you’re on a losing streak, it’s best to stop for a while. Take a breather, regroup, and try again when you’re ready. Look at each bet as a separate venture. Don’t try to recoup previous losses by increasing your bets. Instead, try to focus on the future and find the games that offer you the best winning chances.