Earlier today, while surfing through Twitter, my eye cut a tweet of a boy pleading for help and donation from users of the app. The said boy had engaged over 98,000 naira in a sports bet with the hope of using the returns to pay for the rent of the house which his mother also resides. According to him, the amount paid was due and the landlord had given them an ultimatum of 20th of December to pay the rent.
Sports betting has been one medium for fast cash and that’s a myth. The probability of losing as against winning is 2:1 i.e. higher chances of losing. The sports betting industry continues to grow from this notion as thousands of millions of people continue to engage with them and lose money daily. Yet, the list of sports betting users continues to rise.
Not to downplay the contribution of sports betting, the industry has also paid millions of people the jaw-dropping amounts that will never make them go broke again. In total reality, the cost has outweighed the rewards.
That makes the concept of bankroll management an interesting ideology that all sports bettors should indulge in. Bankroll management has almost the same concept as project management but the result is the same thing. Project management preaches investing first in the project that brings in the highest return from little input while bankroll management is the staking on the outcome of a game with a larger unit regarding how sure the game is.
In a clearer term, Bankroll management involves setting aside money that you could lose aside for betting. The reason for this is for us to take sports betting as an investment and not as a get rich reach scheme. The major principle to help guild this philosophy will require the bettor to risk just 2-5% of the total money set aside on a single stake.
According to an article written on nairatag.com which is been owned by @zoneboy, he explained bankroll management with example. According to him;
The first thing to do in bankroll management is to set aside the funds you can afford to lose. For example $200. The second thing is having a strict staking plan. Divide the $200 by 100 which will give $2. This $2 represents a unit and the unit represents how confident you are on a pick. Take for example Liverpool vs Derby county match. You are very confident there will be over 2.5 goals in the match. You can give it a unit of 6 or 7. This means you will stake $12 or $14 on over 2.5 goals. If it wins good and if it loses, you still have some funds left to fall back on.
The article @zoneboy wrote could be read by clicking here
The importance of bankroll management can not be over-emphasized and it would help improve not just a bettor personal finance but also anyone personal finance when it comes to spending.
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