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EFFECTIVE BANKROLL MANAGEMENT FOR FOOTBALL BETTING

Football betting is one of the most lucrative options for punters. The sport has a huge following, resulting in varied betting markets that allow punters to choose what best suits them. This variability also shows in the bookies, as reputable options like Mozzart MK cover domestic and international matches to meet the demand. Moreover, the football betting resources available to punters are extensive, allowing even newbies to find their footing and start cashing in on wagers. But while all these perks exist, you can only reap them if you have effective bankroll management. We show you how to perfect this in a few steps.

Bankroll Management Techniques

Say you want to bet on football and wish to earn a living from the wagers. You must treat wagering like an investment to ensure you get the right return on investment (ROI) to suit your efforts. But how do you do this?

1.   Create a goal

Many people start placing wagers without a clear goal. They know they want to make money but have no idea how much, when, and why. Like with an investment, you must understand your financial goals. For example, you can decide you want to make $2,000 from your wagers each month. To do this, you will wager a total of $500 on different games where you have noted value bets. Ensure that your goal follows the SMART principle such that it is specific, measurable, actionable, realistic, and timed. With this, you will have an easier time with the next steps listed below.

2.   Have a spending limit.

Now that you know your expected ROI, it is time to determine how much money you will spend on the games to meet your goal. How do you arrive at this?

  • Consider your financial ability: Review your monthly income against your wants and needs. Then, look at what you can afford to use on games without neglecting your basic needs. For example, you may earn $3,000 monthly and have an extra $400 after paying all your bills.
  • Create a wagering schedule: Some people like placing one huge bet a month, while others prefer spreading their wagers to lower their risk. You can decide what works best for you.

Here is an example of a spending limit based on the factors above. You may realise you have $300 to spend on wagers and prefer placing one wager each day. In that case, you can spend $10 on games daily without risking your financial health.

3.   Use bonuses.

You don’t have to use your money to place wagers. Many bookies offer bonuses that help you reduce your capital needs and overall risk. These include signup, deposit, referral, and loyalty bonuses. Take the example of a $50 referral bonus you get each time someone signs up on a bookie site using your code. If you get enough people to join the site, you can have extra money that reduces your budget while enhancing your profits.

4.   Have a profit plan.

Suppose you have budgeted $200 each month for games and have a $1,000 financial goal. Then, one day, you win $1,500 in the middle of the month without having depleted your wagering budget. What will you do with your earnings? Do you cash out, or do you reinvest the money? Punters need to think about their profit plans before placing wagers to avoid facing these challenging decisions. For example, you can decide on an 80-20 split where you take 80% of profits and invest 20% in more games.

5.   Don’t chase losses.

While everyone hopes to profit from wagers, that is not always the case. You can spend your entire budget and come up short. In such cases, investing more than you originally intended can feel like a good idea. But there are no guarantees in wagers, and you could lose even the extra cash you have invested. The best approach is to take a break, review your past decisions, and wait until the next period when you can implement a different strategy that will likely have better results.

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