Right, let’s start with the basics. The first step in money management is to assign yourself a bankroll.
What is a bankroll? A bankroll is simply an amount of money that you set aside to bet with. I would always advise setting up a separate bank account for this, so you can track exactly how you’re doing. As for the amount, the most important thing is to make sure that this bankroll does not impact your life in any significant way. You should never bet with money that is needed for rent, bills, your mortgage, etc. So start with an amount that you are ultra comfortable with. You can always add to your bankroll at a later date.
So, for example, let’s say you decide on a starting bankroll of £1000. You can then work out just how much you should be placing on each selection I provide.
Now the staking plan I use is relatively simple, I place 3% of my bankroll onto each selection.
So, let’s say you have that bankroll of £1000. This means that if I advise a selection as listed below:
Game: Los Angeles Rams @ New England Patriots
Kick-Off: 23:30 GMT
Market: Anytime Touchdown Scorer
Selection: Todd Gurley
Best Odds: 1.72 with Unibet
Next Best: 1.66 with Bet365
Lowest Acceptable Odds: 1.61
You would place £30 (with £30 being 3% of £1000) on Gurley to score a touchdown at anytime.
If you have an outstanding 12 months, and by the end of the year your bankroll is now £3000, you may wish to recalculate your 3%, so in this case 3% would now equate to £90. Hopefully you see where I’m going with this.
This staking plan allows you to sail through the inevitable ups and downs, that pretty much come with the territory when betting. However, with a current strike-rate of 42.2% any draw down period (losing streak) should be fairly short.
Feel free to use any staking plan you wish, this is just the one I have used for several years, and will continue to use in the future.