It could be card games like poker you like a flutter on, or roulette, or sports betting. In any form of gambling or betting, it’s very important to implement and maintain bankroll management. By doing this, you can keep track of your profits and losses and keep playing in the long-term. Here are some important things to remember so you can keep your bankroll management up to date.
The first thing to remember is only bet what you can lose. Agree on an amount before you start and stick to it, no matter what. It can be easy to get frustrated when you lose when playing, but it should all be fun, after all. If the fun stops, then you should stop. Never start chasing your losses because this will probably end badly, and cause potentially a lot of stress. Of course, you only know how much you’ve lost (or won) if you keep a profit and loss tracker, which is why it is vital to do this as part of bankroll management.
There are many websites out there these days which offer downloadable profit and loss trackers, often using Microsoft Excel spread sheets. All you will need to do is enter the amount you’ve won and lost and the rest is all done for you. It can be segmented into months, and breaking it down by months can give you a good picture of how much money you’re gaining and losing.
Another thing to take into account is how much of your bankroll you’re betting every time. It is recommended to bet no more than 5% of your bankroll on every bet, so if or when you go through a bad patch, you will be able to see it out until you get winning again.