Top Sports Betting Bankroll Management Tips for Crypto Betting
Bankroll management in crypto betting helps you keep track of your betting finances. An excellent sports betting money management strategy may be the difference between a successful and unsuccessful gambling endeavor.
Read on to learn the top bankroll management tips that can help you in sports betting.
Table of Contents
- What is Sports Betting Bankroll Management?
- 6 Money Management Tips for Sports Betting
- How to Bet on Sports with Bitcoin on 1xBit
What is Sports Betting Bankroll Management?
Sports betting bankroll management refers to the amount of money you set aside for gambling purposes. It differs from real-life bankrolling, which is usually a cyclical process of receiving payment and spending the money on your needs. With crypto betting bankrolling, you use the money to generate extra income from crypto betting.
Your bankroll management system will depend on your wagering habits, so it changes from bettor to bettor. For instance, aggressive gamblers tend to deplete their bankroll faster, whereas systematic professional bettors can generate more income without replenishing their bankroll.
Managing your bankroll may prove helpful in the long run as it helps you make sound financial decisions concerning betting. For example, if you keep adding more money to your bankroll without earning any profits, it may be a sign that you need to review your betting strategies.
Additionally, a sound bankroll management system enables you to avoid losses that come with losing streaks, as you can monitor the money you spend on wagers. Finally, it helps tame your desire to chase big wins, which could push you to bet compulsively.
Ultimately, self-discipline is key for excellent bankroll management in crypto betting. Create your betting rules and always abide by them. For instance, you can set a specific amount of money to risk on any bet and stick to it despite your confidence in the outcome of the wagers.
Alternatively, you can use some popular bankroll management systems such as
- The Kelly Criterion
- The Oscar Grind Strategy
- The D'Alembert Strategy for Bank Management
- The Fibonacci Strategy
- The Flat Betting model
- The Confidence Model
6 Money Management Tips for Sports Betting
Here are the top money management tips that you can use in sports betting.
Have a Budget
Whether in recreational or professional sports betting, treating betting as a business venture is the way to go. With that in mind, you can set aside the amount to invest in it and stick with that limit in all your bets.
Ideally, you should set aside money that you can afford to lose. That way, sports betting becomes fun as you do not have to worry about the adversities of losing bets.
Have a Separate Bankroll for Sports Betting
As a gambler, always separate your gambling funds from your personal finances. You can have an account dedicated to sports betting and keep track of it so that you have a clearer picture of your betting activities, the amount you use in betting, and the profits or losses.
Also, remember to create a plan detailing how you intend to use the funds.
Keep a Detailed Record of Your Bankroll
A successful bettor knows not to stop only after opening a separate gambling account. There is a need to keep track of the account by recording all the transactions you make. It helps you to clearly understand what comes in as profit and what goes out as betting stakes.
Furthermore, keeping records gives you a snapshot of your betting history, which is handy in showing which bets were successful and where losses occurred, enabling you to capitalize on your strengths.
Settle on a Betting Unit
Placing random wagers will most probably result in losses, which is why bettors need to decide on a betting unit. A betting unit refers to the measurement of the size of any given bet, and you should not choose it on a whim.
Setting a specific base betting unit is the best way to settle your bet sizing. Usually, it should be anywhere between 1-3% of your total betting bankroll.
Use Stop Loss Limits
A stop-loss limit refers to the amount of money you can lose in a given period. It can range from a day to a year. Using stop loss limits is an integral part of effectively managing your bankroll. For example, setting a loss limit in bankroll management online poker means you end the session whenever you lose the maximum amount set.
Detach from Emotions
When gambling, you should not allow emotional responses should to overpower your wit. Acknowledge that there is always the probability of losing, so hope for the best but be prepared for the worst. As a general rule of thumb, you should only involve your mind in making your betting decisions and not the heart to avoid emotional attachment.
How to Bet on Sports with Bitcoin on 1xBit
Sports betting with bitcoin has become commonplace among gamblers, which has led to many sportsbooks incorporating bitcoin as a mode of payment.
1xBit ranks highly among the bookmakers providing BTC as a payment method. To bet on sports on 1xBit, follow the steps below.
1) Visit the 1xBit homepage, enter your email address and provide a password. If you have a promo code, enter it and click on the 'REGISTER' button.
2) When you are done with the registration process, proceed to log in and make the first deposit. For this to happen, click the 'Deposit' button and select the Bitcoin option. From your crypto wallet, copy the address given and deposit the mBT you want to use as your stake.
3) Go to the 1xBit menu bar and select the sports you want to bet on. There are several options available for betting, from Live Sports and eSports to Live Casino to Slots.
4) After settling on a particular event, choose your preferred betting markets, enter the amount you wish to wager, and submit the bet slip for processing.
5) Once you are through, wait for the games’ end to know the bet outcome.
1xBit allows gamblers to bet on all kinds of sports using bitcoin. Furthermore, their payments are instant and are given with minimal transaction costs, helping you to manage your bankroll better.
Register on 1xBit now to enjoy the best odds and all the benefits of sports betting using bitcoin.