Having financial control strategies is essential for the success of any sports bettor who uses bookmakers such as Bizbet to make money. This control is one of the main factors that separates casual bettors from professionals who actually manage to earn an income from the activity. As in almost all situations, those who know how to handle money always increase their wealth, and this is no different in the case of sports betting.
Here, you will find four tips for taking good care of your finances on betting platforms. These strategies are essential for anyone who wants to try to maximize their winnings, and are practically mandatory not only for increasing their betting bankroll, but also for maintaining their mental health. So, if you want to view sports betting as an online job, follow this advice.
Set goals and limits for each time period
Setting goals and limits is essential for anyone who wants to become a professional bettor. These goals can be daily, weekly, or monthly, and are essential for analyzing the success or failure of the strategies used in sports betting.
The first step is to think about how much you want to earn per day. This should be defined as a percentage, since as your bankroll increases or decreases, your betting stake should also adjust. Don’t set values that are too difficult to achieve, as an increase of, for example, 1% per day is already extremely satisfactory in the long run. So, avoid thinking in the short term and do the math with the future in mind.
Setting daily loss and win limits is also essential, not only for financial control, but also for mental control. When you reach these amounts, it is essential to stop betting and come back the next day. Here are the reasons:
- When a bettor is having a good day and quickly reaches their winning goal, they can get carried away by the moment and end up losing what they have already won.
- When a bettor is having a bad day, they may end up desperate to recover what they have lost. This tends to lead to bets that are made without any basis and in a hurry.
Set a standard stake for each bet on platforms like Bizbet
Everyone who places sports bets on any other gaming platform should have a standard stake set. This goes hand in hand with the tip above and allows you to know exactly how many correct bets you need to make per day to reach your earnings goal.
The amount should be relatively low. Ideally, the maximum stake per bet should be kept close to 3% of the total bankroll. By betting this amount on relatively safe odds, it is still possible to have a good additional percentage in the bankroll with each correct bet, without risking too much of the balance in case of losses.
The standard stake should be adjusted according to the odds. You can take more risks and seek higher winnings on slightly more unlikely lines or accumulator bets. However, in these cases, the bet amount should not exceed 1% of the total available balance.
Set standard odds
Any betting strategy based on financial control must be linked to the definition of a desired odds value. This also allows you to combine the two previous tips and know how many correct bets should be made per day. Typically, the standard odds for professional bettors are around 1.80. This is the perfect balance between safety and profit.
Here, other tips also come into play. Study the statistics of previous matches and select some betting lines that are likely to materialize. Then, if the odds are not in line with what you have set as part of your strategy, wait for the sporting event to start and follow the fluctuation of the odds. When it reaches the value you have set, it is the right time to bet.
To help you define the standard odds for your strategy, this article includes a table showing how much your balance percentage will increase in case of a win with different odds. The table considers the previously mentioned standard stake value: 3%.
| Odds value | Bankroll increase |
| 1.40 | 1.2% |
| 1.60 | 1.8% |
| 1.80 | 2.4% |
| 2.0 | 3% |
| 2.20 | 3.6% |
However, low odds such as 1.40 are not worth the risk. After all, the profit would be only 1.2%, and in case of defeat, the loss would be 3%. This means that it would take almost three correct bets to compensate for one wrong bet. With odds of 1.80, the ratio is much more balanced, as two correct bets and one wrong bet would bring a profit of 1.8%.
Use the bookmakers’ tools
If you find that you are unable to maintain financial control, the bookmakers themselves offer tools to help. This is essential for them to obtain regulation, as it is mandatory to encourage responsible gambling. So, watch out for signs of betting addiction, such as:
- Spending too much time betting every day.
- Not being able to stop betting when you reach your set limits for wins or losses.
- Depositing money with bookmakers that you cannot afford to lose from your personal budget.
- Betting is affecting your personal life.
If this occurs, it is possible to set deposit limits per period, and the bookmaker will then prevent payments that exceed the set amount. As a last resort, you can request self-exclusion from your account, which will prevent you from re-registering and playing again during the period you have set.
