You can also use formulas in Excel to speed up the big gaming. Besides, If you know how to code in programming languages like Python, you can even automate all of this by creating a bot that fills all your daily bets data in the spreadsheet instead of doing it manually.
Once you have enough data, you’d be able to make decisions based on your past betting behavior and strategies in order to get a more profitable system.
If you put a random amount of money on every bet, you could lose money even if you had a good winning percentage. This happens when the bets you put a lot of money into end up losing more often than the ones you put little money into. However, if you have a good bankroll management system, you could become a profitable bettor in the long term.
Bankroll management represents the amount of money you have set aside for sports betting and should consist of only money you’re financially able to lose. These are 3 good bankroll management systems you can follow:
This approach consists of putting the same amount of money every time you bet. This amount is known as ‘unit ’ and represents a small percentage of your initial bankroll. The percentage depends on how much risk you’d like to take. Generally speaking, there are 3 risk windows: low (0–2%), neutral (0–4%) and high risk (0-5%). If we consider a unit size of 1% of the initial bankroll, this is how the system would look like:
As shown in the table, the unit is fixed at $10 for every bet. This approach helps you become a disciplined gambler and it’s easy to keep track of wins and losses with it. This system is highly recommended for beginners because of its simplicity.
In this model, instead of fixing the ‘unit,’ we fix the percentage of the bankroll. That is, your unit size is going to increase or decrease along with the bankroll. Let’s considered the same initial bankroll and unit size (1%) used in the previous example:
In this case, the money earned on day 1 increased the bankroll of day 2; as a result, the unit size increased for day 2 as well. However, after losing money on day 2, the unit and bankroll were reduced on day 3.
In the confidence model, a scale is used for every bet. You can use the scale that you prefer (1–2, 1–3 or 1–5 scale), but it’s important to stick with it and remain disciplined.
The scales represent the degree of confidence you have on a specific bet. If you choose a 1–3 scale, then when your confidence in a bet is high, you bet 3 units or 3% percent of your initial bankroll, 2 units when it’s medium and 1 unit when it’s low. This is a riskier model because you could lose a lot of money in your bankroll if your predictions are wrong, but if your predictions are correct, this becomes more profitable than the models explained before.