Why is Bankroll Management Important in Cricket Betting?
Don’t pay attention to stories where people become millionaires from a single cricket bet. It isn’t true. Successful cricket bettors, those who make a living or earn extra cash from staking large amounts on cricket games, must employ a bankroll management which is based upon healthy risk/reward ratios. A strong Cricket Bankroll Management Strategy lets you wager more times and allows your bet margins to improve over time.
So, you want to start betting seriously on cricket? Good, you have come to the right place. The first thing you need to get is a 'betting bank'.
This is an amount of money you can afford to lose and can afford to leave in your accounts for a long time. Ideally, this should be as big as possible to allow for poor betting runs, but you can start with whatever you have - as long as you manage it effectively.
Let's say you have ₹100,000 and want to start betting on cricket matches. How can you use that effectively?
Imagine India were playing England and you really thought India would win. Would it be a good idea to bet all ₹100,000 on India, even if you thought they were a value bet?
Without an understanding of the importance of following a good bankroll management strategy, the situation may evolve into an unpleasant experience. The worst situation appears if you feel completely certain that your bet will be a winner.
You chose a bet size without any consideration of either your total bankroll or the betting value. Never do this - always contemplate that the bet may become a loser. Never let emotions decide how much to wager on a single cricket bet.
Even if India were a good bet, they could lose the match and you would lose your whole betting bank on one bet.
Your goal is to carry out the best risk-adjusted cricket betting strategy and increases your profits over time.
Cricket doesn't look similar to football or any other big sport due to its format.
The minimum playing time is a few hours, and the maximum is five days. Since matches take place under different rules and regulations, and with several factors affecting the scores, final results in cricket matches are highly unpredictable.
To act better in a high volatility market not only provides fantastic opportunities for big wins, but it also puts the bettor's bankroll under stress. To find a reliable bankroll management strategy and implement it as a part of your betting model, is, therefore, essential.
Bankroll management acts as the risk assessor by adjusting the bet size after considering the probability margin which your value betting strategy has identified.
Put differently. A well-implemented cricket bankroll management strategy makes you more risk-averse through a steady increment of bet sizes, which are always in proportion to your total bankroll.
Many various bankroll management systems, especially targeting punters and other gamblers, have been established. Pay attention.
Martingale system, fixed staking plan, variable staking - what is the best bankroll management system for cricket?
It all comes down to individual risk-taking attitude. Do you favour placing less risky cricket bets with lower potential returns over betting on higher odds with greater returns but winning less frequently?
So, before concluding your bankroll strategy, you will need to specify your betting objectives. Your intentions will decide your bankroll management strategy and not vice versa. Below we briefly cover the most common bankroll management systems and their main risk characteristics.
The Martingale betting system is proven to be a very high-risk method. The strategy requires the bettor to double his bet-size after every loss until a win comes. We don't recommend using the Martingale strategy if you don’t consider yourself to be a risk lover.
The idea of the fixed staking plan, also known as flat betting, is to place the equal amounts of stake on every bet without considering betting value. A common approach for cricket bettors following this strategy is to stake a fixed percentage of their bankroll on every bet.
Considering a bankroll of ₹100,000 and a fixed bet strategy of 3% means that the first bet-size has to be ₹3,000. If the first bet is a loser, the bettor will decrease his bet size to ₹2,910, which corresponds to 3% of the remaining bankroll of ₹97,000. The Fixed stake betting strategy is a good money management strategy to start on for an unexperienced cricket bettor. Due to its low-risk characteristics, the fixed betting strategy also provides room for making mistakes.
The most well-known and adapted bankroll strategy in cricket is the Kelly criterion. The strategy has become popular among professional sports bettors because of its features to adjust stake size depending on bet value. The higher the positive expected value an odds include, the greater the bet size will be. The Kelly criterion bankroll management strategy is for the experienced cricket bettors. Prior knowledge of value betting and probability predictions are required.
Ultimately, you want to choose a bankroll strategy that suits your style and bank. If you have a smaller betting bank to start with, you will want to bet small and gradually grow it.
When you have increased your bank significantly - say 50% - then you can review your stake size. One common mistake people make is to start increasing their stakes too early, or after they have had a run of winners.
This is poor decision making - have a bad run and you will quickly lose any gains.
And remember, never chase losses. It is very frustrating to back a loser, especially one that can be considered unlucky. Do not try and recoup losses by placing bets you wouldn't normally have made.
This also applies to when you have a winner! Do not waste your profits by making bets you were not planning on having just because you think they are 'free bets' made with profit.