Setting up your betting sessions has become a complicated task, especially if your goal is to bet without losing money or at least minimizing losses. Modern sportsbooks are straightforward, with simple betting mechanics, understandable betting markets, and game odds. But the philosophy of winning brings so many questions, like what money management tools I should use, what strategies I should apply in my daily betting, or what techniques will help me forget about loss stricks. Of course, we punters love the thrill of our own predictions, even if we lose the bet. That’s normal as long as your bankroll isn’t empty and there’s no situation that leaves you without a dime. To avoid such situations, we’re going to share with you our thoughts on betting techniques that will make you forget about losing too much. However, that’s just a part of what you can find on the Bet Nigeria website.
Loss Minimizing Techniques
From the moment you deposit money at the betting site until the bet is placed, your fate depends on a few criteria. The first criterion of your betting results is how right you are in your bet. It’s obvious, but this statement has many additions, including the calculation of odds, the selection of the betting market, and the overall evaluation of the chances. If you bet on the outcome with odds of 10.00 or higher, it’s clear that you will most likely lose. However, if you always bet on low-odds games, you won’t make any money. That’s why the dilemma is whether to minimize your losses or take the risk and take a chance to double or triple your bet. For this purpose, we have several money management tools that can be used in any scenario. However, they have one common purpose, to save your form from losing everything and increase your balance.
Bankroll Management Tips
The key golden rule of any financial risk activity is to set a budget that you’re willing to lose and avoid damaging your financial health. Such techniques are also suitable for betting and gambling. No betting skills are required. Half of your success is managing your budget correctly. So, check out the world-famous financial technique that you must apply in your life.
- Set the bankroll limit.
- Don’t take more than you can afford.
- Track your ups and downs.
- Use stop loss limits.
Set the Bankroll Limit
The first betting tip that most players fail to follow is to set a budget for your betting sessions. Set up a bank account or write down the amount you can easily lose and forget. This isn’t just financial advice. It’s also an excellent psychological life hack. If you have already set the budget you can lose, you won’t be too disappointed when you lose, and you’ll have a clear head for future bets.
Don’t Take More Than You Can Afford
This tip is related to the previous one in that you already have a certain betting budget, so try not to exceed it when you are consistently winning. So even if you win and your bankroll increases, keep betting with the initial budget. This technique is a must to keep your balance positive.
Track your Ups and Downs
No matter what your results are, keep a record of them. Always keep track of your money flows and calculate the percentage of your winnings over your losses. Also, make a note of how much you have invested, withdrawn, won, or lost within a certain period of time (day, week, month). Ideally, you can have an online spreadsheet with all your betting history. That way, you’ll be able to find the mistakes that caused the losses and ruined the statistics, and you’ll have to solve and avoid them in the future.
Use Stop Loss Limit
The scheme is similar to setting the budget beforehand but different. Here you need to set the limit that you’re willing to lose. For example, set the stop loss limit to 5 bets. As soon as you lose 5 bets, you stop betting immediately, with no excuses and no desire to playback. Or you can set an amount you’re willing to lose. For example, if you have 1000 KES, you will stop betting as soon as you exceed this amount. The scheme is famous among traders on the stock market. When the price of a stock falls to the set amount, it is automatically sold.
Why is the Stop Loss Limit a Strategically Correct Method?
Unfortunately, thousands of bettors ignore such a strategy of saving money while betting. As a result, they fall into the trap of bankruptcy very quickly, and in the worst case, they even have debts. On the other hand, more experienced bettors prefer to use stop-loss limits. If some people underestimate this money management technique and consider it simple and worthless, others take advantage of it and save hundreds of thousands of KES. Remember, under what circumstances do you usually lose the bet? When the situation gets tight, you start betting and try to win back the lost money. It’s an absolutely wrong approach, and stop-limit loss techniques are proof of it.
Betting has never been easy for new and even experienced bettors. Especially for new participants, it’s recommended that you follow money management techniques to improve your financial situation. Here we’ve mentioned some life-changing methods, including the use of stop-loss limits, monitoring results, and tracking your bankroll changes. Therefore, the techniques mentioned on this page have been tested by betting experts with years of experience.