Why is Bankroll Management important in Cricket Betting?
Don’t pay attention to successful stories, where people become millionaires from a single cricket bet. It isn’t true. Successful cricket bettors, making a living from staking volume on cricket games must also administer a bankroll management which is based upon healthy risk/reward ratios. A correctly chosen Cricket Bankroll Management Strategy lets you wager more times and allows your bet-margins to prove themselves over time.
Let’s look at the situation where you want to back Mumbai Indians to win. Your starting bankroll is ₹ 100,000. And now it appears a question: How much money should I 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 nor the betting value. Remember, 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.
Looking at it from a long-term perspective, do you want to risk losing your whole bankroll now? Absolutely not. 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 bettor in a high volatility market not only provides fantastic opportunities for big wins, but it also puts the bettors bankroll under stress. To find a reliable bankroll management strategy and implement it as a part of your betting model, is, therefore, essential.
Consider your cricket betting model to be a coherent roadmap. Bankroll management acts as the risk assessor by adjusting the bet size after taking into account 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. Only a hand full might be efficient enough.
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 favor 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.