Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada

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Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


2021 Guide To Gambling Bankroll in Canada


As a general rule of thumb, the bigger the promises, the more likely the tipster isn't for real. Any service which is claiming an 80% success rate is either exaggerating or being very particular about the bets it's making. While there are reputable tipsters out there, part of the fun of sports betting is using your own skill and judgement to make your bets! So if we are betting on that 10.0 long shot our first stake looks like this:


Guide to Bankroll Management


This page will teach you how to manage your bankroll. Why? Because bankroll management is one of the most important aspects of sports betting, but is too often neglected. In simple terms, it means keeping track of how much money you're gambling. There are particular tried and tested methods which you can implement to remain a canny bettor and ensure that you get through any losing streaks with minimal upset to your accounts - simply read on to find out what they are!



  • Find out what bankroll management is

  • Discover methods that will allow you to manage your bankroll

  • Learn the dos and don'ts to managing bankrolls



What is Bankroll Management?


Let's begin with the basics: what exactly do we mean by bankroll management? Simply put, we're referring to the ability to keep track of how much money you're gambling on sports, but of course there's a little more to it than that. The first thing to do is set aside a sum of money which is to be used exclusively for sports betting, but of course make sure that you're not using an amount which is more than you could afford.


Ideally, you'll have a separate bank account purely to store your bankroll, or you could keep it all in your sports betting account, as long as you keep track of deposits and withdrawals. The worst mistake that a novice gambler will make is to try and chase his/her losses, and this is what we want to avoid at all costs.


How to Manage Your Bankroll


One way to make sure you don't burn through your bankroll is to assign a fixed stake percentage to be used on each bet. This will vary according to the size of your bankroll and how much you wish to bet, but let's choose 5% in this case. That means that your first bet will by $1,000 x 5% which is $50. If you lose that bet, then you will have a remaining bankroll of $950, so your next bet would be 5% of this new total, which is $47.50.


By betting a percentage of your total bankroll, you'll never wipe out the whole amount, although of course a series of losses will make a big dent in the original amount. This is a great system to use for those starting out in sports betting.


More experienced sports bettors will often choose a variation of the above system. Again you will bet a percentage of the overall bankroll, but this will be affected by the bet you're making. Variable stake percentage bets change according to the odds of a particular bet. After all, you may wish to bet a smaller amount on an outsider at decimal odds of 10.0 than you would on a favorite at 2.5.


There's a simple equation to work out how much to bet. Let's continue to use 5% as our 'standard' betting unit. Here's the equation:


Stake = (Bankroll X 5%) / (Decimal Odds – 1)


So if we are betting on that 10.0 long shot our first stake looks like this:


The key to these methods is that you'll be staking lower amounts as your bankroll decreases, and you'll never try to chase losses by betting larger amounts on the bets which follow on from a loss. It's also a good idea to set yourself a monthly limit that you won't exceed. This is a feature which most sports betting websites will allow you to set for yourself, limiting either your monthly deposits, losses or bets made.


Are Tipsters Worth It?


You'll find any number of online sports tipsters out there, offering to deliver you winning sports tips on a regular basis, but for a price. The difficulty lies in knowing which tipster service you can trust, and which is just a load of hot air.


As a general rule of thumb, the bigger the promises, the more likely the tipster isn't for real. Any service which is claiming an 80% success rate is either exaggerating or being very particular about the bets it's making. While there are reputable tipsters out there, part of the fun of sports betting is using your own skill and judgement to make your bets!


Dos & Don'ts


There are a few other dos and don'ts which will make a big impact on your success as a sports bettor. For starters, the majority of online betting sites will offer a welcome bonus to new players. Be sure to take advantage of this, as it's a great way to build up a bankroll from a low base, plus it allows you to test out the quality of a sportsbook.


Even more importantly, be sure to avoid chasing your loss, which basically involves making ever increasing bets in order to try and recoup previous losses. Often chasing losses happens when bettors get too emotionally involved or angry due to losing bets. This is a time to step away and re-calibrate, as emotions are the worst enemy of the sports bettor. Any time when your judgement is impaired, whether due to drugs, alcohol, stress or tiredness, is no time to be placing bets. A great way to avoid chasing losses in general is to stick to one of the percentage staking plans listed above.


As a final thought, too many novice bettors place bets which are not proportional to their overall bankroll, or worse, don't set aside a bankroll at all and end up spending money that they cannot afford to lose. To avoid this, use our tips and tricks, and you should find that you're able to stay in the game for the long run.



Sports Betting Strategies that Work – Your 2021 Guide


With the right betting strategy, you should be able to beat the bookies in the long run. In this article, we will discuss the sports betting strategies that actually work.


There are a few forms of gambling that can lead to long-term profits. These include poker and sports betting. Still, it can be hard to make a reasonable amount of money from sports betting. Bookies have a house advantage of at least 2 or 3 percent, and it takes a lot of focus and self-discipline to become a professional punter. Still, with the right amount of patience and betting strategy, you should be able to beat the bookies in the long run. In this article, we will discuss the sports betting strategies that actually work.


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The Basics of Betting Strategy


While there are many forms of betting strategy, there are two central concepts that are present in almost every one of them. Every educated punter needs to understand the concept of value and needs a sound bankroll management strategy.


Value Betting


Every set of odds a bookie offers comes with an implied probability. That means that bookies set odds that reflect how likely an event will be. This could be a win, loss or draw for a football team, the winner of a boxing match, or the final score of a hockey match. For example, odds ¾ or 1.75 have an implied probability of 57.1%.


It is up to you to judge if those odds are correct. If you see an event more or less likely that the bookies do, you have perhaps found a value bet. If you can consistently detect value bets, you will eventually win more money than you lose. Check out our detailed guide to value betting here.


Bankroll management


Bankroll management is the most important factor in not going broke. Even if you place bets on what you perceive to be value bets, there is still a chance for you to lose your whole bankroll. A common strategy is to divide your bankroll in units of 1 to 3 percent of the total, and never bet more than that. This helps you diversify your risk while improving your handicapping skills.


The most basic concept in any type of investment (including sports betting) is Return on Investment or Yield. Moreover, investment is exactly how you should look at your betting hobby. Your bankroll is your initial investment, and you need to make sure you can capitalize on it.


Kelly Criterion


Some punters and investors swear by the Kelly Criterion. This formula tells you how much to bet, depending on your perception of value. It can be an aggressive strategy when applied to sports betting, since it can see you betting a huge percentage of your bankroll on a single bet. It is more common in investment and financial betting. Still, the Kelly Criterion is useful, since it makes you consider and estimate the value of your bet in much more detail.


Gambler’s Fallacy


Any beginning sports bettor needs to look out for the gambler’s fallacy . Essentially, you need to know that each bet (at least in ‘pure’ forms of gambling, such as roulette or blackjack) is independent from the next. For example, if a ball falls on black in a number of roulette rounds in a row, it does not mean that the ball landing on red on the next round will be more likely. The opposite is also true: a ball landing many times in a row on black does not make landing on black in the next spin more likely.


Patience in Betting


Patience in betting is very important. It is silly to assume you will win all of your bets right away. Most betting pros only win about 55% of their bets. It takes patience, discipline and a refined betting strategy to get real results.


Common betting strategies


With the above in mind, let us discuss some of the most common betting strategies. Of course, not all are as relevant or even smart. We will discuss each briefly, while linking to more comprehensive articles on the subject whenever possible.


Chasing Steam


Chasing steam is a valid betting strategy, one that has been proven to work. Steam is a term that describes significant movements in the betting market. If you see odds moving significantly, that is often because serious punters, such as betting syndicates of professional gamblers, are wagering on one side. Since their bets can represent a huge chunk of cash, their bets make the bookies change their odds in order to have to pay out less.


The idea is that these major gamblers have a good idea of what the likely outcome will be. It is up to you to copy them. To use this strategy, you need to monitor all odds on various sites for your preferred sport or league. When you see odds changing dramatically on several sites, go for the site that has not changed its odds yet. That will give you a way to follow the educated betting public while still getting a better value bet.


Fading the Public


Fading the public is the exact opposite of chasing steam. Instead of following your betting peers, you are actually betting against them. In this case, when you see lines and odds moving sharply, you bet against the trend.


Here, the idea is that the public is actually wrong. This strategy works best in highly publicized events or major competitions. While lines are often moved by educated punters, they can just as well be moved by casuals, i.e. ignorant bettors, the bookies' cash cows.


It can be hard to know when to follow the public, but in general, the public looks for hyped events and hyped athletes to bet on. People are more likely to bet on the team or athlete they know and love than to bet on unknown athletes or smaller teams. Of course, athletes get famous from past achievements; however, past achievements do not always reflect current from.


For example, a famous tennis player comes back after an injury and is matched up with an up-and-coming talent. Many casuals will bet on the famous player for name value alone, without looking at the other player’s talent, record or win streak.


Looking for outliers


Looking for outliers is a very common sense betting strategy. Outliers are odds that go against the trend. In order to find the best value, you simply look for the best odds for your bet. This involves comparing different bookies, so it is best to have multiple accounts.


This idea of finding the best odds for your bet is simple, but it can be a full betting strategy. Some punters have a strategy of consistently betting on outliers, regardless of the event and their knowledge of it. The reasoning behind this is that the market is usually right. Odds tend to follow the money. The money usually comes from smart and professional punters. By finding outliers, you can consistently find value bets.


Backing Heavy Favourites


Backing heavy favourites is one of the most basic sports betting strategies. It essentially requires no real skill. Favourites are favourites for a reason. In some sports, such as Tennis or Boxing, favourites have ridiculously high odds of winning.


In this strategy, you need a large bankroll in order to make any money from your bet, since you may only make 5 or 10 percent profit from each bet. This strategy may seem solid, but still comes with a lot of risk. Even though the odds of losing are small, it can be hard to win your money back when you lose. The margins can be so small, that favourite betting might not even be worth it.


Remember that bookies try to minimize losses, and since so many people are betting on the favourite, the odds are often unrealistically low.


Betting Based on Winning Streaks


Form and momentum are very important factors in determining odds. If a team has won seven games in a row, odds are strong that they will win the eighth. Still, every team has to lose eventually, so sometimes betting on the underdog can be the smarter bet, especially if the odds are overly inflated.


Arbitrage Betting


The point of arbitrage betting or arbing (sometimes called sure bets or miracle bets) is to bet on both outcomes of an event, in order to guarantee a profit. The best way to do this is to find bookies offering opposite odds on an event. By betting on both sides, you can win regardless of the outcome. This sounds too good to be true, and it usually is. Most bookie’s odds are updated regularly, so it can be hard to find arbing opportunities. You will have to be very fast when you find one.


Hedge Betting


Hedge betting is similar to arbitrage betting, since you are betting against yourself. This can help you in various situations. Usually it involves taking advantage of movement in odds, for bets you have already placed (for example in outright betting). Another example is with multiples. If you have an acca with only one leg left and you have won the previous legs, you can place a lay bet (or opposite bet) for the last outcome in order to guarantee a profit.


Dutching


Dutching has multiple meanings, and is sometimes used as an umbrella term for any set of bets that are guaranteed to give you a profit, if you win at least one of them. This includes hedge betting and arbitrage betting.


The term is also specific to horse racing , where you bet on more than one horse in a race or tournament. As long as at least one of your horses wins or places, you will have a profit.


Dutching also involves adjusting your bet size, so you win the same amount, no matter the outcome.


Hutching


Hutching is similar to Dutching. However, instead of balancing your bets, you lean towards the outcome you think is most likely. Thus, you will win more depending on which of your bets you win.


Betting software


There are various kinds of betting software that you can use to become a better punter. There are software solutions that help you identify value bets and arbing opportunities, as well as solutions that help you see your overall betting record. While there are plenty of paid options for the last part, a simple Excel file can be a good start to help you keep track of your betting record.


Using statistical models


Gathering statistics and calculating probabilities based on them is the task of any serious punter. While you could simply trust your gut, having actual math to back up your claim is the more profitable strategy in the long term. Two of the most commonly used models are Normal Distribution and Poisson Distribution.


Standard Deviation, Variance and Normal distribution


One of the most important ways of predicting what an outcome will be is normal distribution. Sports results, such as number of goals scored in a game, fall into a pattern of likelihood which can be represented in a Bell Curve, the top of the curve being the most likely outcome. By calculating standard deviation and variance, you can see how likely and by how much results differ from the mean.


Poisson distribution is another way of predicting the likelihood of a game score and outcome. By using data based on a team’s past performances, comparing those performances to the other team’s data as well as league averages, you can calculate the probability of any specific score, as well as win or loss for each team.


Elo Ratings or other rating systems


While a team’s standing in its respective league is an important indication, there can be many alternate and perhaps more accurate ways to express a team or athlete’s relative strength. How good is a player compared to his peers? Many leagues have an official ranking system, though anyone can create their own.


Chess uses the Elo Ratings System to create rankings based on the quality of opponents beat in official competition. The idea is that beating a stronger opponent will give you more points than beating a weaker opponent. A similar system was adopted by FIFA in 2018 to rank different countries in order to seed them for the 2020 World Cup.


You are free to create any system you want in order to rank the quality of teams or individual athletes, but Elo Ratings can be a great starting point.


Following Tipsters


Tipsters can be a great tool for finding smart bets. True tipsters are often successful punters who are so good that they are no longer accepted by bookies, or have their bets limited so they can only make a small amount of money. They usually sell their tips as a subscription service. Of course, you should be wary of phony tipsters, who sell bogus tips. While they may advertise “proof” of huge bets won, this may not reflect their overall betting record.


Matched betting


Matched betting is a betting strategy, which punters use to take advantage of the various bookie promotions on offer. It is very unpopular with online betting sites . Many bookies offer free bets or deposit bonuses. By taking a free bet and then placing a lay bet at an exchange betting site , or simply placing the opposite bet at a different site, you can have guaranteed profit, no matter the outcome.


Of course, bookies are on to this, which is why most free bets or welcome offers have very complicated terms, involving accumulators or requiring you to wager your bonus multiple times.


Expected Goals


Expected Goals are a useful tool in football betting , as well as most other ball sports. Essentially, they show how well a team should have performed, based on the chances offered to them. There are plenty of advanced metrics, which can help predict a match outcome.


Draw betting


Betting on draws is often one of the best sports betting strategies, especially in football. Most punters naively bet on their favourite team to win and ignore draws completely. This moves the betting lines, creating lower paying odds for win / lose outcomes and higher paying odds for draws. Thus, there is often great value in draw betting.


Staking plans


A staking plan is a system that tells you how much of your bankroll to place on each bet. We have already discussed the Kelly Criterion as a relevant system for sports betting. At the same time, there are plenty of sports bettors who use staking plans that were actually designed for casino games like roulette.


Fibonacci Betting System


The Fibonacci betting system is a negative progression betting system. The idea is to increase your stake after a loss and decrease it after a win. The idea is that if you bet more after a loss, you can recuperate money that you lost on previous bets. The bet size follows the Fibonacci sequence (1, 1, 2, 3, 5, 8, 13, 21,…), with each bet the sum of the previous two.


The Labouchère staking method in sports betting


The Labouchère staking method is another negative progression system. It is a lot like the Fibonacci system, except that it is slightly more complicated. You start with writing down a sequence of numbers. Your bet is always the sum of the first and last number. If you lose, you add a number to the sequence. If you win, you remove a number from the sequence.


The Martingale staking method in sports betting


The Martingale staking method is the easiest negative progression staking plan. Here you simply double up after a loss.


Do these staking plans work?


The above staking plans are designed for roulette. A roulette game has odds of roughly 50%. Doubling your bet after a loss to win back your loss does work in an ideal set of circumstances, which unfortunately do not exist in real life. You would have to have an infinite bankroll, play a game with no house edge, and play at a table that has no limits on bet size. This is why these staking plans have little relevance. Looking for value and managing your bankroll makes much more sense.


The Pareto Principle in Sports Betting


The Pareto Principle is also called the 80/20 rule. It is not a betting strategy itself, but it can be useful to help you identify your most successful betting strategy. In many fields, distribution is more or less 80/20. For example, 80% of the land is owned by 20% of the people, 80% of a bookie’s income comes from 20% of the players. Similarly, 80% of your profits may come from just 20% of your bets. This can ultimately help you identify which bets you should focus on and which you should discard.


What is Gubbing?


While this may not be an issue for a beginning punter, as soon as you start making a serious ROI for your bets, you need to avoid being gubbed . Punters who win too much, or use strategies like matched betting, hedge betting or arbitrage betting will often be excluded from betting promos or even have their bet size restricted.


Multiple Betting Accounts


If you are planning to use hedge betting, matched betting, or even arbitrage betting, it is important or even essential to have multiple betting accounts . Bookies will not be pleased if you hedge your bets on the same site as where you place your original bets. Additionally, the risk of gubbing makes it a good idea to spread your larger bets over multiple sites.


Another added benefit is the ability to shop odds, as a difference in just 5% can be a great boost to your bankroll.


Aggregators


A few sportsbook aggregators even let you combine bookies on a single platform. This allows you to shop odds without the need to create multiple accounts.


How Bookies Make money


Any smart punter would do well to consider how bookies make their money . This gives you an insight into how they create their odds and helps you consider how you can outsmart them. This involves balancing the books and making sure there is an overround, among other betting strategies.


Overround Betting


Overround (vigourish, vig, or juice in American English) is an essential key for how bookies make profit. Essentially, the total implied probability of all outcomes of an event are usually kept above 100%. This means that each bet you place has a margin of profit for the bookies; this is similar to the house edge in casino games .


Of course, bookies might even make a profit regardless of the overround, as many naïve punters simply double up on their wins and chase their losses.


Sports Betting Strategy FAQs


❓ What is the best betting strategy?


While there are multiple valid betting strategies, every betting strategy that works has one thing in common: a way to find value in betting. Looking for value means looking for outcomes that are undervalued by bookies. If you can consistently find value bets, you can make a profit from betting. Another important aspect is bankroll management. Even if you bet systematically on value bets, there is still a chance that you lose your whole bankroll. This is called "gambler’s ruin". You can decrease this chance by betting only small portions of your bankroll. Most bettors never bet more than 5% of their total bankroll.


�� What is the best winning method in betting?


Arbitrage betting is the best way to bet, since by betting on both outcomes, you can have a guaranteed profit. Still, arbing possibilities are hard to find, making them the holy grail of sports betting.


✅ What are the best sports bets to make?


The best bets are value bets. It only makes sense to bet if you see value in it. If you think something is more likely to happen than bookie odds imply, you can estimate how much value it has.


�� How do you win consistently in sports betting?


The only way to win consistently is to find value bets. As long as you have a betting strategy to find value, you can win more than you lose.


ThePuntersPage Final Say


While chasing steam, fading the public and looking for outliers are universal ways of finding value in bets, there can be betting strategies as diverse as the people who are betting. Deciding who will likely win a match can be done in various mathematical, statistical or intuitive ways. Get creative, make your own rankings, invent your own models, or simply follow your gut. As long as you have a way of finding value and a smart bankroll management strategy, you can make a long-term profit.



Bankroll Management in Betting – Tips & Strategy (2021)


Finding the right events to bet on is one challenge. Some bettors rely on their gut feeling, while others make technical predictions based on athlete’s strategies, while others adopt a purely statistical approach. Whatever your strategy of choosing the right bets is, you will still need to decide how much money to bet for each of your bets. This is where betting bankroll management comes into play. There are several common strategies for managing your bankroll, which is often employed by professional bettors, in fact, these strategies are what separate the pros from the amateurs. This article will help you decide how much to bet to keep you making a profit.


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What is your betting bankroll?


Your betting bankroll is the initial amount of money you wish to use for betting. It is the amount of money you are willing to risk and invest. Having a bankroll will help you bet in a consistent and logical way. It will help you analyse your betting strategy and learn from your betting mistakes. Having a bankroll instead of single bets or deposits will make you think about the long term instead of the short term. And the long term is where the value lies. A professional sports bettor knows he can take a loss, since his bankroll is big enough, and he has not bet the whole thing. He also knows that in the long run, he will win more money than he loses, as long as he has the correct betting strategy.


Why money management is important for your success?


Money management is a key factor in becoming a professional bettor. Managing your bankroll wisely will make sure you do not bet everything on a single event. It means you will have money to spare in order to make up for losses. Good management sets professional bettors aside from professionals.


Guide to Bankroll Management, 2021 Guide To Gambling Bankroll in Canada


Casual bettors


Casual bettors usually make single bets, usually as a one-off, without any long-term strategy or goal. They see a match they want to bet on, make a deposit, and place their bet. Usually the bet for the same or similar amount as their deposit. If they win, they will either withdraw immediately or bet again until they lose.


Professional bettors


Professional bettors have a bankroll. They use this to invest in different events, using a betting strategy. After they have made several wins, they withdraw their profits, leaving enough money in their bankroll for future investments. This is how they ultimately beat the bookies.


How much should I bet on each bet?


There are two basic strategies in choosing how much of your bankroll to risk on each bet. Most professional bettors use either a constant percentage or units. Each has its own advantage.


A Constant Percentage


Many professional bettors will consistently bet a certain percentage of their bankroll. A good percentage could be anywhere between 1 and 3 percent of your total bankroll. This has an obvious advantage. As your bankroll grows, your bets will also grow in size organically. If you lose, you can make smaller bets until you resume your win streak. This is one easy way to keep from going broke.


Units


Other bettors simply bet in units. This means you will have more or less the same amount for each bet. Best is to divide your bankroll in 50 or 100 units. If you have a £1,000 bankroll, this means you will have units of £10 or £20 per bet. Betting small bets instead of giant ones might mean it could take a while before you start making a worthwhile profit.However, remember, you came here to make money, not just to have a bit of fun. Focus on the long term.


Don’t be too flexible


Both strategies (units or percentages) allow for a bit of flexibility of course, but do not be too flexible with them. You can choose to bet double or triple units on an event, or choose a higher percentage. However, we recommend not using more than three times your normal unit or percentage for any bet.A systematic approach pays off in the long run and we recommend changing your methods only after careful analysis.


Taking Odds into Consideration when Making Bets


While a systematic approach to betting size is key, your bet size should ultimately depend on at least three things: your bankroll, the odds and the value. Of course, if you see odds with very good value, you can consider betting a bit higher, especially if you are on a win streak.


Advanced Bankroll Strategies


There are several more advanced bankroll strategies, which can give you a good indication of how much you should bet in any situation. These depend on the value of the bet and your win streak. The most scientific of these is the Kelly Criterion, while Level Staking and the Fibonacci Method are also very popular. We will discuss each of these in detail


The Kelly Criterion


The Kelly Criterion is one of the most popular methods. It was proposed by J. L. Kelly, Jr, a researcher at Bell Labs, in 1956. It is a mathematical formula that will give you an indication of how much you should bet, taking into account the probability of something happening versus the odds offered on it. The theory proposes that you should bet a higher percentage of your bankroll according to value.


In its most basic form, the Kelly Criterion looks like this:



  • Multiply the chance to win by 2

  • Subtract 1

  • The result is your optimal wager size (relative to your total bankroll)



For example:



  • If a bet has 70% chance to win, it has 0.70 probability.

  • Multiply 0.70 by 2 and you have 1.40.

  • Subtract 1 from 1.4 and you have 0.4, or 40% of your total available funds as your optimal wager.



Of course, you have to take the real odds of something happening versus the bookies’ odds into account.


The Kelly Criterion offers the following formula for simple bets with two outcomes:


The formula for the Kelly Criteria, from Wikipedia.com


f*= ((p(b+1)) – 1)/b



  • f*is fraction of your bankroll you should bet

  • b is the net odds you can get for your wager, expressed in decimals (if the odds are 1.3, the net odds are 0.3)

  • p is the probability of winning (this is your estimate when betting on sports)


An example of the Kelly Criterion:



  • A sportsbook offers 1 to 1 odds (2.0) on a bet: b = 1

  • You estimate the odds of your outcome at 60%: p = 0.60

  • Fill that into the formula

  • f* is then ((0.60(1+1)) – 1)/1 = 0.20 In this example, you should bet 20% of your bankroll.



Do not bet on bets with no (or negative) value


If you make the calculation with a negative value, the calculation will give you a negative amount and recommend that you do not bet.


It is up to you to find that value!


The Kelly Criterion method has its critics, yet has still stood the test of time. Of course, a lot depends on your assessment of value. Bookies are constantly looking to eliminate value by offering accurate odds as possible. Of course, there are many factors that can influence these odds, such as money coming in that moves the lines, overestimation of certain athletes, popularity, injuries, and more. Still, you should assume that bookies are no fools and know why they are publishing certain odds. It is up to you to outsmart them.


Different Kinds Of Kelly


There are several kinds of Kelly Criterion; some are more bullish, while some are more bearish.


The Full Kelly


The Full Kelly is the method described above. If you follow it consistently, it can be risky. If you estimate the value very high, it can recommend that you bet up to 50% of your bankroll. Still, if you are correct, a good win streak can have you winning big and fast. It all depends on your accuracy of estimating value.


For example, with odds at 2.40, your bankroll at £100and your (estimated) overlay at 20%, the Full Kelly recommends that you bet 14.3% of your bankroll, or £14.3.


The Fractional Kelly, Half Kelly or Quarter Kelly


If you want to be more conservative in your approach, you can choose the Fractional Kelly. Here, you can make the Kelly Calculation and use a fraction of it instead of the Full Kelly. Use 50%, 33% or 25% of the Full Kelly, or any percentage with which you are comfortable. In the end, this can be a more advantageous strategy, since you will risk less of your bankroll.


The Constant Kelly


The Constant Kelly works almost the same as the Full Kelly method. However, you need to wager a percentage of a fixed amount, rather than your total bankroll. If you have regular funds you wish to bet with, rather than a fixed bankroll, this is one way to manage your funds.


For example, instead of betting 14.3% of your bankroll, you bet 14.3% of a fixed amount.


Level staking


Level staking is a simpler form of bankroll management. In this strategy, you simply bet a fixed percentage of your bankroll. If you have a continued win streak, you slowly increase the percentage. If you run into a losing streak, you decrease your stake. This makes sure you are always in control of how much you are betting.


While this method is less advanced than the above, it is simple and easy to understand. It is more a way to keep mental discipline and stay sharp, than a scientific method like the Kelly Criterion.


This method can easily be used in combination with a Fractional Kelly, however, which is what we would recommend. You can start with a Quarter Kelly and slowly move your way up to a Half Kelly or even a Full Kelly.


The Fibonacci Method


The Fibonacci Method is a method of bankroll management that is based on the Fibonacci sequence that was devised the 12 th century by a genius mathematician of the same name. A Fibonacci sequence begins with the numbers 1 and 2. Each number is the sum of the previous two numbers.


The Fibonacci Sequence:


Calculating the sequence and using it to bet is easy. Starting with 1 as your bet size, you move to the next step every time you win. Every time you lose, you move down two steps.


For example:



  • Your first bet is £10.

  • You win your bet.

  • Your next bet is £20.

  • You win your bet

  • Your next bet is £30

  • You win your bet

  • Your next bet is £50

  • You lose your bet

  • Your next bet is £20 again.



This can be a risky betting strategy, especially since it does not take the odds or value into account. However, it can be a very dynamic way to build your bankroll, especially if you are on a significant win streak. If you want to take less risk, you can combine this with the Fractional Kelly. For example, start with 10% of a Full Kelly, move to 20%, to 30%, to 50% and so on.


How Much Should I Bet?


Choosing how much to bet depends on a lot of things. Choosing how much to spend on your bankroll means you should reflect on several important questions, such as:


How much experience do you have in betting?


If you are an experienced bettor, you will of course have a bigger bankroll than a beginner will. Professional gamblers have bankrolls that are upwards of £50,000. Of course, we recommend that you start small.


How much money can you spare?


How much money do you earn, and how much money can you miss? When starting a bankroll, you need to make sure that you are not gambling money you cannot afford to lose. Betting money you need to pay your rent or bills is generally a bad idea, especially for beginners. Bet a realistic amount you can afford to miss.


How much sports knowledge do you have?


How well do you really know your sport? Are you a sports fan or a sports analyst? Can you objectively predict what will happen in an event? Can you do it more accurately than the bookies? Make sure you know your sport well.


Make sure you have these questions answered before you commit a huge amount of your salary!


How much money do you need to start sports betting?


In general, a good starting bankroll for sports betting could be £100. £100 is a nice, round number, which you can easily divide into units or percentages. You can see it as a percentage of your monthly salary. £100 would be about 5% of your monthly salary after taxes. If you earn more, you can start a bit higher, of course. In general, most people can miss between 5% or 10% of their monthly salary, without going broke, or living uncomfortably.


How to manage your first £100 bankroll


Now that you have read our tips, it is time to choose a bookie and make your first deposit as a professional bettor. If you have already made and lost a few bets, it does not matter. Start with these five steps.



  1. Start from zero and begin your bankroll management from scratch.

  2. Sometimes it can pay to switch bookies; a fresh start on a new site can help you bet rationally. Ourbookie reviewscan help you choose.

  3. Make your first deposit and divide into units.

  4. If you want to be conservative, place your bets according to the Kelly Criterion. Use 20% of the Full Criterion.

  5. As your betting skill improves, you can increase to Half or Full Kelly.



While £100 may seem small, it can be a great starting point to test your betting strategy. You can make the bets as small as you want. Remember, if you can make a consistent return with a £100 bankroll, you can do the same for £10,000 or £100,000 bankroll.


Keep track of your progress and stay smart. Congratulations, you have just taken your first steps to become a professional gambler!


5 tips to help you keep a clear head when betting!


Here are our top 5 tips that will help you keep a clear head while betting:


1. Keep a journal


If you want to know your progress as a bettor, you will have to keep track of all of your bets. This is especially important when you bet at more than one bookie. Keep an accurate journal of all of your bets. This will help you in the long run. Use an excel file to keep an overview. It will also be much less messy than a written document.


2. Write things down


When you analyse any sports event, you should think of the reasons why the bookies have the odds wrong. Instead of doing this all in your head, write these things down. Seeing things on paper makes them easier to understand and criticize. In this case, we recommend using pen and paper, since this is generally more conductive to clear thinking and less distracting than a computer (just think of how many distractions are lurking on your laptop or mobile phone).


3. Analyse your performance


At regular intervals, for example every month or every ten bets you place, make an analysis of your performance. See how well you are doing, are you winning more than you lose? Are your analysis of sporting events correct? Should you adjust your bet level?


4. Stay away from alcohol and drugs when betting


This is obvious. You should be sober, well rested and healthy when you place any bet. Betting when you are drunk or high is probably one of the stupidest ways to go broke fast.


5. Don’t bet emotionally


Ah, the thrill of winning and the despair of losing. Ultimately, these emotions can take you on a reeling roller coaster ride of giant wins and huge losses. Unfortunately, the end if this ride is usually the end of your bankroll. Follow a sound bankroll management strategy and analyse the odds and each event thoroughly.


Bankroll Management FAQs


�� What is Value in betting?


Value is the difference between your estimation of a game outcome or event, versus what the bookies’ odds predict. If you think a bet is worth placing, it usually means you estimate its probability higher than the bookies do.


�� What is Overlay in betting?


Overlay is the difference in percentages of how likely you estimate an event, versus what the bookies estimate.It is a mathematical way to express value. For example, if the odds given by the bookie are 1.4, that makes a 60% chance, according to the bookies.


  • If you see the probability at 70%, that gives you an overlay of 10%, in which case it could be smart to bet.

  • If you see the probability at 50%, that gives you an overlay of -10%, in which case you should not bet.



�� What is a bankroll builder?


A bankroll builder is a specific bet or combination of bets that tipsters think will likely help you win big. It is usually a combination of two or more bets that will likely help you score. Some betting sites also advertise some of their bets as bank builders, often in combination with a promotion, or enhanced odds. Be aware of these and use them to your advantage, while still maintaining a sound betting strategy.


ThePuntersPage Final Say


While using a bankroll management strategy may not be as thrilling as placing wild and fun bets, it is probably the only way to win long term. While mathematical models such as the Kelly Criterion may seem complicated, the calculation is very easy to do. Most high school students should be capable of it. If you follow the tips and strategies discussed on the page, you have a good chance of becoming a professional sports bettor.


Stay disciplined, stay focussed, stay sharp and remember: luck only exists in the short term!



Sports Betting Canada


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Sports betting laws in Canada vary by province, so it’s important to find the most trusted and reliable online sites to wager. Bookies.com can help guide your search for the best Canadian betting site.


Our award-winning staff independently evaluates every legal online sports betting site to provide Canadian players with the best overall wagering experience. That means playing at a safe, secure site that offers fair pricing and the most up-to-date sports betting odds. Our goal is to provide every sports bettor with as much information as possible, enabling them to make the most informed decisions when choosing an online betting site.


There is no shortage of Canadian sportsbooks to choose from. Our list of most recommended sites is above.


Why Trust Bookies’ Sportsbooks Reviews?


Bookies.com has spent years evaluating and analyzing sportsbooks in North America. We know what to look for in an online bookmaker. We sign up for accounts, make wagers, monitor response times and provide unbiased recommendations.


Regulation of Canadian sportsbooks can be confusing. Sports betting in Canada is overseen by the federal government and individual provincial governments that set their own rules and laws. The Kahnawake Gaming Commission licenses and regulates all online sportsbooks that operate across all 10 Canadian provinces.


Bookies.com only reviews Canadian sites that are licensed by the Kahnawake Gaming Commission. We do not review or recommend offshore-based sports betting sites. While offshore sites may offer more betting choices, they are unregulated and not properly licensed, fail to provide adequate safeguards and may leave bettors with no recourse if they unexpectedly shut down.


What Makes a Great Sports Betting Site


Sports bettors have different needs, so there is no one-size-fits-all online sports betting site that works for everybody. While many factors are considered, the best online sportsbooks deliver in the following categories.


Security and support: The site must be licensed and regulated by the Kahnawake Gaming Commission and proper governmental body. This ensures your account and personal information will be safe and secure. Your operator should also be responsive to any questions regarding your account.


Odds and pricing: Finding and locking in the best prices is a key to sports betting success. Books that charge higher vigorish in moneyline wagers diminishes profit margins for players. In addition, does your sportsbook provide an option for wagering with Canadian or U.S. dollars? Exchange fees can cut into profits.


Betting lines: How soon are betting lines posted? Are lines offered on the games or events you want to bet on? Have the lines significantly moved compared to other sportsbooks?


Streaming options: It’s more fun to wager on games you can watch. Several sportsbooks provide live sports streaming options on their online betting sites or through their mobile sports betting app.


User experience: Comfort level is key here. Is the interface simple to use? Can you easily find what you’re looking for? Do you like the software? These questions apply to both gambling sites and sports betting apps.


Customer service: If a sports bettor has questions about a result, payout or any issue with your account, the online bookmaker should be both responsive and prompt. Most offer a choice of communication options, such as live chat, phone or email.


Betting options: What specific bets are available? Canadians are mostly limited to placing parlay wagers. Single-game wagering is not permitted, though recent legislation may change that in 2021.


In-game wagering: This fast-growing betting segment allows bettors to electronically place wagers in real-time after sports events have already started. Odds are determined by computer algorithms.


Withdrawal times: Withdrawals should be as easy and hassle-free as deposits. Each sportsbook offers slightly different options. Payout times are determined by the withdrawal option chosen, with e-wallets and Play+ among the fastest.


Sports offered: Some Canada betting sites offer a wider range of sports than others. Bettors should be able to choose from a large number of Canadian, American and international sports.


Loyalty program: Nearly all online sportsbooks offer some form of rewards program. Generally, the more you wager, the higher the rewards in cash or prizes.


How to Choose the Best Betting Site for you


Step 1: Establish what matters to you in terms of an online sports betting website. Not all players are looking for the same online betting experience. Some are looking for specific market coverage or deposit options. Others might do all their betting on the go and are looking for a strong mobile sports betting app. Understanding what matters to you goes a long way in choosing the right bookie.


Step 2: Read independent expert reviews. It would be impossible for most people to sign up with every available licensed operator, so reading independent reviews from experts can save you time while still providing an opportunity to compare all the top sites.


Step 3: Choose a sign-up offer. Since a majority of the top brands offer similar features, sometimes the choice comes down to the sign-up offer available to new accounts. Comparing those offers with us ensures you get the best welcome bonus when you join a betting website.


Step 4: Create an account. Creating an account is usually fast and easy. Bettors provide some personal information such as name, address, province of residence, email address and other identifying information. Once complete, you need to visit the cashier or banking section of the online betting site and make a deposit.


Step 5: Compare odds. The last step in ensuring you choose the best betting website is continuing to compare the odds available across other sites in case value is offered elsewhere. Also, new betting sites pop up and are worth a look, so don’t settle just because you’ve joined one gambling site.


Canada’s Best Sports Betting Markets


Among the most popular sports leagues and markets for wagering at Canadian betting sites:


NHL: Hockey is the country’s sport of choice, with seven Canadian franchises in the NHL. NHL odds on games and NHL futures are a sportsbook staple.


NBA: The Toronto Raptors won the NBA championship in 2019, continuing to raise the sport’s profile and wagering levels in Canada.


NFL: The NFL is a betting powerhouse throughout North America. Many Canadian sportsbooks handle more betting dollars on pro football than any other sport with a robust selection of NFL odds.


CFL: The Canadian Football League, formed in 1958, currently has nine Canada-based teams. The 2020 season was canceled due to travel restrictions and social distance mandates imposed due to COVID-19. The CFL, which uses a larger playing field and has different rules than the NFL, hopes to resume play in 2021.


MLB: The Toronto Blue Jays are among the 30 teams in Major League Baseball. The Montreal Expos played in MLB from 1969-2004 and the city is often named as a potential candidate if MLB chooses to expand.


English Premier League (EPL) Soccer: The English Premier League is the most popular soccer league in the world and has a large audience in Canada. Odds are available for EPL future bets and all matches.


Politics: Yes, there is a political betting market in Canada, and it’s an active one. Unlike the U.S., bettors can wager on items such as which political party will win an election and how many governmental seats will be split between parties.


Horse Racing: Both thoroughbred and standardbred racing are popular throughout Canada. Woodbine (about 20 miles from Toronto) was home to the Breeders’ Cup World Championships in 1996, the only track outside the U.S. to host the event. Total wagers on Canadian horse racing (thoroughbred and harness) exceeded $1 billion in 2019. The country is home to more than two dozen horse tracks.


College Football: Wagering on NCAA football is available at most Canadian sportsbooks. Bettors can wager on point spreads, moneyline or make college futures odds.


College Basketball: Same as college football with added interest in Ontario due to the popularity of the Toronto Raptors.


How to Pick the Best Betting Offers


One of the advantages of wagering on sports online is the available bonus offers from sportsbooks vying for your business. The most common form of online bonuses are listed below. It’s important to read the fine print in each bonus offer. Several include specific terms and wagering conditions that must be met before bonus money can be fully redeemed.


No Deposit Bonus: A small bonus is placed into your account just for signing up. No initial deposit required.


Deposit Bonus: Most commonly offered in the form of a deposit match. Make an initial deposit and your sportsbook operator will match up to 100% of that amount.


Reload Bonus: Offered to players whose accounts have been depleted or inactive for a period of time.


Bet Insurance/Cashback: Sportsbook operators may offer insurance on parlay tickets of five legs or more. If only one leg of the wager losses, you receive a credit or refund. Or an operator may reward loyal account holders with a simple cashback bonus.


Price Boost: A frequent promotion in which an online sportsbook will boost the odds on a specific team or game in favor of the bettor.


New Betting Sites in Canada


As sports betting continues to grow across North America, so does the number of betting sites. To compete for your business in a crowded marketplace, online sportsbooks offer generous welcome offers and promotions. Bettors are free to sign up and claim bonuses at multiple sites. Bookies.com can be a valuable resource to alert you when a new sportsbook launches.


Potential changes to Canada’s sports betting laws are another reason to keep an eye out for new sites. Most wagers at Canadian sportsbooks are parlays, but single-game betting could become available in 2021. A bill permitting single-game sports wagering was introduced in 2020 with the backing of several major sports leagues, including the NHL, NBA, MLB and CFL.


Why Online Sports Betting is Superior to Offline Betting


Wagering online is the betting method of choice for sports bettors in North America. In several U.S. states which offer both mobile betting and brick-and-mortar sportsbooks, online wagering accounts for upward of 90 percent of all wagers. Among the reasons why:


Convenience: Mobile sports betting allows players to place wagers on their smartphone or tablet 24 hours a day, 7 days week. No need to drive anywhere.


Odds shopping: Signing up with multiple online sportsbooks allows bettors to compare sports betting odds and prices in real time, without running from casino to casino. Finding the best point spread creates value and can make the difference between winning and losing a sports bet.


Bonus and promotions: Bonuses offered to online sports bettors are not available at brick-and-mortar facilities. While some bonuses and promotions include restrictions, they also provide free cash, parlay insurance and odds boosts.


Variety of games: If you are interested in wagering on events beyond the major sports, online sportsbooks offer more options for bettors to choose from.


Streaming options: If the game you’ve wagered on isn’t on national TV or cable, online sportsbooks offer free streaming options, so you won’t miss any of the action.


How to Sign Up to Canadian Sportsbooks


Compare Canadian sportsbook sites, read independent reviews from sources such as Bookies.com, then select your sportsbook(s) of choice. Make sure it is properly licensed and regulated.


The next step is to sign up for an account. Go to your sportsbook’s website or download the app. You will be asked to provide some personal information, such as name, address, province, phone number and email address.


After the account is set up, you will need to deposit funds for wagering. Most sites offer a variety of deposit methods, such as credit card, e-wallet, e-check/bank transfer and prepaid card. Once funds are deposited, you can begin wagering.


Betting Tips to Beat the Bookies


Winning at sports betting takes a lot of hard work and a little luck. Some ways to improve your odds:


Shop for best odds and prices: In spread betting, a point or less can mean the difference between winning and losing a wager. In moneyline bets, higher odds increase payoffs. Shopping around gives bettors the best chance to find value.


Pay attention to trends: Just because something happened before doesn’t mean it will happen again. But players and coaches tend to be creatures of habit and past performance can be a helpful tool in predicting the future. These trends can include team vs. team matchups; how specific teams fare when playing consecutive road games; and how teams historically perform against the spread as double-digit underdogs. The information is out there and available, allowing bettors to make more informed decisions.


Follow the money: If point spread or moneyline odds in a game move significantly, find out why. Is it player injury or some other reason? If the reasons are valid, considering following the money trends. If you don’t believe they’re valid, you will get value for taking the other side.


Money management: Handicapping is only part of the battle in sports betting. Proper money management also allows bettors to build and conserve their bankroll.


Check out our betting guides for more great tips.


References


Online Betting FAQs



Yes. Online sports wagering is legal, convenient and popular, and the number of Canadian online sports betting sites continues to grow.


What betting sites offer free bets?


Many Canadian online sportsbooks such as 888sport and bet365 offer free bet promotions. If your wager loses, you lose your free bet but not your own funds. Other types of free bets may also be offered. Bettors should always read terms and conditions for each free bet offer and what is considered a qualifying bet.



Yes, online sportsbooks are legal in Canada, with each site required to hold a government-issued gambling license.


How do I place a bet online?


Select an online sportsbook, go to the website or download the app, and then register for an account. After the account is set up, choose a method to deposit funds. When funds are deposited, you are ready to bet.


How long does it take to sign up to betting sites?


It should only take 10 minutes or so to create an account. You will need to provide some personal information and create a password. If you experience sign-up issues, online sportsbooks provide customer service assistance.


Do all betting sites offer mobile betting?


Yes. Canadian online sportsbooks offer mobile sports wagering with the latest, tech-savvy betting apps. You can wager, make deposits/withdrawals and manage your account on the apps, which are usually compatible with both Android and IOS operating systems.


What is the best betting app in Canada?


There is no one betting app that’s best for everybody. Find the online sportsbook that best fits your wagering needs and download the app. The one that provides the highest comfort level is the best app for you.


How do I use my free bet offer?


Generally, free bets are offered to new account holders. If the wager loses, the free bet money is lost, but not your own funds. If the wager wins, the winnings are added to your account. Note that there are different kinds of free bets and bettors should always read terms and conditions.



How to Win at Sports Betting – 2021 Guide


It’s common knowledge that the sports betting industry can be extremely difficult and even frustrating at times, but that doesn’t have to be the case. There are ways to win at sports betting, but it takes a solid and consistent approach to get it done.


In this article we will also provide you with some sports betting knowledge. If you are looking to win at sports betting, then you will follow the tips in this article and put them into practice as you try to navigate the industry. And, if you’re looking for a little help from a sports handicapper, one of the most transparent and reputable can be found on this site as an example.


Remember as we get into this article that it’s always about having fun!


Bankroll Management


Before you even start placing bets, one of the most important things to come up with is a bankroll management system. The sports betting industry requires money to be spent, and you need to come up with a strategy before you even make your first bet.


There are several key components to a bankroll management plan, but this plan will be different for everyone. One of the most important things to consider when coming up with this plan is how much money you are willing to spend when betting on sports.


The next step is to determine how much money you are looking to deposit at a sportsbook and if you are looking to deposit money at just one sportsbook or multiple locations. I understand that this plan will look different for everyone, but it is important to come up with a system before making any bets.


Same Betting Unit


When coming up with your bankroll management plan, you also want to determine what your betting “unit” will be. A unit is the amount of money that you are willing to lay with every bet that you make.


Most sports betting experts would agree that you need to use the same betting unit for all of your bets, and I would agree. Using the same unit for each bet will take some of the decision-making process out of the equation.


This unit can change as you get more comfortable in the industry, but don’t ever assume that any particular bet is more important than another.


Wide Range of Sports


Another way to win at sports betting is to turn your attention to several different sports or leagues. This will give you a better chance to find good betting options, and you won’t be stuck searching for matchups.


I would suggest that you never bet on a sport or league that you are not familiar with, but it is important to learn about as many different sports as possible. You don’t have to become an expert in every single sport to win at sports betting.


Show Patience


One of the most important aspects of betting on sports is to show patience at all times in the industry. This can be extremely difficult as bettors are always looking for the next opportunity to win some money.


I understand where you are coming from, but I promise you that there will always be great betting opportunities each day. If you can show patience and take some days off, then it will eventually pay off in the long run.


There are days when there are no good betting options, and those are days that you simply need to take off and not place any bets. Just because there are sporting events taking place, it does not mean that there are solid betting matchups.


Don’t be afraid to take a breather every now and then to re-assess where you stand in the sports betting industry. The games and sporting events will always continue, and you can always get back into the game whenever you wish.


Buy Picks


Another way to win at sports betting is to buy picks from a handicapper. I am one of those handicappers that sell my picks to sports bettors, and my success rate speaks for itself.


There are several reasons to buy picks from a sports handicapper, but the biggest reason is that it can help you win money. Getting expert advice from a sports handicapper is always a good idea, and I would be glad to help you out in this industry.


Don’t Chase Losses


Another important thing to remember if you want to win at sports betting is not to chase losses. You are going to suffer losses in the sports betting industry, and you can’t try to make up for those losses immediately.


If you enter the sports betting industry understanding that losses will come, then you will be in the right mindset to win at sports betting. As a handicapper that has been in the industry for more than 20 years, even I have some rough days that lead to some losses.


Follow Your Mind, Not Your Heart


If you plan on getting serious about winning at sports betting, then you have to leave your heart out of the equation. I strongly suggest never betting for or against your favorite teams as it will cloud your thinking and lead to some bad decisions.


Any time that you place a bet, you want that bet to come from your mind and not your heart. Take your personal beliefs out of the equation, and it will lead to a much higher rate of success.


Don’t Bet While Drinking


I get it; most people enjoy having a few beers when watching sporting events. I am not against drinking while rooting for your favorite team, but alcohol has no business in the sports betting industry.


One of the biggest mistakes people make when breaking into the sports betting industry is that they make most of their bets while drinking. This is a dangerous strategy, and it can lead to some unnecessary losses.


If you plan on drinking while watching a sporting event, it is better to get your bets in ahead of time and then simply root for a particular outcome. It’s perfectly okay to drink and watch sports, but it’s not okay to drink and place a bet on sports.





So, let's define, what was the most valuable conclusion of this review: Manage your bankroll in 2021 - learn what it means, methods to successful bankroll management and mistakes to avoid. Manage your bankroll today. at 2021 Guide To Gambling Bankroll in Canada

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