The seemingly never-ending 24 days of the year since the finish of the EPL are finally over. Euro 2024 is just around the corner, so you can bet your bottom pound (quite literally) that millions of punters will be descending on the bookies to back The Three Lions and bet against their opponents.
You probably know the drill about this time of the year. However, you have to be careful in your football gambling endeavors. If you’re not careful, it can be a costly hobby, so we suggest reading our guide to learn how to practice proper bankroll management and stay out of trouble.
What’s Bankroll Management?
As the name suggests, bankroll management means handling your gambling funds to minimize risks and maximize profits. It’s easier said than done, however, so several techniques will help you manage your footy betting bankroll. These principles apply to any form of gambling, from sports betting to classic casino games such as the American roulette table. Some of the things you can do to practice bankroll management better include:
- Setting limits on how much you bet
- Staying disciplined when betting on football
- Making informed decisions
- Avoid chasing losses
Set a Budget
Before betting, decide how much money you are willing to gamble. No matter how good you may feel because ‘football is coming home’ and you are 100% sure that England will win, you should only bet with the money you can afford to lose without it affecting your life or your financial situation. For example, if you have a monthly disposable income of £1,000, you can fix £100 to bet on football.
The 1-5% Rule
Football punters’ most common betting strategy is to bet 1% up to 5% of your bankroll on any single bet. Five percent should be on the top end. This way, if you have several bad results in a row, which is expected in the long run, you will retain all the money in your bankroll. If, for example, your bankroll is £1,000, you shouldn’t bet more than £50 on a single bet.
Keep Records
Track all your bets, regardless of whether you’ve won or lost. This strategy will help you understand your betting patterns and improve your strategies in the long run. Change it if you notice that you’ve lost with the same bet type multiple times. We suggest using a spreadsheet or a dedicated app to log your bets—the more detailed your log, the better. Include details like the date, amount, type of bet, odds, and outcome.
Suppose Liverpool is playing against Manchester United, and you believe Liverpool will win based on their current form. If your bankroll is £1,000, applying the 1-5% rule, you might decide to place a £30 single-line bet on Liverpool to win. However, even if the Reds win and you win the bet, don’t forget to enter the bet in your log.
Understand the Odds and Use Odds Boosts
The odds are not a fixed number. They fluctuate constantly, so you must learn to read them and look for “value bets.” They are betting markets with odds higher than what you believe the actual probability of the match is. For example, if you genuinely believe that Liverpool’s chances of winning are higher than the bookmaker’s odds suggest, this represents a value bet.
During Euro 2024, let’s say you want to bet on a match between Denmark and Italy. If the odds for Spain to win are 2.50 decimal (implying that Denmark has just a 40% chance of winning), but you believe Denmark has a much better chance based on their recent performance, this is a value bet.
To make it even better, sometimes bookies offer so-called ‘boosted odds’ for some football games. They represent the same bet but with better odds, so why not use it if you plan to place that bet anyway?
Spread Your Bets
You know the old adage “Don’t put all your eggs in one basket”? Bet as wide as possible on as many fixtures and bet types as possible with your bankroll. For instance, you may place a bet on the same game but keep different bet types: you can bet on the outcome, place a wager on totals, and back a player or team prop. Doing this will lower your chances of going broke at just one particular result.
