Most punters have a “maximum bet”, based loosely on available spare cash or how confident they are of the outcome. However, surprisingly few keep thorough records of their betting and can say with any certainty whether they are in profit or loss in the long run.
If you are betting purely for fun, it may seem too restrictive to keep meticulous records of your betting. If you want to win in the long term, it is the first essential step. Not only will you reveal your actual profit/loss over a period of time, you will also discover your strengths and weaknesses. This is true of all forms of betting, whether it is Cricket or any other sport.
It only takes a few weeks of betting for you to start to identify patterns. For example, you may discover that you are winning regularly on Test Match Cricket but frittering away any profits on ODI or Twenty20 cricket. If this proves to be the case, clearly you can either focus on Test Match Cricket or do further research before risking any more bets on one-day cricket.
There are many factors that could influence your ability to find value. You may have been an avid fan of Test Cricket and have a good knowledge of the top players. However, you may have only limited knowledge of the one-day international teams and their recent form. The good news is that there is a wealth of information and statistics available free online for Cricket punters.
Once you have established that you are going to take your betting seriously, the next step is to manage your staking. There are many betting strategies available including staking methods, some of which almost require a mathematics degree!
In simple terms, your bankroll is the amount that you have set aside to invest in betting. This will be a sum that you can afford to lose but would really like to see grow, just as you would any financial investment.
There are many staking plans, based on theories such as the predicted length of losing runs. While these may work in the short term, one failure can lead to a catastrophic loss of your entire bankroll. The vast majority of staking plans are based loosely on your level stake returns.
One popular strategy is to bet only a set percentage of your bankroll. The general recommendation is not to go above 2% of your bankroll. For example, if you have a 500 point bank, investing 10 points each time will give you 50 bets. You can assess your betting profit/loss every ten bets and re-invest any profit by increasing your level stake. This method works perfectly well if you are betting on relatively short-priced outcomes. It is not so effective if your betting is spread over a wide range of odds.
You may be happy to bet your usual percentage on a match outcome but should the same stake be risked on a 10-1 bet in the top run scorer market? There is certainly a case for reducing your percentage in accordance with the odds of your betting selection.
Another key factor is the frequency of your betting on Cricket. If you tend to place multiple numbers of bets on any particular day, you could find yourself investing a large sum. If you have recorded your betting activity and believe you are justified in placing several wagers, then you should adjust your percentage accordingly. You may also consider a daily percentage limit to avoid risking a large share of your bankroll on any given day.
Rather than diving straight into a new betting strategy, we recommend running a test over your past results. The very nature of gambling dictates that there is unlikely to be a repetitive pattern of results. All punters can suffer a long losing run and equally can go through a successful run of winning bets.
The aim of managing your bankroll is to increase your prospects of coming out on top over a period of time. It also greatly reduces the risk of losing your entire bankroll. As with all gambling, do not take unnecessary risks with your Cricket betting and do not chase your losses. With careful money management, you can enjoy your betting and have a real chance of making a profit!