How to Manage Your Bankroll Like a Pro: A Guide for Canadian Bettors

What is Bankroll Management?

In other words, bankroll management is you controlling your spending. It is about being aware of how much you are spending, understanding what you can afford to spend, and putting things in place to ensure you do not spend more than you can afford. It is what helps to limit losses and place smarter, more informed bets. Every bettor, whether new or experienced, should be conscious of their bankroll in order to have the best possible betting experience.

3 Steps to Bankroll Management 

When it comes to managing your funds, there are three main steps that we advise bettors to follow. We have covered these in more detail below.

Step One: Set a Budget

Before you start placing your bets (new customers) or place your next bets (existing customers), take the time to sit down and review your finances, including your ingoings and outgoings. Work out how much money you can afford to take from your income to spend on betting. We sometimes suggest seeing this as how much you can afford to comfortably ‘lose’. This amount should always only come from your disposable income, which will not impact your day-to-day or quality of life. 

Step Two: Avoid chasing losses

Once you have set your budget and started to place bets, it is vital that you keep your spending under control. This includes not chasing any losses that you may make. If luck is not in your favour, it can be tempting to spend a bit more in an attempt to make back some of your losses. This is not something that we advise doing as it can end up costing you more in funds that may not be calculated into your disposable income balance.

Keep Track of Your Bets

A good way to keep on top of your spending and bets is to keep track of the bets you place and the outcomes. Bettors can note this down on paper, in the notes app on their phone, or via a spreadsheet. Recording this information can enable you to see how much you are spending versus how much you are getting back through wins, or missing through losses. You can also track the kind of bets you place, your overall profit and loss, and adjust your betting accordingly. 

Effective Bankroll Management Betting Tips

We have provided some top tips below to help you get the most out of your bets and bankroll.

Choose a Betting Unit

Once you have set your budget, a really helpful way to make your funds go further is to break this down into smaller chunks. This is called ‘betting units’. The general advice is to stick between 1 and 5% of your bankroll, but this depends on each bettor's preference. This can help keep your betting consistent and avoid going through your funds too fast.

Fixed vs Variable Wagering

Another decision bettors will face when managing their bankroll is whether to stick with fixed wagering or variable wagering. Fixed wagering means sticking to one bet size for all of your bets. Variable wagering, on the other hand, means bettors adjust their bet size depending on odds or strategy. Each has its various advantages and disadvantages, and is down to each bettor's preferences.

Use Betting Bonuses

Another way to effectively manage your bankroll and make your funds go further is by taking advantage of the various betting bonuses on offer. Use the offers wisely and always check for any free bets, cashback offers, and deposit bonuses to extend your bankroll further. While claiming these can be a nice boost, it is also essential to still bet responsibly and only claim offers that will benefit you and your betting; treat them as bonuses, not guarantees. 

Place Informed Bets

When placing bets, it is always beneficial to bet on sports or events that you are familiar with, follow, or understand. This will help you place the most accurate and informed bets, so you are aware of your chances. Explore how the markets move and the odds change to get the best value. This is a much better way to benefit from your bankroll than placing bets at random. 

Legalities of Sports Betting in Canada

Something to keep in mind for Canadian bettors when placing bets is the betting landscape in Canada. The laws have been different across the regions since 2021, when it was left up to each province to regulate sports betting. Single-game betting is legal in Canada, but where you are located will determine what betting odds, markets, and sportsbooks will be available. 

In Ontario, private operators can be found, such as bet365, where a larger selection of odds, offers and markets can be found in comparison to government-run sites available in many of the other provinces. One thing that does not change depending on where you reside is the selection of sports. Bettors can expect to bet on the likes of Soccer, NFL, MLB, NHL, and more.

More Helpful Strategy Guides...

• Best Betting Apps in Canada

• How to Build a Betting Strategy from Scratch

• Beginner's Guide to Using Statistical Models in Sports Betting

• Guide to Avoiding Common Betting Mistakes

Responsible Gambling

When using any Canadian betting sites, it is essential for bettors to practice responsible gambling to ensure that it remains a bit of fun and enjoyment. This includes setting yourself a budget that you can afford and stick to, and taking advantage of the various responsible gambling tools available at betting sites. Set deposit limits on your account to further manage your spending, and set reminders to keep track of the time you have spent at the site. There are also various helplines and charities bettors can contact for further support and information.