As a poker player, your inventory is money. That is what you use to make money. But the question is; how much do you need and how should you be optimizing your time and money effectively to make the most you can as a return? That's a common question with a complicated answer, but I'm going to try and simplify it a little bit for you. All this depends on a few things. There are several life situations that you have to take into consideration.Set Your BankrollThe first thing to do is to set your bankroll and this should be the total amount of cash you can bet that you don't mind to lose in a worst-case scenario.

There's two ways to do it. You can group together all the sports and have just one big bankroll or just split up your money into the different sports. For example, have a bankroll for basketball, a bankroll for football, a bankroll for baseball etc.Only Bet 1 to 5% of Your Bankroll on Every PickThe next rule is to only be betting 1 to 5% of your bankroll on every pick. If you want to be really conservative, stick to 1 to 2%. As long as you're betting with money that wont cost you much, you should be alright going with 3 to 5 percent on your stronger plays. Let's say you have a €1000 bankroll. It would simply be €10 to €50 bet on each pick. This will help reduce the chances of loosing a lot of money when you bet.Having a Dynamic Bankroll is ImportantMy third tip for bankroll management is to have a dynamic bankroll. Let's say you start off with a thousand bucks like in the example above and let's say you have a pretty brutal start to the season and now you're looking at just €500 halfway through the season left in your bankroll. You want to make a dynamic bankroll, so you want to stick to that 1-5%. You'll be looking at five to twenty five dollars for each pick, so you always want to be revaluing your bankroll, see where you're at and always be staying as close as you can to the one to 5% of your bankroll for every play.

Never Chase Your LosesLet's say you had a bad week or a couple bad weeks, you'll see a lot of guys who will up their bets. They'll start betting ten, twenty percent of their bankroll on picks just to try to win back that money. Losing streaks will definitely happen and they're going to happen for longer than you think sometimes. Always stick to that one to five percent when you chase your losses because that's when you start running out of your money and losing your bankroll.Track Your Bankroll. My fifth and final tip would be to track your bankroll. I use an Excel spreadsheet for this, but however you want to do it, just keep track of your bag roll started the year. Write down exactly how much you are ready to lose in a worst-case scenario and always be betting 1 to 5% of what you have in your bankroll and always be updating it. Those are your basic sports betting bankroll management strategies.