"Bankroll" is usually a term used in sports betting. From what I've read in some of the threads here, we need to be disciplined in managing our bankroll, typically betting only 5% to 10% per wager. So I'm curious: do bettors here really set up a bankroll first before they start gambling, or do they just gamble whenever they have available money?
Please share your experience whether positive or negative and what you learn from it.
Nope, bankroll is usually used in the context of poker when you are playing against other players with the opportunity to get advantage. Bookmakers will actively squeeze out anyone who is shows themselves as a profitable when sports betting so the only management you can do is before you inevitably get gubbed. Bankroll management in the proper context, poker, should allow you to weather any variance which comes naturally - sometimes you will get a string of bad luck even if you were playing absolutely correctly, even with opponents bluffing you taken into consideration. It allows you to swing up and down while retaining the same table buy in level which can leave your state of mind unaffected and not tilted.