There are several common bankroll management strategies used in sports betting, each with its unique advantages and suitability depending on a bettor's style and risk tolerance. Flat betting involves wagering a fixed amount on each bet, which helps maintain consistency and minimizes the impact of variance, making it a straightforward approach especially for beginners. The Kelly Criterion is a more advanced strategy that calculates the optimal bet size based on the perceived edge and odds available, aiming to maximize bankroll growth while minimizing the risk of ruin; however, it requires accurate estimations of probabilities and can lead to large bets when confident.