Using a Betting Bank
What is a Betting Bank and Why Should You Have One?
Any serious gambler should operate a betting bank. It is a fund which you use only for betting. The size of the bank is not so important, however, it is vital that you maintain accurate records so you always know exactly how large or small your betting bank is. The size of your bank will reflect the success or failure of your betting activities. It is worth taking the time to set up a new new bank account purely for your betting bank as this makes everything totally transparent.
Having kept all of your gambling transactions separate from your day to day finances you can quickly tell if you're making profit or losing cash. Where you are losing cash, if something doesn't change you will burn your whole bank. Rather than dip into your savings now is the time to reconsider your strategy, you have just lost your bank for a reason. Usually the reason is one of the following:
How to Use a Bank System
Careful use of a betting bank can help overcome the problems mentioned above. Firstly you should consider what your main objective is. For some it is simply to have a bit of fun, if they blow the bank they simply top it up again next month. There is nothing wrong with that, however, if you are looking to make long term profits you need to be more methodical.
Step 1 - Bank Size
Step 2 - Assess the Risk
Lets consider someone that backs a lot of favourites at even money. Well firstly, the bookies think these selections have a fair chance of winning - at even money we could approximate a 50% chance of winning (we're assuming the bookie is right and that their prices are fair, but that's another article!). You might think this is a pretty good strike rate and hence stake 25% of your bank. But, consider this, with a 50-50 outcome you could expect to lose 4 times in a row just over 6% of the time. If you bet frequently this WILL soon happen and staking 25% of your bank role will leave you broke.
Remember, the example above assumes you are backing even money favourites, what if you are backing outsiders? Well the losing runs will be more frequent and they wil be longer. It is vital that you are disciplined and only ever stake a small part of your bank.
Step 3 - Pounds to Points
Step 4 - Placing a Bet
A conservative gambler would perhaps place bets that represent 2% of their bank, this gives good protection from losing runs, although the bank will increase only slowly. A more aggressive gambler may stake 5%, this will allow the bank roll to grow more quickly, but the chance of being wiped out by a losing run is higher.
Let's assume you are a conservative gambler, with 100 points in your bank you should stake 2 points on all selections, remember that to begin with we suggest using a level stakes strategy. If you placed £10 in your bank you'll be staking 20p per selection, with a £100 bank you'll be staking £2 per selection. Note that you won't recalculate after every bet using this strategy, if you lose, you will still stake 2 points on the next bet. If you win you will still stake 2 points on the next bet. However, you may choose to recalculate say once a month.
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