Evening All
Betting successfully is not just about picking winners. It also about a whole host of other factors, including knowing when to bet, how much to bet, and the relationship between odds and probability which dictates the value in the price being offered.This brief post focuses solely on one of those aspects, how much to bet. This is known as bankroll management. Strong bankroll management and a disciplined approach are key components to keeping the fun going and being successful.
I was moved to write this by a recent tweet from a relatively new follower who stated, “I cannot sustain 6 losses”. Hardly surprising then to find that they have been down for months. I am sure they are not alone, and that many who read this keep drip-feeding and topping up their bookmaker accounts. If you can relate to that then this post may help you reduce the need to keep pouring money in. If on the other hand you are already managing your bankroll well and not depositing frequently, well done. You’re on the right path and you may, or may not get something by continuing to read to the end.
So let’s start with the basics. Your betting bank is the amount of money you have to bet with. This should always be disposable income. Ideally you want the mindset that you have already spent that money and are comfortable with the spend, regardless of the outcome.
Some may not know what their betting bank is as they continually deposit, week on week, month on month. Avoid this approach, if this is what you do then please stop. It will save you money. If you are “topping up” look at your monthly spend on betting over the past 6 months and average that out, it could be as little as £10, £20 or £50. The monetary value is not overly important, as we will be tracking success through points.
This is important, I will try explain why. Allocate a set amount of disposable funds that you will bet with and deposit it. That is your betting bank.
Now you need to work out what point stake you are comfortable with, depending on your tolerance to risk.A point is a fixed percentage of your betting bank that you are happy to place on a selection. By “happy to place” I mean, happy to accept the risk.
Any single bet you place over 3% of your total betting bank should be ringing alarm bells.
Your point will depend on a couple of parameters, and it may take some trial and error to what works best depending on the markets and odds you are placing on. A general guideline is to keep your point fixed but that can lead to some inconsistencies if you are betting across a big range of odds.
Your point stake, if you are playing high risk markets, such as the horses, goal scorers, correct scores etc should be 1%. Take your betting bank and divide by 100 that is your point stake per bet. If you are playing “lower risk” markets such as football results or overs and unders you can up your point value to 2% divide your bank by 50 to get your stake.
So the next query to cover off is why are we tracking points rather than £s.
Everyone’s point will be different. For example if i stated we returned £500 off £100 staked bets that’s a 5 point return, which is the same as £50 from £10. Applying points rather than monetary stakes to track your bets, or those that you follow will give a true picture of bet efficiency and a meaningful ROI regardless of your own stake.
Remember, always base betting on the point value you can afford, I suggest a bank of 100 points if you are starting out or relatively new to the game and no more than 3% of your bank on any bet. This approach may not seem sexy, and may not give you big returns fast but it will give steady returns and prevent you from emptying your bank in a week or less!
As always, good luck with your bets.
Mark