Your Most Important Bank Account - your Betting Bank
It is advisable that any regular sports bettor operate his or her own betting bank. It is a fund, working capital, which you use only for betting. It is the sum of money you set aside; money you can afford to lose and which is used exclusively for betting. The Betting Bank!
There two important messages to take away from this article:
Money for gambling has to be readily available at all times, not just for your next opportunity but for those bets you will place later today, tomorrow and next week and;
Money for gambling must be affordable. You should never fund your betting bank with monies that ought to be used for: rent, food, education or healthcare. If your or your family’s budget does not allow surplus funds for gambling, then Don’t Gamble!
Keep Track & be Honest
The size of your bank is an ongoing measure of the success or failure of your betting activity. Record and remember the wins and the losses; losers don’t keep count!
Gamblers lie to themselves, often, and try to forget those losses; being honest with yourself is the first step to gambling success (profit) or keeping your gambling, even if you regularly lose money, a leisure / enjoyment activity.
Keeping your gambling transactions separate from your day to day finances, you can quickly tell if you're making profit or losing.
When you are consistently losing, if something doesn't change you will burn your whole bank. Pause and consider changing your betting tactics.
Sports Betting is Discretionary Spending
Remember too, if your enjoyment is a night at the movies with a partner or lover, it costs money. It’s the same with gambling, it can be enjoyable and cost money. The interesting difference is that the movie theatre, popcorn seller and taxi keep your money whereas sometimes via betting you can get your money back, sometimes more!
You need to be strict on your staking, absorb the bad days and be disciplined and calm with all of your betting activities. Treat wins and losses the same; be emotionless!
Have a Personal Bet Unit Size
You should think about what type of investor you are. Are you aggressive or conservative? Are you experienced or a novice? The answers to these questions will help you to determine the size of your typical bet which is called your bet unit size.
Firstly, you should risk a fixed percentage of your betting bank on each bet. So, if you have a 1,000 bank, you should use no more than 3-6% of your bank on each bet, so, your regular ‘bet unit’ will be 30-60.
Don’t Risk 50% or 100% of your Bank on each bet?
Why not? That’s easy! Because if your first or 2nd bets both lose, your bank is gone!
Many people who put in the necessary time and effort still lose money, even if they have a fundamental understanding of value and employ good strategies. The main for this is that they don’t practise good bankroll management. Having bankroll control frees you to focus on making quality betting decisions.
A proper bankroll management system also saves you from falling into two traps.
The first trap is staking too much money. Everyone has a finite amount they should risk and spending more than this will lead to problems.
A betting bank also helps avoid the second trap - chasing losses. Chasing losses involves staking more money, in order to recover amounts you lost previously. This is a mistake. Unfortunately, a lot of otherwise clever gamblers repeatedly make this mistake and that is their undoing!Remember, always bet responsibly