Betting Bank and Staking Plan

A lot has been written about the various forms and varieties of gambling, but far to little about the responsibilities and pitfall of gambling, as someone who makes his living from gambling, whether it be from horse racing, fixed odds, online and offline poker or any of the other sporting or specialty types of betting I know only too well the pitfalls that await the newbie gambler and the seasoned punter alike, I have even heard of some pro gamblers who in the middle of a particularly bad run have went on tilt and ended up broke.

The heartache and misery that accompany such an episode can not only affect such a punter but also his or her family and friends, unpaid bills, rent or mortgage payments, excessive drinking, even the loss of ones job, and yet with a small amount of effort all of this can be avoided,

To get any sort of enjoyment or financial gain from you gambling you must look hard at yourself and answer the following 3 statements HONESTLY, 1. Do I have self discipline, 2. Do I have a betting bank I can put aside (No matter how small your starting bank may be). 3. Can I afford to lose it, this third statement may seem a little strange at first till your realise that you must be able to face such an eventuality as with any form of gambling there will always be this risk. If you answer NO to any one of these three statements then I am afraid that gambling of any sort is most definetly NOT FOR YOU.

Let us now examine each statement on an individual basis,

Discipline: You must have discipline in order to be a professional gambler, if you hit a bad run of results due to weather, bad judgment or any of the other multitude of disasters that can befall the pro gambler then you must have the discipline to stick to your staking plan and protect your betting bank, you must also have discipline so that when you do hit a winning run your do not make silly bets convinced that you can get another winner no matter what horse you pick, remember in such a state off euphoria you are more likely to pick the proverbial three legged donkey with asthma and bad eyesight.

REMEMBER FAILING TO PLAN IS PLANING TO FAIL

Betting Bank: This is probably one off the most contentious points amongst both pro gamblers and amateur punters alike, I have seen various amounts of money quoted as a starting bank from £250-£1,000 as a starting bank and on one occassion even a starting bank of £5,000, to the ordinary guy in the street looking to make extra cash from this business or indeed to start on the road to becoming a full time pro gambler amounts like these are just not possible. A more realistic amount will depend on whether you are starting out at a high street bookmakers or online at one of the betting exchanges, lets s first look at the bookies shop, if you decide this is your starting point then a bank of just £25 will be a sufficient starting point, if on the other hand you have access to a computer and a broadband connection then the betting exchanges are your starting point as you are betting against other people as opposed to a mainstream bookmaker,

you can also expect slightly better odds from the exchanges.

On the exchanges it is a fact that only about 4% of punters make a living from their betting, the unfortunate other 96% are your mug punters who have no disiplne, no betting bank and no staking plan, these people will occasionally get lucky and have a big win but when you count what they have lost previously the majority of the time they are only winning back their previously lost cash and by the law of averages will lose in the long run.

So you see without discipline and a betting bank you will continually lose.

For your betting bank to survive you will need a staking plan, one of the best plans I know of is the 4% plan whereby you only ever bet 4% of your bank at any one time. From a starting bank of £50 your first bet would be just £2, if this lost then your next bet would be 4% of £48 or £1.92. Let us assume however that your first bet is a winner at odds of 3/1, your original stake is returned to you along with £6 winnings, so your £50 bank is now £56, this means you next bet would be £2.24, the beauty of this plan is that it reduces your stake or liability following a loss but increases your stake after a winner, this method will protect your betting bank longer and decreases the chances of a total wipe out.

Losing your Bank: Last but not least we come to what I consider the most important point CAN I AFFORD TO LOSE MY BETTING BANK, your betting bank should be money you set aside and if necessary are prepared to lose in its entirety, as previously mentioned you betting bank should not be made up from money you would normally use to pay bills, rent/mortgage etc, if you use this type of cash you are betting in fear as if your betting bank gets wiped out you are actually in debt twice over and this is the road to certain financial ruin, I have seen to many good men and women ruined financially and emotionally by following this route, the only certainty in gambling is UNCERTAINTY and a sure fire guarantee that you will NEVER be able to join the ranks of thee pro gamblers and the kind of lifestyle that they enjoy will forever be unreachable for you.

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