Most people class themselves as casual bettors, and that’s fine if you enjoy a weekend bet, but for those who are looking to sports betting as an investment opportunity, a solid betting bank strategy is key to achieving this.
To put it simply, a betting bank is the amount of money you have set aside for gambling.
When you start betting seriously, you need a Betting Bank and it should be TOTALLY separate from your personal finances.
Most bettors struggle to do this and when you bet with money you cannot afford to lose, emotion takes over and it usually doesn’t end well.
Implementing and using a betting bank is a key part of developing a professional approach to making a long-term profit from sports betting.
Time to get serious about your sports betting
A few speculative bets on the weekend, is fine, however, for those who wish to generate a second income from sports betting, they need to draw a line between their betting funds and personal finances.
How big should my betting bank be?
Firstly, and most importantly, your starting betting bank size should be an amount of money you can afford to lose. I don’t think we can highlight this enough. Chasing money ends badly.
Once you have decided on the amount, we recommend you ‘transfer’ that amount into a 100 points system. For example, you have £500 to invest, that would equate to £5 per point staked, or, £1000 would equal £10 per point.
There are other staking plans you can implement but at this
Whatever staking system you decide to use it should never be a significant portion of your total betting bank.
Tipster use a staking system, so should you!
Tipsters use a points system, so going forward, it is good practice to introduce this system to your betting armoury.
We would always recommend that you stick to the staking plan because it is part of the service that you are paying for. Read our guide on how to get the best results from following a sports tipster.
A disciplined bankroll management and sticking to a staking plan negates the temptation to chase losses.
Log and review your betting activity
To improve discipline and to track bets we recommend using Betting.gs. This free online tool can ‘track your bets and progress and see where you are making the most money and where you could improve’.
It’s important that you log each bet you make so you can keep track of your progress. This will help highlight which bets bring the most profit and those who are eating into your profits.
To summarise, you are more likely to succeed if you employ the right betting bank strategy that allows you to ride out losing runs.