How to manage my sports betting and staking/bank management?
HI all I am considering whether to stop gambling altogether, but if I do continue with it I know I need to improve my organisation and management of money.
I don't use betfair, I just use various bookies listed on oddschecker, usually whoever offers the best price, although I do tend towards the big names like 365 and paddy.
I am here to ask a few questions about how it is best to bet...
- do you open a seperate bank account for betting? this would keep all your transactions away from your main bank account. also you could put a set amount in the account and say that is your total bank and you will not add to it. if it's your main account you're using then you might keep using other money which should be for other things.
- do you use one bookie at a time, or have several accounts with money in them in order to get the best prices. ie does it complicate things using more than one bookie, is it easier to lose track of things with several bookies?
- do you withdraw your balance after every bet? meaning more transactions on your bank account?
- is it more important to choose a winner than worry about getting a slightly better price with another bookie?
these are the sort of questions i have been thinking about and wondered if anyone has any definite views on them? Thanks
- Anonymous7 years agoBest Answer
If you decide to continue betting on sports, then you must separate your funds. Put a set amount into your sports betting account, then only risk 1-5% of your entire bankroll on single matches. If you are unable to resist staking your entire balance, you should quit.
Bankroll management is the most important aspect of sports betting. You will never profit from betting on sports is you cannot manage your bankroll. It's important to pick the winners, and get a decent price at a reputable book, but bankroll management is what will make you profitable. A lack of sound management will bankrupt you, even if you hit %80 of your picks.Source(s): http://www.sportsbook-ratings.net
- Anonymous6 years ago
A separate bank account for betting isn't completely necessary, but if you wanted to go down that route I would maybe recommend an ewallet such as Neteller or Moneybookers (Skrill). All major bookmakers accept these guys as a payment method and offer instant withdrawals and deposits, which is a great feature.
Managing your betting balance is more simple than people think to be honest, it just requires a little discpline. Microsoft Excel can be your best friend here - just make a simple spreadsheet that allows you to log all of your bets, stakes, results, profits etc. This way, you can keep a running tally of what you've done. The more detail you go in to the easier it will be to see what you do well, and what you do wrong.
Unless you master the art of bankroll management, you'll never be successful in sports betting - check the below guide, which explains in more detail what you need to do to improve your success rate.Source(s): http://terrytipster.com/page/guides/34
- KellyLv 44 years ago
well it depends how much you need this money - how much you have left if you lose it - and what your goal is if your goal is 5,000 you cant be making 5% bets of 35.00 because even if your successful over a season its not gonna happen - your going to have to make bigger moves - its a great recommendation to not bet over 5% on any play - yet I dont think most gamblers can live by that theory also how many games do you like to play? if you like to play under 3 selective games you can play a higher % of your bankroll - if you are an action person and you like to bet lots of games you need to adjust and lower your % instead of a top limit on ONE GAME - cut your bankroll into 4 quarters 175.00 make that your one day limit of what to spend - spend it how you wish - if you like only one game and you feel confident - hammer it - after the day is over - adjust your bankroll depending on if you win or lose - either you will be around 875 or you will be down to 525.00 cut it into 4 again and try again - sometimes daily limits can give you better perspective rather than trying to come up with a magic formula of how much should you bet on one game - most people do not stick to low % of their bankrolls Good Luck:)
- 7 years ago
1) Saying you don't use betfair is like saying "I want to lose money".
2) You are using a terrible odds comparison site. Use oddsportal.
3) "you might keep using other money which should be for other things" Yeah, that sounds like it could turn out to be a problem. Setting up another bank account won't stop you doing that, you are going to need to stop gambling
4) If you can't keep track of more than one online account how in Gods name do you think you are going to win at this? Its like seeing an artist ask how to sharpen a pencil, if you can't interact with the tools of your trade then you are going to do a bad job.
5) "is it more important to choose a winner than worry about getting a slightly better price with another bookie" If you're still approaching gambling with this kind of attitude your whole perception of it is wrong. To win in the long term you need to back selections that have a higher probability of winning than the implied probability of the odds. It doesn't matter how many winners or losers you have, everything must revolve around the price.