A Key Weapon in the Punters Armoury
Don’t let anybody tell you it is impossible to gain a betting edge in this day and age.
With the internet as our friend, we have a vast array of data instantly available.
You only need cast your eye down the tipster tables at the various monitoring sites to see that there are lots of people finding and exploiting bookmaker mistakes day in and day out.
There are a myriad ways (and a myriad of sports) in which it is possible to make money by finding and exploiting a betting edge over the bookmakers
In fact, finding an edge is perhaps the easiest part of the puzzle! In horse racing alone it is possible through employing any of the following methods:
And many, many more.
So, if it is relatively easy to find an edge, why isn’t everbody making a living from their betting?
Where most punters fail is in their money management. I have seen people (friends even) take the selections of very profitable tipsters and fail to make profits with them simply through poor money management.
And that brings me on to one of the most important tool in a punters armoury – the betting bank.
Without a properly funded and managed betting bank, you can have a massive edge over the bookmaker and still fail to make money.
Believe me, it’s no fun sitting on the sidelines watching for a few months rebuilding a bank while selections you would have bet romp home left, right and centre.
It is the ability to master this aspect of the game that can make the difference between success and failure.
Below, I have identified a couple of key rules for betting bank management:
1) Keep your betting bank entirely separate from your own funds.
Place it into an entirely separate bank account which you use solely for betting purposes – do not repeat one of my early mistakes.
When I first started getting serious about my betting, I kept a dedicated betting bank but stupidly kept the funds in my personal bank account. It got very messy and had an adverse effect on my betting psychology.
When you encounter a long losing run it really is best not to see this impacting upon the funds in your everyday account.
It becomes very much more stressful than it would be if you were losing the money from an account solely dedicated to your betting activities.
Furthermore, when you have had a good win, there is a temptation to up your general spending as you are feeling flush.
2) Make sure you have enough points in the bank.
The number of betting points you need in your bank will be dictated by the betting systems and methods you are using.
If you are using a method which has a long term win strike rate of 40% you will need to break your bank down into far fewer points than if you were using a method with a 15% win strike rate.
Always be cautious when deciding this and split your bank into considerably more points than you ever feel you will need. The example below should help you when making this crucial decision:
You are following a selection process which has shown itself to have a long term win strike rate of 30%.
Your bank should be broken down into a sufficient number of points to weather your longest statistically likely losing run.
There is a formula for calculating the longest losing run you are likely to encounter but for ease I will I will put the results in a table:
|Percentage Win Strike Rate||Maximum Losing Run Likely over 1000 bets|
From these figures you should be able to get a good idea of the size of bank required. With a 30% win strike rate statistically you are likely at some point to encounter a losing run of 19 bets.
Now say you were to allocate a 20 point bank for use with this particular selection method – you can see that you could rapidly get into huge trouble with such a small bank if you were to have your 19 bet losing run.
This is where caution must be exercised. I would suggest a betting bank of at least 100 points for a method showing a strike rate of 30%. A safe rule of thumb to apply – your betting bank points should be 5 x your maximum expected losing run.
Have a look at the expanded table below:
|Percentage Win Strike Rate||Maximum Losing Run Likely over 1000 bets||Number of Points Bank|
These rules may seem over cautious but better that than face the demoralising possibility of blowing your entire bank and spending months rebuilding.
Kieran Ward has been a gambler for nearly 30 years and full time professional for the last 9. He posts
his thoughts on horse racing and betting in general over at:
Taunton 1.30 Falcon Island – Win Bet