I doubt there’s a gambler alive, even the really good ones, who haven’t blown their betting bank at some point. It’s a lesson that most of us have learned the hard way, one from which the faint-hearted never return. So, with a view to stopping anyone who reads this article from blowing their betting bank – here are six simple steps to stop you having to learn this lesson the hard way!
Choose Your Bets Before the Action Starts
Unless you’re betting in-play, the first step is to make a list of all the selections you want to back that day before the action starts, whether these are your own selections or those of one of our Betting Gods Tipsters. That way you know you’re backing these selections for all the right reasons
Limit Yourself to a Maximum Bet on Any Selection
If you start with a betting bank of 200 points, then the most you should bet on any one selection is 6 points, or an equivalent of 3% of your bank, regardless of whether the bet is 6 points win or 3 points each-way.
Only Deposit the Money You Need that Day
It’s also a great idea to only deposit the percentage of your betting-bank into your account(s) you need to bet with that day, that way that self-destructive urges outlined below have chance to go away if you’re even thinking about depositing more money.
Avoid Self-Destructive Tendencies
At some point, most gamblers seem to adopt a self-destructive tendency to chase losses. They chase those losses by putting larger bets on, often on horses they fancied less than the one they had a smaller amount of money on to begin with – sound familiar? Some even reach the point of “All-In” – that point where you’re probably willing to risk the remaining half of your bank on that even-money shot that could win you back that half of your bank you’ve already lost. I’m sure some people have won that bet – but I know plenty of others who haven’t. If you’ve ever feel that self-destructive tendency raising its ugly head – stop – turn off your computer – walk out of that betting shop – or, if you’re on course, get back in your car and drive home!
Always Keep a Betting Bank Separate from All Other Money
A betting bank needs to be kept separate from all other money. Therefore, don’t put in it what you can’t afford to begin with. Serious gamblers also don’t treat themselves to a new phone out of it, or even a night out on the town. Whether they’re on a winning run or a losing run, they wait until a specified date of their own choosing to analyse their profit or loss. That analysis then prompts them to either enjoy their profits, increase the bets to reflect their increased betting bank with a view to making even bigger profits, or decrease the size of their bets according to reflect the percentage of their reduced betting bank.
Gambling is a bit like dieting in many respects. I mean, if someone just gave us perfectly balanced meals three-times a day we’d all be our perfect weight. However, with the temptation of tasty snacks like chocolate or biscuits in the house – all but the ultimately disciplined can avoid temptation. However, to be a good gambler, all of us must avoid the metaphorical chocolate and biscuits. We must become ultimately disciplined and stick to only backing our initial selections, only betting our percentage stakes, depositing just what we need, avoiding self-destructive tendencies, and never using our betting bank for anything but betting.
5 thoughts on “Six Steps To Prevent You Blowing Your Betting Bank”
You are exactly correct we all learn from our mistakes. Having a big enough bank is the first thing I learned and keeping detail records is a must, how many times do we hear people tell of their wins, most cannot tell how much they lost, on another day.I find that different tipsters need different banks so if using more than one keep them all separate.Since I retired I use a few and I run it like a business aTAX FREE one as well.
The best strategy is to mix some of your own systems with a couple of tipsters you have purchased, always keep records and never bet on tipsters systems till you have personally monitored them for at least a month, they don’t all tell the truth!
Thanks Trevor, any tipster worth his salt will always publish ongoing results and submit to as many review sites as possible; something we take great pride in doing with all tipster services across the Betting Gods portfolio
I understand that whatever the amount of the bank is, say £500, then divided by 100 = £5 represents 1 point, so if one bet 5% win bet or 2.5% e/w would be equivalent to £25 win or £12.50 e/w. Is that correct?
You referred in your article to having a 200 point bank & I thought you could only have an 100 point bank, 1 point being 1%, so I’m a little confused about that (200 points), could you please explain?
Good luck tomorrow,Friday, with your selections.
I think you may be confusing percentage with points.
With a point based betting bank there’s no real limit on the size of your bank.
Naturally of course if using percentage staking then the limit would of course be 100.
Hope this helps.