A betting bank is a set amount of money that a punter puts aside to exclusively use for gambling. There are no set rules as to how much you should start with, except that it should only bet what you can afford to lose. If you can only afford to lose £100 a month, start with that and see how you go. Don’t compare your betting bank size to others as it’s not a competition and should never be so.
A lot of punters, especially those who aren’t looking to take their betting too seriously, will simply use dip into their overall finances to fund any gambling they do. This might work for the average punter who places the odd bet for fun but that’s not the case for anyone looking to take their betting to the next level or those who are following a tipster.
Having a betting bank is vital for any serious gambler and it is recommended that every Betting Gods member should have one.
How to Setup a Betting Bank
Setting up a betting bank is easy, but there are a few factors to take into account:
First of all, you need to decide how much to have in your gambling fund. It should be a figure that doesn’t affect your overall finances, meaning that you will still be able to pay the bills at the end of the month.
Once you have decided how much is in your betting bank, you need to work out a proper strategy. If you don’t follow a tipster then you need to decide what risk factor to apply to your betting bank. How much of your bank do you want to risk per point that you bet? Let’s assume you have £2,500 and you only want to risk a maximum of £25.00 on each bet (assuming 1pt level bets). You need to take your £2,500 and divide by £25.00 From this, you’ll get 100pts which is the size of your bank.
At Betting Gods, and with most tipsters, the tipster will recommend a starting bank value based on their betting strategy, the risk, the losing runs and more. These starting banks can range from 50pts through to 500pts. When following a tipster, it is vital that you follow their betting bank advice as they know their service better than anyone.
Using £25/pt as an example these betting banks would be:
50pt bank = £1,250
100pt bank = £2,500
250pts bank = £6,250
You can of course as already discussed start with any size of betting bank.
A £10/pt would give you a 50pt bank worth £500, a 100pt bank worth £1,000 and a 250pt bank worth £2,500.
If you follow multiple tipsters then it is a good idea to get a spreadsheet set up with multiple betting banks. This is so that you can carefully track the progress each individual tipster is making for you.
How to Grow Your Betting Bank
One of the best ways to grow your betting bank is to increase your stakes as your profits begin to accumulate. This comes down to personal preference but we recommend recalculating the value of 1pt in your betting bank every 3 or 6 months.
Let’s assume you’re following The Bookies Enemy and after 3 months you have grown your 300pt starting bank of £3,000 to £4,000. After the first 3 months, we would recommend dividing your new betting bank balance by the same 300pt to get the new value of 1pt, in this case, an increase from £10.00 to £13.33 per point.
An alternative strategy is to withdraw 50% of the profit made, and then re-adjust your bank.
Using the same £4,000 (a £1,000 profit on your initial £3,000) this would be a withdrawal of £500 and your new bank is £3,500. The pt value would then become £11.66 and you’ve withdrawn a tidy sum of profit to reward your investments and work to date.
The reverse process can be applied when you’re losing to further protect your bank. If after 3 months your bank has decreased then recalculate the value of 1pt and continue from there.
This does come down to personal preference with some punters preferring to recalculate monthly while others adjust quarterly, bi-annual, or even annual.
How to Withdraw from Your Betting Bank
Ultimately, you’re betting to make money, right? Well, there’s no point in growing your betting bank if you’re never going to reap the rewards so you should always try and withdraw a little from your bank every so often.
We recommend setting a target in mind: Do you want to double your bank? Do you want to see it increase by £300? Whatever the target, set it and wait for it to happen.
When it does, we recommend withdrawing a set % of your bank. Again, this comes down to personal preference. But remember when you withdraw anything from your betting bank you need to always recalculate the value of 1pt based on the new, lower value of your betting bank.
So Why Do You Need a Betting Bank?
There are several advantages to having a betting bank:
• Control Over Your Betting Finances – It’s surprising how many punters don’t know how much they bet last week, last month or this year. This is a huge worry and just goes to show how easy it is for things to get out of hand financially when betting. By implementing a betting bank and recording it carefully in a spreadsheet, you will always know how much profit/loss each of your strategies or tipsters are generating.
• Protection of Your Personal Finances – By keeping your betting money separate, you don’t run the risk of ‘accidentally’ spending money you need to pay the bills. Unfortunately, too many people rely on their betting to recoup any money they take out of their personal bank account which leads to an emotional spiral.
• Reduced Risk – With a betting bank, you have far more control over what percentage of your bank you’re putting at risk with each bet. Many casual punters will stick £10 on here, £20 on there but ultimately have no consistency. With a betting bank, you become more consistent in the amount of money you’re risking per bet and therefore reduce your risk of things getting out of hand.
Ultimately: Stay Responsible
Gambling should always be done responsibly, with an amount of money you can afford to lose. A betting bank with a ‘points per bet’ system can ensure you remain responsible when gambling.
And, as always, if you have any questions then please just drop a comment below and we’ll help out as much as possible: