This article will discuss the importance of creating a betting bank that is both affordable and can absorb losses. The “betting bank” (or “staking bank”) is the lifeblood of the Betting Professional.
It is important to keep your betting bank separate from your daily expenses. The first step in making money betting on horse racing is to assess your financial situation and set aside money for your betting bank.
Your betting bank is your working capital. If you don’t pay your dues or chase your losses, you will lose your business. Protecting your bank is crucial. Don’t overextend your bank or expose it to unnecessary risk. This is the first step to making your betting career a success. Although it may seem simple, many people fail to grasp this crucial step.
Why it is so important to have an online betting bank?
A Betting bank’s importance is both psychological and practical.
Practically, once you have established a starting point for your bank, you can determine how much you want to stake on each bet. As your bank grows or shrinks, you can track and record your success.
If you have enough money, it’s easier to think of it as a business. You can then create your “betting strategy” for the bank and follow it. When you take a look at your business weekly by week, you will see that individual results don’t matter.
What amount should I have in my first betting bank?
It is up to you how much money you are able to spend on your first betting bank. One person might find PS5000, while another may find PS200. At this stage, the actual amount is irrelevant.
It is all about the emotional attachment. It is not worth the effort to set up a PS1000 initial betting bank. You may be happier with PS200. Be realistic about how much money you have available to open your bank. Your bank should be set up at a reasonable level.
You should use the money as working capital. It should not be emotionally connected to you. If you use the money to pay your bills or to mortgage the house, then you are emotionally connected to it. You will be unable to make calculated betting decisions.
Your bank should be large enough to absorb any losing bets everyone may face without affecting your decisions. A minimum bank should be at least PS200. A bank of PS500 would be better. An ideal starting bank is PS1000. But it is up to each individual to decide what is best for them.
You can see the big picture with a large bank. If your bank is too small or you don’t have the right ratio between your stakes and bank size, every bet suddenly seems significant and you are in for huge losses. This can be dangerous when betting because in the event that you lose a bet, you can continue to “tilt” like poker. You stop making rational decisions and begin to chase your losses by betting more on your next selections or placing a total “gamble bet” on something you haven’t thoroughly researched.
It has probably happened to everyone, but it is the best way to lose your bank in just a few bad bets. This can also undo weeks worth of hard work in one go. It has happened too many times for me to count.
This is best avoided by staying within your budget or bank. Don’t be greedy, and don’t stake more than your bank can pay. You should avoid placing bets that are not comfortable for you. This usually refers to betting beyond your bank’s limits.