In this article I will examine the importance of setting up a betting bank for yourself which is affordable but also allows you to absorb any losing runs which are inevitable in betting. In short the Betting Professional’s lifeblood is their “betting bank” or “staking bank”.
The key thing to remember is that you must keep your betting bank totally separate from your day to day expenses. When you set up to make money from betting on horse racing your first step must be to look at your financial position and put aside a sum of money to use as your betting bank.
Your betting bank is the working capital for your business and if you “bust” your bank by being greedy or “chasing your losses” you are out of business. It is vital that you protect your bank and never overstretch or expose your bank to unnecessary risk. If you can master this you are half way to making your betting career pay. It may sound simple but so many people never learn this vital step.
The importance of a Betting bank is as much psychological as it is practical.
On a practical level once you have a set figure as your starting point of your bank you can work out exactly how much to stake on each bet. You can also record and track your success, as you see your initial bank grow or decrease.
On a psychological level if you have a large enough bank then it is far easier to treat this as a business and work out your “betting strategy” and stick to it. You will find that individual results do not matter to you and you look at your business week by week.