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What Is A Betting Bank?
A Betting Bank is the sum of money that all professional or amateur gamblers should have before they begin the serious-work of making money from betting on horses.
What Is A Points System
There are many betting-systems in place, but most professional-gamblers who bet on horseracing will either use a level-stakes points system, or one that has a minimum-bet and a maximum-bet. A level-stakes system is one in which all stakes are equal, regardless of price or value. Meanwhile, some professional gamblers may, for example, choose a 1-point, 2-points or 3-points system, allowing them to make judgement calls on the value of each bet they place. There are many more-complicated staking-systems than these two basic-models, but you don’t need to know about these for the purpose of this explainer article.
Betting Bank & Points
It is widely accepted that a betting bank should be at least 100-times your average bet. Therefore, if you always stake 1-Point, then your bank should be 100 Points (or 100-times the stake you always bet). However, if you stake different amounts, then your betting bank should be 100-times your average bet. For example, if your average bet is 2-points, the betting bank you should start with needs to be 200-points.
Keep Your Betting Bank Separate
A Betting Bank should also be a sum of money that you don’t use for anything else other than betting on horses. It can’t be a fund that you dip into for nights out, or to buy a new TV when the old one breaks – always keep it separate!
Long-term Goals
Professional Gamblers also understand the need to set long-term goals, and most will set a 12-month goal. For professionals, the profits from a full-year will serve two-purposes. Firstly, they will be aiming to make enough profit to fund their life-style as a professional gambler (cost-of-living) for the next year. Meanwhile, any additional profits beyond the cost-of-living, may be invested back into their betting bank to allow for an increase in stakes. For example, if a professional punter invests £1,000 on each horse they back, he will have started with a betting bank of £100,000. They may have then set their yearly-goal to win £50,000 to cover their cost-of-living expenses for the following year. However, if they make a £60,000 profit, they may then choose to use that additional £10,000 to increase their betting bank to £110,000. This then allows them to increase their stake to £1,100 for each bet. If they are as successful the following year, they will earn £66,000. They can now use that extra £16,000 to increase their betting bank to £126,000, and their stake to £1,260 per bet, exponentially increasing their earning potential year-on-year.
However, this system also works on a lesser-scale, you just have to set your long-term goals and staking-plan realistically around the 100-point betting bank you can afford to start with.
