The amount of money a bettor earmarks for solely betting is called a betting bank. In gambling, there are no rules guiding the limit to which a gambler can bet, as long as the gambler can afford to lose the cash, he can gamble with the cash. If as a gambler, you can only afford to lose $200 a month, then it’s advisable to start with nothing greater than $200. The greatest mistake a bettor could make is comparing the size of his betting bank with his fellow bettors. Betting should never be seen as a competition because it’s never a competition. In this article, we will be discussing betting bank extensively- setting up, growing, and lots more about betting bank.
Setting Up A Betting Bank
A Majority of bettors especially those kinds of bettors who aren’t disciplined, or who are basically just betting for fun, will try to get funds through any means to fund their betting accounts. This act works for recreational bettors, but it’s a bad idea for bettors who are looking to make it big in betting. It’s very important for every serious gambler to have a betting bank.
How can you set up a betting bank?
Setting up a betting bank is very easy. However, there are some factors gamblers need to take into consideration before setting up a betting bank.
Firstly, you need to make the decision of how much you want to invest in gambling. The amount you come up with shouldn’t affect your overall finances. This means even after removing the money for investment from your overall finances, you will still be able to foot your bills conveniently.
Once you’ve decided how much you would like to invest in gambling, the next step is devising a plan. If you’re that kind of gambler that doesn’t follow the strategies of random veterans in gambling, you will need to define the risk factors that will apply to your investment (betting bank). How much of your investment do you want to risk per point that you stake? For instance, let’s say you’ve £1500, and you decide to risk a maximum of £15 on each bet. Assuming each bet is worth one point, you will have a total of 100pts from the £1500, that is (£1500/£15). Most professional gamblers have strategies that deal with recommending a starting bank value. These starting bank values are also known as betting points and can range from 50pts – 500pts.
If you decide to follow a betting veteran’s strategy, it’s advisable to study their whole plan perfectly because any mix-up could be detrimental. Following the £15 plan that we discussed earlier, the betting banks will be;
- 50pt bank = £750
- 100pt bank = £1500
- 250pt bank = £3750
Just as enumerated above, a 50pt bank is worth £750, a 100pt bank is worth £1500, while a 250pt bank is worth £3750. So it’s let for you to choose your betting bank based on what you’ve.
Growing Your Betting Bank
The best and easiest way to grow your betting bank is by increasing your stakes. But, you should only increase your stakes if you make profits regularly. If you don’t make profits regularly, it’s advisable for you to maintain your betting bank till you start realizing profits. Seeking an upgrade when you’ve not even realized substantial profit can be detrimental to your overall finances. However, if you make profits regularly, you can decide to grow your betting bank.
Tipsters recommend that you can grow your betting bank by recalculating the value for 1pt in your betting bank monthly. For instance, after about 2 months into betting, you’ve successfully grown your £150 banking bet of £3750 into £5550. This means you realized a reasonable amount of profit within the two months. It’s advisable to grow your account in situations like this. Let’s say when you were creating the banking bet that yielded this profit, your value for 1point was £15, you can decide to change the value for one point from £15 to £30 per point.
Another way of growing your account is by withdrawing a little amount from the total profit you realized. You can decide to withdraw £1000 from the £5550, you will be left with £4550. With £4550, the value for 1pt will automatically change to £30.3 from £15. This strategy can also be used in a reversed way to the reduced losses incurred on your banking bet.
Why Do You Need A Banking Bet?
There are several benefits attached to having a banking bet. Some of these benefits include;
● Absolute dominance over your betting finances
Some bettors don’t have records of the number of bets they’ve placed. This is very bad as every bettor is expected to have yearly and monthly records of their stakes. Knowing these statistics makes it easy for bettors to scale through financial crises because you will be aware of your profit and loss rate, and these profit and loss statistics will tell you when and when not to stop betting.
● Protection of personal funds
By separating your personal funds from your betting funds using a betting bank, you will not easily encounter the issue of running stakes mistakenly with your personal funds. Mixing your personal funds with your betting funds often leads to an emotional spiral, as you are bound to mismanage funds.
● Reduced risk
A betting bank gives you full control over your overall finances. You will get to determine the exact amount of funds you wish to put at risk. Many bettors tend to change their stake amount daily, this is very bad. A betting bank ensures consistency in stake amounts, and this reduces the possibility of things getting haywire.
Ultimately, gambling should be done responsibly. You shouldn’t gamble with an amount of money you can’t afford to lose. The sole aim of a betting bank is to keep gamblers responsible and to prevent them from suffering unnecessary losses.