How much should I put on this bet? – On Money Management.

 One of the questions  often asked is “how much should I put on this bet” or “what kind of stakes do you use”.

BANKROLL MANAGEMENT/STAKING PLAN WHAT IS IT?

Bankroll management should be the most important aspect of your game, its vital to get this right in order to remain in profit, some of you may or may not know but although it may seem as though you’re in profit, in reality the only ones winning are the bookies. this doesn’t apply to everyone, but if you could check how much you’ve won/lost alot of people would be surprised, all those £5/£10/£15 you feed into your account each and everyday thinking nothing much of it, because who cares right, last week you won £200 from an accumulator? NO this isn’t how is should be. Gambling isn’t a SPRINT its a MARATHON and in order to maintain any sort of bank roll management you shouldn’t be constantly depositing small amounts, i strongly suggest to people they work out how much of their income is disposable for gambling, almost like a set amount, so lets say your new to gambling, and you want to get started, what do you do? what i would advise is after everything you need to pay is paid, you think realistically how much you can afford to use/gamble, now for some people this will be £50, some people this could be £200 it doesn’t matter aslong as you have the right staking plan and have good knowledge of bankroll management.

Getting started

So you’re just starting out, what do you do?

As i mentioned in the above paragraph you workout how much of your income is disposable, (how much you can set aside for gambling)  So lets say you have £200 set aside, now realistically you need a goal that you would like to achieve as well for that month, so lets say you’d like to double that so your aiming to end up with £400 at the end of the month, which in my opinion again is realistic, you cant expect to come into gambling, make a quick buck and become a millionaire that’s not how this game works. its not a get rich quick scheme.

So now you have your starting bank roll of £200 hypothetically speaking, and its your first proper day of gambling, what do you do? do you place loads of accumulators and hope for the best, do you start doing roller challenges in a hope to turn £25 into £100? the answer is NO. the answer is you dont actually place any bets, you may have your starting bank roll, but whats the point in placing bets without a proper staking plan?

So therefore i suggest you workout a staking plan comfortable for you, now whether that means Units (which is strongly recommended), or just working out what a low/med/high stake is for you. Units would probably be best as there easy to work with, but this is whatever suits you. get yourself an excel sheet and track every single bet you place so you always have it on record and can see if you’re in profit or a loss.

Units is something that “Professional Gamblers” use, 1 unit works a 1% of your bank roll. I personally suggest never using over more than 5% of your bank roll on one bet no matter what your confidence is, the average that should be placed on a single bet is 1%-3% which is a nice healthy amount, the reason alot of people use units is because when you hit a rough patch and a losing streak you can easily adjust the % your using on your bets, which i would refer to a responsible gambling, and believe me it doesn’t matter how good you are, there will come a time where that rough patch hits you unless your a psychic.

Set To Go But What Do I Look For/Avoid?

This is where discipline comes in, you should only bet on things that you have alot of knowledge in or have researched, you dont really want to be betting on a team from Algeria when the only player you recognize from the country is Mahrez and cant name one of the starting 11, stick to what you know, dont go placing bets based on inplay stats and team names you cant pronounce.

Now my next point is very important and ive seen ALOT of people do it and i cant understand why, CHASING LOSSES and COVERING BETS! these are both things you should NEVER do! its throwing money away for nothing, and chasing losses shows your judgment is already clouded, if your bet is losing, consider it lost and move on, dont attempt to cover it or chase the loss by placing another bet, just relax yourself and let it go.

ON LUMPING.

Lumping isnt the way to result in profit, you may get lucky from it a few times, and , but  would never ever advise a lump. its unprofessional, so it just goes to show sometimes no matter how much you research lumping isnt the method to use in order to stay in long-term profit, and nothing is a “cert”.

We NEVER advise my punters to lump and thats a promise.

Why use a staking plan?

To manage your money really, that’s about it.  Again using the example of having £268 in your account, here’s what a person without a plan would do:

Bet £38 on a selection and lose, leaving £230.
Bet £30 on a selection and lose, leaving £200.

Chase those losses with a £100 bet and lose, leaving £100

Chase again with a £100 bet and lose, leaving nothing.

It’s that easy to lose your balance when you’re betting to chase and without a clear plan in place.  But if you had £268 in your balance and used the above plan, do you know how many losses you’d have to hit in a row to lose it all?  No? Any guesses?  Well there isn’t really an answer, but if you were betting an average of 2.5% per selection, after 100 losses in a row you would still have £20 in your account.

So if staking plans are so amazing, why doesn’t everyone use them?
Discipline is the simple answer here.  I can’t teach you that, you need to learn it yourself.  After a bad run it’s so easy to just think “fuck it I’ll put it all on a cert”. If you can maintain your discipline regardless of the tips you’re getting on, you won’t go far wrong, trust me!

The Emotional Side Of Gambling

Ive personally come across some people who seek a thrill, so they’re chucking hundreds if not thousands on a game, just for that adrenaline rush, this isn’t a good thing and may be a sign you need to stop, gambling should be fun, but you need to know your limits, if you feel like at any point your just loosing money and cant bet for one day then you should seek help.

THANK YOU!