Money Management - How To Bet Without Running Out Of Money
It's 11:41 on a Tuesday morning on the 7th Feb 2023, and after over 20 years as a professional gambler/tipster I'm writing my first blog! It's not that I'm lazy (Mrs Enemy might disagree) I'm just useless at typing!
So, I thought I'd start with a subject that seems to crop up quite often and is something that seems to stop many would be punters in their tracks during the first few weeks/months of their betting life.
One thing that’s always bemused me as a tipster is the amount of new members that ‘pack in’ after having a first losing week. Logically, I suppose that’s quite understandable, I mean who in their right mind would want to back loser after loser, even if it’s just over 7 days?!
But betting on horse racing, or any sport isn’t a ‘get rich quick scheme’. You may well ‘get lucky’ and hit a few winners during your first week, and if that happens then great, you’re quid’s in nice and early! But the fact is, more tips lose than win, and that’s the same with any horse racing tipster.
If the tipster’s selections are of the bigger odds bracket (like mine) and average around 13/1, then you’re going to incur longer losing runs than a tipster in the smaller odds bracket that average at say 4/1. That’s why, whenever following a tipster like me, you need to use good money management, because losing runs, sometimes long, are inevitable.
Do I Need Lots Of Money To Start Betting?
You certainly don’t a need a large amount of money to start betting.
The general rule when following a tipster who uses shorter odds, is to use around 5% of your betting balance. So, say you start with a relatively small £200 pot of money, then use £10 stakes, that way you should be able to have enough to cover the downswings and never run out of money.
To follow a service like mine with larger odds (and to do it correctly to the rule and be very disciplined) I would use just 2% of the pot. That might sound crazy but it’s to guarantee that you stay in the game!
So, you start low again with just a £200 pot, you would only bet £4 stakes, that way you’re not risking too much of your pot. You might ask ‘But then I can’t win what your service advertises at £10 per point’? That’s true, but most start with more than that, so if you’re only starting with a small amount, then you will need to build your pot up so you can then increase your stakes.
Once you get to £300 in your pot, then you can up your stakes to £6, then at £400 up it to £8 and so on.
Your first month sign up fee 'more often than not' will be covered by your winnings in your first month. But you should never include your monthly subscription cost as part of your betting balance, as you might not have a winning first month (I average 9 from 12 winning months of the year) and then you will find yourself with a lower starting balance, that’s why it’s important not to include your monthly fee as part of your bankroll so you are able to ride out the losing spells and wait for the big priced winners.
Just because you have to pay for your next month and you’re not yet in profit, don’t worry it’s normal.
So many new members ‘bale out’ and then perhaps go follow another tipster who also has a losing spell. Then you might get an email about my service boasting about a 50/1 winner that you missed because you never had the patience (or the bankroll) to stick with it!
The old saying ‘patience is a virtue’ couldn’t be truer than when following a tipster service, especially if they come with years of experience and data stats to back up what they brag about.
Look closely at any tipsters track record, look at their P&L as well as their longest spell without a winner (I think mine’s in the 30’s!). And if they still produce good results then you know that it’s worth sticking with for the long haul!
Losing Runs -Don't Panic!
On many occasions with my service, we’ve been down say 20+ points in some months, and then ended up over 30-40pts up! That just proves that it’s worth hanging in there as the winners WILL come.
It’s also worth it, even if you’re not too savvy about horse racing (or the sport you’re betting on) to have a read of the tipsters’ analysis. The bet may lose, but with a full explanation as to why he/she fancies the selection, if it does lose then you can watch the event and see if how it lost, and if it is pointed out in the analysis.
I always give a full explanation as to why I fancy a horse, so it’s worth watching the race to see how it ran, and more importantly why it lost!
I might mention that the horse could race keen if not enough pace (no pace and the horse pulls for its head, used up too much energy and finished 10th)
The ground might not be entirely ideal (might hate it and run a shocker)
Or, I’m worried about another horse which doesn’t look as good value as ours (that horse beat ours). At least that way you know how and why a horse might run a shocker!
Backing horses with no analysis must leave you pulling your hair out, especially when they run no sort of race finish last. Even more so when they’re short priced favs!
Like any other job, tipsters have bad days (we’re human after all), but much more often than not, our horses run well, and when they get beat then you know some of the reason why.
But of course, horses are human as well (oh yes they are!), well maybe not, but they are just like humans in the sense that sometime, they just can’t be arsed, and run a shocker for no apparent reason.
That’s when we get accused of being a shi* tipster!!
Anyway, I hope this helped and gave you a bit of encouragement in following a tipster the ‘right way’!
And remember, when horses lose, we feel your pain as we back them ourselves!
We’re in this together!
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