Starting Point

Before we get into the complexities of the betting industry, there is the foundation to build from.

Whether betting seriously, or as a pastime, there is a need to establish a betting bank. This may sound either regimental or dull, but it's a key strategy in maintaining both a safe and fun way to bet.

For most, having a flutter is a hobby, and as such should be treated that way. As hobbies will invariably cost money, the same can be said of betting,

With a betting bank, or kitty, it's possible to keep a more accurate assessment of how much profit or loss is incurred, whist also ensuring that there is no genuine financial impact on everyday life. How this 'bank' is operated is entirely at an individuals discretion, but it does require an element of self control (something that will be looked into in future posts).

In my previous life betting semi-pro, keeping track of accounts and winners and losers was extremely arduous. This was purely due to the nature of my bets, using numerous on-line betting firms in order to achieve the best possible return for my investment. Now, as a recreational bettor, it's a lot more simple, as odds aren't quite as important to me and the idea of a bet for me is done for entertainment, and as such I can focus on using just one betting site. (As a little add-on, this wasn't entirely my decision as most of my accounts were either heavily restricted or closed from sports betting).

Anyhow, as an example of how a betting bank works, decide initially your maximum spend for a month, after taking into account all other financial commitments. This needs to be an amount that is comfortable for you. Therefore, if it's £100* per month and betting both on-line and in-shops, I'd suggest a split of that £100 between the two, with your preferred method receiving the lions share.

Using the £100 bank as an example, for me I would be depositing £75 in the on-line account, and keeping £25 as cash to use in-shop, keeping that separate from other money. How this bank is then used is for you to decide, but realise that money is to last for a month. Again, personally, I tend to wager to level stakes, as the financial win/loss has less impact due to using money specifically for my hobby. However, I appreciate that others prefer either a staking plan dependant on odds, potential returns or perceived value in a bet.

So, having established an amount that is comfortable to play with, we now have the fun part. Obviously, the bets have provided entertainment, some wins and some losses, and hopefully provided some enjoyment over the course of the month, but it's coming to the end of that month and the betting bank stands at a relatively fair sum (maybe still £20 in there, perhaps £60, or even a slight profit courtesy of the bookmakers). What you do next is a personal choice, and here is the fun part....... 

...... Having decided, in the example, that £100 a month is suitable for betting, if the bank stands at £60 at the end of the month, I'd suggest the following month instead of increasing the funds by another £100, balance the account by £40 to return to £100 in the kitty. Obviously, if it's in profit, merely withdraw that amount of profit to return to £100.

There is reasoning behind this. As betting is increasingly difficult to win long-term, increases of £100 each month will eventually see the majority of the bank wiped out, and suddenly this hobby has cost £1200 in a year and also creates a feeling of genuine loss and berating yourself for having had opportunity to substantially manage the financial impact, Also, as it's no longer £100 each month that is being spent on gambling, that money can be used for little treats!

Suddenly, through having a betting bank, there is a more sensible approach to gambling. The highs and lows are still there with the winners and losers, and the opportunity to be proven right or wrong, but the financial emotion is taken out of the betting. 

*£100 example is at an individuals discretion, and the £60 remaining is theoretical.