Betting bank management is an important element to successful long term betting. Breaks in competition offer the opportunity to assess performance, and reconsider betting funds. It also offers players who have not thought about a betting bank strategy to put one together before the start of another campaign against the layers.
The summer is often a good time to reflect on the previous few months betting and revisit betting strategies, including betting bank management. Regardless of the sport being bet on, or the schedule it has throughout the year, it is always worth taking stock at certain points, to ensure staking is at a good level, performance is acceptable, and any ‘leaks’ are identified and worked on. Discipline is a key part of successful long term betting, and managing a betting bank is a big element of that. Here, we list some of the points to reflect on and get right before heading into battle with the bookmakers once more.
Betting Bank Management
Below are a list of things to think about either when contemplating a betting bank for the first time, or when assessing an existing plan, to check it is still optimal;
Allocate funds to a betting bank
Separating betting funds from day to day monies is an important element to instilling betting discipline. It is also a very good way to ensure bets are struck for all the right reasons, rather than making decisions based on fear or greed.
Create or Amend a staking plans
Staking plans could take up multiple articles on their own. It is however, always useful to revisit them periodically. The number of bets required in a betting bank will vary based on average odds, type of staking and appetite for risk to name just a few factors. The ideal however, is that after a successful period of betting, levels can be raised in order to increase profits, so it is worth reviewing them frequently.
Consider long term positions
Betting exchanges such as Betfair have made trading on longer term sports markets a reality, and while a review of a betting bank is underway, a break in competition might be a good time to review any open positions or think about new ones in future events.
Identify strengths and weaknesses.
Keeping betting records is vital to long term success, and one of the main reasons for that is the analysis that those records allow. High performing areas can be accentuated while areas with losses can be scaled back or dropped all together. The sample of bets needs to be of a size that makes analysis worthwhile, but assuming it is, this is a very valuable exercise.
Looking back at past performance may throw up some areas where performance was very strong, or highlight areas where there is an edge on bookmakers. These are always more likely to be in smaller markets than large ones, for the simple reasons that the layers obviously focus their resources on the more lucrative markets for them. These niche sports, markets or events are exactly where punter’s efforts should be focussed. One avenue to explore when specialising is to look for good sources of information – and there is none better than viewing the live action. Many online bookmakers now offer live streaming services, some from sports all over the planet. If one of the events covered is of interest, be sure to make full use of the action on offer.
Check betting accounts.
Having multiple online betting accounts is vital to long term success. Operating with just a single bookmaker could mean missing out on prices 20% higher elsewhere, and there are very few players on the planet who can make that sort of margin up on the layers. So finding a range of bookmakers that suit the markets being looked at is key. Use our review pages to decide on the best, and then ensure you have funded accounts with the three or four most appropriate.
Covering all this may seem onerous, but getting ahead of the bookmakers over the long haul is not a simple task – one look at the nap tables in the gambling press will illustrate that. These checks ensure peak betting ‘fitness’, before battle resumes between backer and layer.