I was asked over the weekend as to how many bets I actually place in a day, week or month. Very good question I thought and proceeded to explain that it all depended on what my various databases and systems threw at me. Sometimes I may have none at all and others it maybe as many as 10. This is one of the many things we need to be thinking about when attempting to make a second income from our betting.
Would you be comfortable betting 10 selections in one day, depending on your stake size this could be a huge outlay. This of course goes back to having the appropriate bank from which to bet with. If you’ve a £500 bank and you’re betting 2% (£10 per bet) then this would be manageable but if you had a £500 bank and you where betting £50 then you’ve cleaned your whole bank out and what if they all lose?
This is why going back to having a portfolio whether it be with tipsters or using your own methods that you have the appropriate bank for each one. If you are just starting out then I would suggest you just stick to one selection process or just the one tipster so you can focus on one bank and get used to managing this. It’s also the psychology of placing less bets in one day that can be dealt with more easily. I’ll recite one example that I learnt when I started out.
I’d started with a 100 point bank and was using a selection process that was based around a system I’d built using the horses percentage of being in the first 3 home on it’s last 3 starts. There are lots of variations on this system and in hindsight it was a very good system but lacked some of the more logical points needed to give it that edge. One of those logical factors where that it needed to have a better filtering process to narrowing down the actual number of bets per day. Anyway one day I’d lost 10 points of the bank over a period of a week and on this particular betting day I had to place 12 bets on the horses that qualified. I bottled it. I thought I can’t do this as I’ll lose another 12 points and I’ll have lost nearly 25% of my bank.
The result? Well I was still working as a joiner back then and when I returned home to look, I would have had 6 winners for a profit of over 33 points. Not only would I have made a profit I would have brought the bank back into profit and my mood would have been a lot more uplifted. You never know I may have gone full time professional a lot sooner. It did however teach me a valuable lesson. The system had been profitable for many years before that and although in hindsight I would have needed a slightly bigger bank I would have made a good income over the period of a year!
The morale of the story here is that as long as you have the correct bank and you are comfortable with how many bets you have to place in a given day then you need to stick it out and those winners will come. Just make sure you are on them!
I’ll be back next week with more insight into the world of betting and remember to check out Value At The Races as I continue to top the charts for this year with over 68 points profit in the bank.