Staking to win

[Bang on]

I've often heard it said that " If I can get the staking right .. etc ". The big question is, - What is correct staking ? The answer is that there are so many variables depending upon strike rate, price of winners etc. Plenty of people record their profit or loss but sometimes I see a sizable loss and wonder what size of betting bank they work with (or is it just paper trading). 

It's not easy making money from betting, and I don't mind admitting that I have made plenty of mistakes and lost my bank a few times. However I have been able to start again (sometimes from a higher starting point) because I have taken money out during the good times. I'm always interested in any new approach and as such am willing to share my thoughts on this mindboggling subject. SO, what do I do ?

I like regular winners, I don't mind losing runs but wouldn't want to run up a sequence of say 20 losers, I much prefer single figure losing runs. This means that I can operate from a relatively small bank. I personally use around a 50pt bank. The reason I use 50pts is not to stress after a few losers, it also allows me to be moderately aggressive after a few losers (slightly increase stakes). I rarely bet odds on, and will generally have an average winner price of around 2/1 - 6/1. Even with football I will do doubles and trebles at around the 2/1 - 6/1 accumulated.

Here is an example of a slightly aggressive staking plan.   1, 1, 1, 1, 2, 2, 2, 3, 3, 4,  this is 10 bets, staking 20pts. Odds of around 4/1 will pretty much ensure no losses.  If you struggle to find a 4/1 winner, just 2 selections at EV and 6/4 when used as a double will pay 4/1. Not too difficult. ** If these 10 bets were to lose I would go to 5pts (MAX) stake giving me 16 chances before a 50pt bank is lost. You have to have nerve to see it through, it is no good stepping back and licking your wounds, you will never get anywhere. ** I use this as a stand alone bank ( I use seperate banks for each method I use).

My experience ( and it took me some time to learn), is that focusing on favourites is a struggle to profit (unless you focus on finding 1 a day etc). Working with slightly bigger odds means that we can withstand losers as the winners will recoup losses much easier. You do though have to be patient. I have cards with me with advice from people I admire to help me focus, for example - 

Tony Bloom - "When you find a bet, be aggressive, no half measures"

Warren Buffett - "Be fearful when others are greedy .... be greedy when others are fearful " and also " I watch pitch after pitch go by ... and then hit the one in the sweetspot"

They are both saying the same thing, you have to commit, .... you have to be the assassin, a few carefully executed bets rather than the shotgun approach hoping to just hit something.

Start with a big enough betting bank, one that you are comfortable with, that covers your worst case scenario hopefully (if you feel uncomfortable, increase the number of points). I took 6 months off betting to sort my strategy before starting with just £400, but use many times that now. 

Hope this is food for thought, and would love to hear other peoples views on staking etc.

[MCLARKE]

I bet to make £100 on each bet I place, so if the odds were 1/1 I would stake £100, if they were 2/1 I would stake £50 etc. I do bet odds on but limit my stake to £100.

I keep a record of my profits and at the end of the week if my cumulative profit reaches a new high then I increase my "stake" by £1.

I started several years ago with a stake of £2 and have slowly increased it to the current level of £100.

It is a while since I last reached a new cumulative high, it was last July.

I have always said that if I ever have a year where I make a loss then I will call it a day, fortunately that hasn't arisen so far.