Now that it’s summer and extra expenses are on the horizon, it’s time to pull out my bank book and write down all my money movements. It’s a time of the occasional excess, like Christmas, and obviously with the good weather there’s always something to treat yourself to. My partner has a house on the beach and although that is an advantage, what you don’t spend on accommodation you spend on other things: more kilometres in the car, the occasional luxurious dinner and a high number of visits to the beach bar, which is a must. We also like to take a cultural trip every year, and this time it’s Rome. I don’t need to tell you that I measure my income with the precision of an accountant.
But it doesn’t worry me because I have learned not to squander my money since I was very young. Unlike what parents usually do with their children by giving them a weekly or monthly allowance, my parents always paid me according to the grades I got at school each term. And not to be a flatterer, but I was a very good student (and the money was motivating, of course). The end result was that every three months I got a lot more money than my friends, but then I had to manage it properly for the next few months until the next payment. And it was not easy.
Why am I telling you this? You know that my ‘grandfatherly’ stories always have a moral at the end: in this case I want to talk to you about managing your sports betting balance and a betting tactic called ‘Banking’.
Before we start: What is the basic rule for controlling our spending?
We have discussed this many times, and it is something you should always be clear about before you even start betting: NEVER gamble more money than you have. Put this way it seems obvious and even insulting to remind you, but by ‘more than you have’ we mean never use money that you might need for your daily life or basic necessities to place sports bets. Doing this just once and then finding yourself in trouble at the end of the month is the first step to gambling addiction. Please be extremely careful.
We always recommend the same thing: calculate your bankroll, determine how much money you are able and willing to spend on sports betting, and from there, set it aside from your daily bankroll.
We will always take the money you set aside for betting as money lost. Make yourselves aware of this concept. It is money that you no longer count as soon as you put it in your bookmaker’s account. If it turns out later that you have made a profit and you withdraw your profit from the initial amount, that’s great. But that is something you should never count on.
Step 2: Split the money into different bets
The action almost prior to banking is to calculate the amount of money we want to use for each activity in the bookmaker, with a fixed amount of money. Each player is different and therefore some will only place single bets, others will place single and combined bets (or only combined bets), the most experienced will also place system bets and of course we have the option of Online Casino and Poker?
So we have to manage our total ‘bankroll’ and decide what we want to play, and how much money we are going to spend on what. And here we have the first basic rule of banking: we are organising budgets like someone who sends invoices to their suppliers, so it is NOT OK to SKIP WHAT WE DECIDE ONCE IT HAS BEEN ESTABLISHED. For example, if we have $100 and we want to play $80 on single bets, $10 on multi bets and $10 in the Casino, don’t start messing things up afterwards.
Let’s see… it is obvious that if over time you see that you are better at the Casino than at betting or combinations instead of single bets, you should vary your initial amounts. But give yourselves some time to get to know each other and have a clear perspective of how you are spending your money and the profits and losses you are making. For this, the old method always comes in handy: a notebook, and write it all down.
The key step: Banking our bets
Once you’ve got all this down, you can start to really ‘play’ with your money (that’s a bad thing to say, but you’ll understand what I mean). The key to learning how to know what to bet on and how much to bet at any given moment is always the odds and the probabilities. You already know that the more likely it is that a bet will come true, the lower the odds will be and vice versa. Therefore, we also have to make a mental calculation based on the level of risk involved and the money we want to spend.
The key to banking: the higher the odds (the higher the risk), the lower the Stake… but with a mathematical formula.
Question of note: What was the Stake? Those of you who usually follow the blog will already know it, but just in case I remember it: the Stake is the amount of money we bet depending on the confidence we have in that bet being fulfilled. Normally the Banking is a strategy that is carried out in combined bets, applying a percentage of our total budget depending on the number of events that we put in the combined bet and, therefore, the difficulty it acquires. The example could be this:
- Total money spent on accumulators in a week: 10$.
- Combined bet of 2 events: 10$ (100% of our budget).
- Combined 3 events: $8 (80% of our budget).
- Combination of 4 events: $5 (50% of our budget).
- Combination of 5 events or more: 3$ (30% of our budget).
In this way, we will know at all times how much we are gambling per bet and how much we can lose, but we will limit our losses much better and we will start to learn, depending on our bets and our successes, where to put more or less money. If we place bets of 50% of our total budget, we will be applying a medium risk and we will be able to place more than one bet per week.
Becoming an expert
As we have already said, it is normal to apply Banking to combined bets, but if you look at it, it is only a method, to learn to behave in a certain way when we bet, to order our money in our head, and the risk according to what we have. So it can be applied to single bets as well. Let’s say we have $100 total to spend per week, of which the previous $10 is always going to be on a combination of bets. We will therefore have $90 for single bets (this is also Banking) so, by differentiating the type of odds (from lower to higher) we can place, for example:
- 10 single bets of $9 at odds between 1.20 and 1.80 (very low risk, with 10% of our budget).
- 8 single bets of $11.25 at odds between 1.80 and 2.00 (low risk, with 12.50% of our budget)
- 5 single bets of $18 at odds between 2.00 and 2.50 (medium risk, with 20% of our budget)
- 3 single bets of $30 at odds of 2.50 or more (high risk, with 33.3% of our budget).
As you can see, the rule remains essentially the same: the higher the odds, the lower the Stake because there is more risk. Then, of course, we can ‘play’ with this as we wish. It would not be necessary to always spend our entire daily, weekly or monthly budget, nor to maintain the amounts shown here, but to establish your own. The objective of Banking is not so much the profit in itself but to learn to know how much money we have, how we spend it and how much to spend on each bet depending on the odds, detecting our strengths in certain events and types of bets.
So you know… it’s all a matter of calm, pen and paper, and time to practice. At the beginning you may be lost, as I was when I had to manage my savings as a child, but with time the risk, winnings and stakes tables will almost come to you by heart. Go ahead!