Bankroll Management: The Bookie Beater Way Introduction
How many times have you heard someone say ‘only bet what you can afford to lose’ it’s a mantra that’s everywhere and while we at the Bookie Beater understand the thought process we don’t agree with the negative connotations.
We live by the belief that you should treat your betting like you treat any investment. You don’t commit funds to the ASX or into property or your Super or any other investment with the idea that it’s ‘dead money’, so why should punting be any different?
The principles are the same, maximize your profits and minimize your losses, the only difference is the uncertainty principle that applies to punting, which is where we come in. As important if not more important than the tips we provide is how you manage your money. Irrespective of whether you are a casual punter, a semi pro or a professional punter bankroll management is key.
There are some professionals, the conservative ones, who maintain that the smaller the bank the better, pointing out that with a small bank you only lose small! With a big bank, a punter initially could get careless with his betting, erroneously believing that the large bank is going to last longer.
What the small punter has to remember to his advantage is that he has as much chance of winning as the man with the big bank. People with more money do not have any more in their favour percentage-wise on the racetrack than the little old lady with 50-cent doubles.
Over the past couple of hundred years there have been many staking plans most famously the Martingale and Reverse Martingale Strategy which has its origins in 18th Century France. Essentially the Martingale strategy attempts to recover previous losses should you be on a losing streak. Whenever you have a winning bet the system resets back to a base level.
The reverse martingale strategy, also known as the anti-martingale, is a type of positive progression, or “streak bet”. It uses the same mathematics as the martingale strategy, except it increases the stake amount if you win, rather than if you lose.
We at BOOKIE BEATER have a two pronged bankroll management strategy which we have detailed below.