One of the most important factors in making money betting is learning how to set up a betting bank and manage it properly.
Gamblers won’t bother, and this should tell you something, as gamblers never win in the long run. However if you are planning to make money betting , you need to treat it as a business, and having a betting bank will help you to do this.
The great advantage of a betting bank is that it means you have a sum of money (set aside from your main finances) specifically for betting. It helps you keep a level head, preventing you from panicking and chasing losses, or from getting carried away when you win and losing those profits you made.
When setting it up you must make sure that you can afford the money you set aside and decide that you will use it specifically and only for betting. Don’t use money that you will miss or that you need for anything else. If you do you won’t be able to completely detach yourself from it psychologically and emotionally, and this is vital. Choose an amount that you are entirely comfortable with for this same reason.
Any money you need to run your “betting business” will come from this bank, including all expenses you incur, such as subscriptions, software, etc, and any losses you make.
Big Mike recommends that you only stake a maximum of 5 percent of your betting bank on a single event, so that you can easily withstand any of the unavoidable bad runs you have without too much stress. Over time, if you follow a sound betting strategy, you’ll see your betting bank grow and start to generate profits. This long term approach is what will help you to be successful in your “betting business”.