How To Set Up And Use A Horse Racing Betting Bank
This is one of the most important things to do before you start betting on horses. Set up a betting bank, and know how to use it.
Setting up a betting bank properly will not only help you make more money, but also protect you from losing money. It’s the first rule of any professional service, system or individual and is a vital to long term success.
What Is A Betting Bank.
A betting bank is a sum of money you use to place your bets from, in this case horse racing bets.
Why Is A Betting Bank So Important.
Like any business before you start, you must have ‘starting capital’. Without any starting capital the business 99 times out of a hundred will fail. Betting on horses for a profit is no different, you need money to make money.
How Much Money Should I Start My Betting Bank With.
A very common question, that is totally individual to each person. It depends on how much you can afford to invest, without effecting your personal circumstances. Some can set this at a few thousand, others a couple of hundred.
I would always set this level at a figure that is MORE than comfortable for you. In other words whatever figure you come up with, then cut it in half. Now that’s what I call comfortable, you’re not going to miss it, if you don’t have it.
Don’t worry about starting at a low figure, following the BetPlan system, especially with the staking plan, your profits and bank will build up quickly enough.
A Betting Bank Must Be Separate.
Once you have decided the amount, you must place this in a separate place from all your other monies and accounts. Ideally in a totally different account and only use this for betting purposes. This way you can easy keep track on an ongoing bases, of how you are doing.
What Percentage Of My Bank Do I Use Betting.
Following the BetPlan service due to our high strike rate, we recommend you use a MAXIMUM of 5% level stakes on every bet. (i.e. 1 point of a 20 point bank). For new members I would start at 2.5% until your bank has doubled. This normally only takes a few weeks. You can then withdraw you original investment and use your winnings to bet with, making the system totally risk free of personal loss.
Drawing Profits From Your Betting Bank.
Like any business there comes a time you wish to draw down winnings/earnings and spend them. Why not, it’s your money and you desire to, but when you do you MUST re adjust your bank and percentage level stake down to the new lower amount, otherwise your bank will be at risk. Also remember to take membership costs out of your bank, on a regular bases as well.
Money Management.
80% of winning regular profits betting on horses is psychological. Especially with the BetPlan system, everything else is done for you. So running a betting bank properly will help you with the other 20%, keeping you disciplined, comfortability betting within your means and the patience to slowly build up a substantial second income.
Like any other business if you do not have any proper money management systems in place, you are much more likely to fail.
Conclusion.
Setting up and using a betting bank with the BetPlan System will help you relax, enjoy and make money from the service for a very long time, so if you haven’t yet why not start now.