Easy to say so much harder to stick to and follow!
How many times have you had to reload and redeposit into your accounts swearing that this time “I will do it right! I won’t go silly and bet big! I will stick to the stakes and do it right.”. Then it happens, we win a couple of bets and the brain starts ticking over… “Oh yes, oh yes! I’m on a roll and hot at the moment”. So what do we do? We go from betting $10 to $20 and before we know it we are having to deposit in again and begging the bookie for a free bet!
We have been there so many times before and it has taken me over 15 years of punting for it to finally click for me! It was after the 2009 Melbourne Cup; Shocking won, Crime Scene 2nd and Mourilyan 3rd. I won nearly $20,000 on the trifecta and Shocking as the winner. Guess what, I thought I was a gun punter all of a sudden, and went bang and lost most of it within a month. If I had known then what I do now, I would never have lost any of it and would probably be sitting on $200,000.
I can not stress enough how important your staking and bankroll management is when it comes to punting, it can save you years of stress, anger, and even depression; which I personally struggled with for many years. It may not seem as glitzy or glamorous as saying “I chucked $100 on this multi and just won $3000!”. I will guarantee that 99.9% of those that do, have that money gone within a month and are depositing again into their accounts.
So – the lesson:
I will make this easy and use nice rounded figures. The average punter from what I have seen generally bets between $10-$20 as a bet. Yes, there are a lot that bet $50 or $100 or $1000’s but that isn’t the average punter. From the research I have done over the years, the average deposit into a betting account is between $200-$300. It’s why so many bookies use the sign up bonus between these amounts.
For arguments sake we will split the middle and say $250 as a deposit. Now we know the average punter is punting between $10-$20 this is roughly 4% to 8% of your bank roll, this doesn’t leave you a lot of space to move once you have lost 5 bets in a row which does happen to all of us, all of a sudden your bank roll is halved and its a natural reaction we panic and nearly everyone does the same thing. “Shit! Shit! Shit! Ok, if I bet $30 on this next one i get back to $230 then I’m sweet again.” Guess what, you will lose more than you win, then it’s a case of “OK OK, yep Bill tipped this. It’s a sure thing he has $200 on it.” So what do you do? Drop your remaining $100 on it, and it runs 2nd in a photo. Your heart sinks, you feel ill, and you want to cry, but men don’t do that so we have a beer feel guilty as hell and pretend nothing happened.
It took me losing all that money and sitting in the front bar one day, and got chatting to an old timer who I had seen in there so many times before. We had chatted about horses, footy, his 3 wives and 7 kids. But I had never taken much notice of his punting. I’m not sure what it was that started the conversation but we sat there for 4 hours and I just listened to him talk about it. He told me he hadn’t had to use anything other than the bookies money to bet with in 25 years, I called bullshit and laughed and asked him how!
Now of course he said this doesn’t help your average bloke who just comes here on a Saturday and thinks they know all cause they heard some nob on the radio or TV tell ’em to back this or that, this is for the serious blokes, the ones who want to grind out extra money every week or month. You still need to be able to pick a few winners which just about all of us can but this way you will not have to deposit any time soon! He pulled out a notepad from his pocket and it was half full. In it was a running tally of his bets and balance in a shorthand. He recorded every bet he made, I was impressed.
It takes a lot of dedication and commitment. You need to not cheat yourself and the books or you will end up back depositing very soon.
I started 5 years ago with a $200 deposit and it took me a couple attempts to nail it but started out betting 1% of my bankroll, yep a whole $2 a pop! Hardly worth it and was so frustrating in that first few weeks especially when I had a few wins and I was thinking “If only I’d put $20 on instead!” I’d be miles ahead, but I stuck with it, the balance got as low as $160, then up to $300, back to $270, up to $400 all in the first 6 weeks. For the first time in years i had not had to deposit for 6 weeks. My mind really started thinking – bloody hell the old bugger was right – so I took to the old internet and did a heap of research, the best that I could find online all said very similar things and it still rings true today; the numbers vary a little but the essence is still there. You don’t have to be the best punter in the world but you can stretch you money a lot further if you follow the method.
6 years on, the only time I deposit into my account is when I am shifting money between bookies. My bets have grown from $2 to $100 and I have enough bankroll to afford to lose over 500 bets in a row and still not have to deposit. I bought a spa last month, the month before that I bought a 65 inch curved TV, the month before that a new whizz bang couch with phone chargers, cup holders, and reclining ball tickling bits. All from the bookies money. The Mrs enjoys spending the winnings too, but I never let her draw my account down too far or I have to adjust my stakes down too much.
This month has been average; I have placed 66 bets, won 19, had 20 odd more place – and yes it still annoys me but not as much, as I know I can withstand a bad streak. Everyone has them; I just have the tools now to deal with it better.
So stick to it! 1% of your bankroll per bet and then you adjust it accordingly, if you hit a rough patch and drop from $500 to $400 you drop your stake in accordance to the 1% from $5 to $4, and same if you got on that good run and go from $500 to $600 increase your bet from $5-$6. It is a grind for those first few months even the first year but once you start to see the results it becomes worth it, and you will become obsessed with it, it becomes a passion.
It is still good to have a bit of a blow out, chuck a few random multis and bets on just to have a bit of fun but with your main accounts be DEDICATED and COMMITTED to it.
Be patient! It takes time but the rewards are so very worth it in the end. Then its just a matter of finding the right bets and tippers to follow (not a paid service). [that lesson is for another day]
Written by Brad Elson.