Betting stakes explained - strategy / staking plans / methodsObviously you are using your hard earned cash to bet with. So it is important to stop and think about the financials of betting. You are putting everything at risk, not the bookmaker, so it is up to you to keep your finances in check. This is where, one of the biggest beginner betting tips that can be offered involves money and that is build yourself a ‘bankroll’. Don’t gamble with the moment that has been set aside to pay the electric bill, instead have a separate betting bankroll aside from what you need in your daily life. Keep those two areas of your life separate. When you have set yourself your bankroll, then plan your betting accordingly, by week, month or even daily. But however you distribute your bankroll, never spend more than it.
Limit yourselfBefore you even look at a betting site, you need to have your betting finances in place. Why? Because then you can clearly see what you have and how to distribute it. With knowing how much you have to spend let’s say in a month, you can then formulate a betting plan for that month. For example, this month you know that you have £50 to bet with. That is all that you can afford to lose. So you can then split that up to around £1.6 per day or have four betting weekends of £12.50. There is your betting budget but of course, here comes the part about discipline.
There's no point making yourself a betting budget if you aren’t going to stick to it. The two main downfalls which contribute to losses in sports betting are:
- Increasing stakes after a win because of elevated confidence
- Panic betting to try and compensate for a loss
Betting Stakes explainedYou will see it repeated over and over again in our betting guide, have a betting plan. From money to betting strategy, have a plan! Money management is so important in order to stay in control and a staking plan can help out a lot. There are so many different systems which you could use. From your budget, you could always play the same stake on every bet or look at variable bets. The latter can be done with staking formulas. Let’s say that you put £5 each on Serena Williams, Maria Sharapova and Simona Halep to win Wimbledon. If Williams was so short of a price that even if she won, it wouldn’t cover the extra £10 put out on the other two players, there’s no point. So why not shuffle your stake, say £10 on Williams, £3 Sharapova and £2 Halep. Why?
Well, this depends on market prices of course. But if now the returns from Williams winning covers the stakes on the other two players, plus if the stake balance is right, if either Sharapova or Halep won at their respective longer prices, then they would also cover the outlay on Williams. This is just adapting your same funds for betting value by percentaging out your stakes. There is a simple formula to explain this and it is:
Expected Profit/Odds = Resulting Stake
Let’s explain that out. Williams is 2.0, Sharapova is 4.0 and Halep is 6.0 decimal odds and you are looking to win £100.
Williams: £100 / 2.0 = £50
Sharapova: £100 / 4.0 = £25
Halep: £100 / 6.0 = £16.6
Add them all up for £50 + £25 + £16.6 = £91.60
So for your total outlay of £91.60 you know that as long as one of them wins, you are guaranteed at least a £8.40 profit, including covering your stakes on the other players. This is an example of how to bet on favourites in a tournament with a little bit of lateral thinking. Again, it is money management planning. It can’t be emphasized enough. There are a lot of strategies like this which can make your money go further and can limit losses.