The Gambling Bank
One of the common emails I get relates
to people seemingly agonising over the size of their punting banks.
Really? I would have thought a far more important issue was the size
of the staking approach in direct proportion to the amount of money
you are playing with but that is another issue altogether which is
dealt with in other parts of this site.
Setting up a gambling bank for playing
with horse racing is no big deal. It simply is the amount you are
prepared to spend on your little dabble with the horses providing
it is nothing more than fun.
IF IT STOPS BEING FUN, DO SOMETHING ELSE.
I would have thought that it should not
be more than what you spend on any other leisure pursuit. What does
it cost every year if you are a keen golfer? Or a lawn bowler? Or
rifle shooter? Or stamp collector? And the plus side of punting is
that you have a CHANCE of spending less per year on this sport than
others and, in fact, if you are "smarter than the average bear"
you may finish up in front.
Some friends who are in to golfing spend
a "motza" every year on just golf club memberships, let
alone on new gloves and clubs, and spikes etc etc etc. At least with
punting you don't have to change shoes!
From asking around, it seems people I
know spend about 10% of their income on leisure pursuits
so let's use that as a yardstick for the moment and relate that to
Say from your "proper job"
you earn $50k a year. I'm guessing that $100 a week is what you would
spend if you were in to any of the other sports listed above. And
I'm guessing that wouldn't seem unreasonable? And you would scale
up or down from that figure depending on what your income level was.
The main thing is that your spending
doesn't become either out of control or a burden on other members
of your family or inner circle. When it does that, then it IS a problem
that they keep referring to in the endless series of ads about what
a bunch of irresponsible bastards we gamblers are.
I never see ads extolling the evils of
people spending too much money on football or cricket or doing up
motor cars and causing their families financial grief but that's another
story as well.
As they say in the classics, never spend
more than you can afford to lose and that IS true
of gambling - as it is with ALL other sports and interests - stamp
collecting, photography, you name it - they ALL cost. Very
Splitting up that 10% in to a conservative
staking plan is crucial to your success and most of how you split
it up depends on the psychological approach in gambling that suits
your temperament best. Only you can ascertain that and only through
Anyone can pick winners. Making a small
profit from that sporting pursuit is a bit more challenging.
Keep your weekly punting outgoings to
less than 10% of your weekly incomings and you won't run in to too
much trouble. Punt beyond your means and you certainly will. It's
the same principle regardless of your financial "status".
The biggest punters in the world rarely step outside their comfort
levels, (even the Packers of this world), and when they do it spells
the same % disaster for them as what it does for the rest of us -
it just sounds bigger.
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