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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 punting.

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 few return.

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 past experience.

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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