Updated: Mar 29
When considering how to maximise profits on gambling, there is one factor that can be the downfall of many punters of all abilities. Staking plans.
No mater how good or bad a judge you are, if your staking plan is not clearly defined and adhered to diligently and methodically, and, above all, only used with disciplined gambling, you will end up falling short at some point. Every single gambler will have good runs and bad runs. What separates the good gambler from the bad is how you manage those peaks and troughs.
So much has been written on the subject of staking over the years by so many experts and yet still it is not an exact science to this day. However, the more cautious approaches and those with an adversity to risk would gain the most. When the inevitable horrific run appears from out of nowhere, they are safe knowing their cautious approach to increasing and decreasing stakes has helped their betting float grow sustainably.
So, what is the best approach?
Keeping your betting account separate with a sole bank account purely for betting transactions helps monitor your situation much better than just chucking loads of bets from an already busy bank account full of non-gambling transactions. Additionally, it keeps it very easy to see the actual balance and profit/loss.
Staking wise, some mathematical experts suggest staking between 1 and 5% of your total float daily as a maximum, although I'm definitely of the lower end of 1% maximum staked in any one day of the betting float. That way, your stakes will steadily increase/decrease and it makes you pretty immune from suffering during the long losing runs.
The problem with this approach is that people who 'like to bet' find it very boring and get no thrill form it. But this is exactly why it should be used. To make money from gambling, you should not be getting a 'thrill', as it will not help you making money.
When people think they are on a bad run of just a few losers, they are mentally unfit to make long term plans. A handful of consecutive winners or losers is totally irrelevant, it's the long term profit/loss, turnover, and return on investment that matters. If you can blow your whole float on 7 consecutive losers or so, you will end up skint at some point. It's sad to see, but inevitable, that these gamblers will never win in the long run. They will make the most noise when they win, spinning up money, but it is totally unsustainable in the long run and will always end in tears betting that way.
If you buy a portfolio of stock market shares they will go up and down like a yoyo on a daily basis and yet nobody bats an eyelid. Gambling is exactly the same, stay focused on the long term goals and bet responsibly. Failure to do this will cost you in every sense.
Of all the professional gamblers, the best ones NEVER chase, yet all of them stake exceptionally well and consistently. They distance themselves from daily highs and lows and only ever care about annual profit over a vast period of data and time.