The Benefits of a Staking Plan When Betting

A staking plan is quite simply a way of controlling how much money you stake every time you place a bet.

So why do you need one? There's a few reason's but the main aim is to ensure the chances of you losing all the money you have set aside to bet with (this is called your Bank) is kept to an absolute minimum. The other reason is to try to and maximise your returns.

If you use a staking plan and stick to it keeps your betting disciplined. There's always a temptation if you are on a losing run to double or triple the next bet to try and recoup your losses and this can be a very quick way to lose everything you have in your betting bank. If you want to be a successful bettor you need to have the right selections and you need to have the money side of your betting sorted out. You'll need to know how much to bet on your next selection and that's where the staking plan comes in.

There are many different staking plans, from the simple to the highly complex .The simplest is the Level Stakes Plan. In this staking plan you divide your bank (the amount of money you have to bet with) into a number of stakes and that is the sum of money you will stake on every race. For example: If you start with a bank of £1000 and decide you want to cover 200 selections you'd divide 200 into £1,000 giving you a stake of £5 which is what you would bet on every selection, no matter the odds.

You need to have enough in your betting bank initially to cover a large number of bets to cope with any long losing runs you may have so we recommend setting your bank to cover between 150-200 bets when starting out. Don't let the low stakes discourage you. The staking plan is designed to stop you going bust and keep you betting, if you are making the right selections your bank will soon start to grow. Patience is one thing professional gamblers have in abundance. They wait for the right selection or opportunity and they don't bet on every race - which is a fault many newcomers have- in fact they may only have one or two bets a week at most.

Another type of staking plan suitable for anyone new to betting is the Percentage Point Plan. The concept is quite simple and easy to follow, and involves readjusting your stake after the result of each bet you have placed is known.

Using a 200 bets points plan with a £1,000 bank as an example, if your first bet loses you now have £995, this figure will now be divided by 200 to give you your next stake £4.97. If your next selection wins at 9/1 your bank will increase from £990.03 to £1,039 .73, meaning your next stake would be £5.07.

As you can see it is a bit fiddly with the numbers when working out your stake, but it does protect the bank even more than the Level Stake Plan. However if you go on a long losing streak your actual stakes will get less and less, meaning it will take you longer to recoup your losses.

If you are new to betting then these two plans are worth using for the first six months or so while you concentrate on getting to understand to read the form correctly etc, and will give you time to concentrate on making the right selections without the worry of losing all the money in your bank.

You can then move on to looking at more complex staking plans that can give you higher returns.

We'd recommend using a staking plan especially when you're new to betting as it does mean you protect your initial bank and at least you will have money to stake when you pick that 33/1 shot, rather than wishing you hadn't blown all your money on the odds on shot that got turned over.

J Beith writes sportsbook reviews and sports betting tips for sportsbetcentral.net

Article Source: http://EzineArticles.com