For my own bets I use VARIABLE STAKING, meaning that stakes are 2% of my betting bank (working capital), which VARIES from day to day depending on profit or loss the previous day. Example ...
DAY 1: Let's say you start with a £2,000 bank, using 2% for stakes (£40 per horse), but it's a losing day, reducing your bank to £1,940.
DAY 2: You use 2% of the new £1,940 bank, so your stakes are £38.80. You have a winning day, and at close of play your bank stands at £2,102.
DAY 3: You use 2% of £2,102 = £42 for your stakes.
To recap, whatever your betting bank balance, your following day's stakes are 2% of that balance.
This "daily-variable" staking ensures that your bank is never in danger during a losing run ... but profits are maximised on winning runs. Given that we should win more than we lose, profits are further enhanced. Finally, we can use 2% of the bank, whereas level stakes would only safely allow 1.5%.
At the end of each month, take any monies over £2,000 out of your betting bank as profit.
W A R N I N G -- start small! On your first day, I'd advise you to start with a £100 betting bank and use £2 stakes. As your confidence grows, you can add capital to your bank so that stakes can increase -- but NEVER use more than 2% of your bank for stakes.
PLEASE NOTE: I calculate YouTube profits @ £40 level stakes (not daily-variable stakes) because (a) everyone starts at a different time, so will have different stakes, and (b) level stakes are easier to follow for the newcomer.
There are two ways you could back these horses - choose the option which suits you best:
1. Take an early price with bookies offering "Best Odds Guaranteed" (BOG). BOG means that you'll be paid at your early odds or SP, whichever is bigger. To find a BOG bookie, visit oddschecker.com and click on a race. Above the bookies' logos you'll see a white tick in a green circle, with the words "Best Odds Guaranteed" to the far left.
2. Take an early price on Betfair's betting exchange: www.betfair.com/exchange If the price drifts you'll miss out, BUT this is balanced because, most times, you get a BETTER early price than offered by BOG bookies.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * HOW to back a horse on BETFAIR
Visit "betfair.com/exchange" and open a deposit account. To bet, make sure the EXCHANGE tab (top-left of your screen) is highlighted, not the Sportsbook tab. Next, click on HORSE RACING, then scroll down to find today's meetings and race times.
Click on a time and you'll see a list of horses' names, with odds in blue and pink squares. Blue means back to win. Find the horse you want to back, and click its blue box.
On the right of your screen 2 small boxes will appear. Type your stake in the empty right-hand box (no £ sign is needed) and click the PLACE BETS button below. Finally, click CONFIRM. If odds reduce just as you click, the bet will show as UNMATCHED, and you'll see the following display:
Unmatched bets At In-Play O Cancel O Keep O Take SP
My advice is to click the "Take SP" circle, and a black spot will appear there. It means that, if your bet isn't matched before the race starts, it will be matched at Betfair's Starting Price.
Betfair use decimal odds which include 1 unit for the stake. Thus 9/2 (which should be 4.5) becomes 5.5, and 5/1 (which should be 5.0) becomes 6.0, and so on. To calculate profit, subtract 1 from all their prices.
Betfair has now reduced its commission from 5% to 2% if you agree to waive the Sportsbook "Best Odds Guaranteed" by choosing their BASIC plan. Here's how to do it:
Log in to the Exchange and click on My Account (on orange strip at top of page).
From the drop-down menu, click My Betfair Account. A new page will appear.
Click Promotions & Rewards (on black strip at top of page).
From the drop-down menu, click My Betfair Rewards (BETA).
