I see Sean has got in there with his first post and forgot about the credit card charge. If he wants to go ahead and deposit a further 29 cents to even the balance then I’m happy for him to do so. As the minimum deposit on Betfair is €15.00, it’s probably best if Sean uses his laser and deposits €20.29 cents to cover next months betting kitty too. I have a feeling he’s pretty confident going in to this month though and I’m guessing he feels that he wont need the €20 for next month as he’ll have over €20 in his account going in to September. The offer to make it an even playing field is there though, so don’t let it be said that I’m not playing fair. If Sean doesn’t bump up to €20, then the scales are already tipped in my favour 50.36% to 49.64%. Result!
Anyway, this got me thinking about our bankrolls. There will be people on here reading these posts thinking our monthly bankroll is ridiculously small; but if we’re loosing €20 every month it’s €240 per year down the pan. We need to be able to keep this site alive by betting wisely and obviously trying to win, but if not then at least keep losses to a minumum. Yes this is a fun site to be involved in, but if someone came along to me and asked me did I want to get involved in a website that cost me €50 a month to work on but I might break even, would I get involved? Absolutely not! So we’ve selected a monthly bankroll that we can both afford to loose. At the end of the day, there are very very few professional gamblers and I’m sure most of these have to begin with rules like this. Ours is never bet with money we can’t afford to loose. This might sound negative, but I can’t go in to this project thinking just because we’re online betting in the public eye that I’m guaranteed to make a profit, even though I’ve never lost a bet before .
That’s a bit about why we choose our bankroll, and here’s a bit about how I plan to keep my disicpline when using it. So I have €20 a month, how do I use it? I asked myself this today and thought that the most logical answer I could come up with was I will try to treat my €20 per month as if it’s €20,000. If you’re running on a small bankroll you have to treat it with the same respect as a large one. I mentioned that I want to use this online betting experience as one where I’m disciplined. To keep my discipline I need rules. If I had a bankroll of 20k and could bet 5k to win €800 would I do it? Could I afford to loose 5k just like that? Obviously it depends on what the bet is. But no! there’s no way I would risk 25% of my 20k bankroll without carefully considering the consequences. What I need to program myself in to to thinking that my €20 carries the same significance and if I was betting €5 to win 80 cents is it worth it? I need to think not of loosing €5 but of loosing 25% of my bankroll. So you might see me starting off with €1 bets! I know it’s only a euro but it’s 5% of my bankroll and I’m way behind Sean if I loose it!
It’s not going to be easy trying to operate like this, but if I dont approach it with this kind of mentality then I know I’ll definately lose unless I get very lucky! What’s to stop me picking a 5/1 shot at the Galway races this evening and blowing the whole €20 in the hope that I get way ahead of Sean? Discipline, that’s what has to stop me. I’m very tempted (I’m thinking it’s only €20, but it’s not, it’s 100% of my banroll, if I lose it I’m dead for this month) but I know I need to establish rules for myself or I have no chance of succeeding as an online gambler. What the rules are, I don’t know the exact details yet, but I’ll need to make sure I have my own rules in place before too long. I have a feeling they might involve taking very small profits in order to succeed, but if that’s what has to be done then so be it. If I could guarantee myself 10% per day profit on a €1000 stake that’s €100/day or €700 per week profit. I’d take that and I’m sure so would everyone else reading this!