How large should my stake be?
Your stake size should be determined by your strike rate and the size of your betting bank. In horse racing, I have an average strike rate of 16%, meaning I win approximately one out of every six bets. However, outcomes are never that predictable. My longest losing streak was 27 consecutive bets, and there’s always a chance that I could surpass this. To protect my bank, I stake 1% of it on each bet. This strategy allows me to withstand a losing streak of 50 bets and still retain half of my bank. While some may consider 1% a conservative approach, it’s ultimately a matter of personal preference. Every bettor has a unique mindset. I prefer having a substantial betting bank relative to my stake, as it gives me peace of mind during rough patches and helps me maintain a steady approach when selecting horses.
Summary: When following our racing tips, aim to bet between 1% and 2% of your bank.
How large does my bank need to be?
I started with a betting bank of £100, so you don’t need to be wealthy to begin. Betting 1% of that amount meant my initial stake was £1 per bet.
Summary: Your starting bank can be any size, but be prepared for the possibility of losing it all in a worst-case scenario.
When should I increase my stakes?
Using the “percentage of bank” method, I only raise my stakes when my bank reaches a new level. I set small, achievable targets for myself. For instance, starting with a £100 bank, I didn’t increase my stakes until it doubled to £200, at which point my stake rose to £2 per bet. I continued this pattern, increasing my stake to £3 when my bank reached £300, and so forth. Technically, I never bet exactly 1% of my bank. With constant fluctuations in my bank balance due to wins and losses, it’s simpler to stick to round numbers rather than adjusting my stake daily.
Summary: Set “bank thresholds” for yourself and increase your stake when you reach them.
Should I bet less on outsiders?
No, reducing your stake on outsiders due to their perceived lower chances of winning is a common mistake. Long shots can be the difference between a good and a great year, and you don’t want to miss out by reducing your stake. Many professionals adjust their stakes based on their confidence in a selection or how much they believe the odds differ from the true value. The greater the perceived edge, the larger the stake. However, I don’t follow this approach. I’m not particularly skilled at quantifying my edge over the bookmakers. Instead, I use a binary selection process: if I think a horse offers good value, I bet; if not, I pass. While this may be a weakness in my staking strategy, it’s important to find an approach that works for you.
Summary: Keep your stakes consistent.
Should I keep records?
Absolutely. When betting with multiple bookmakers, it’s essential to keep a detailed record of your bets. This helps you track the growth of your bank and know when to increase your stakes. A simple Excel spreadsheet takes just a minute to update each day.