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The importance of a betting bank to any serious punter cannot be overestimated. A bankroll or betting bank is sum of money set aside for betting. It must be completely separate from the rest of your financial affairs and it should be excess money that you can afford to lose. You should do all of your betting from your bankroll.

Why is it that establishing a bankroll can actually be a very difficult thing to achieve? With so many pressing demands for your money these days it can be challenging mentally to come to terms with the thought of quarantining a sum of money purely for betting. Actually physically setting aside the money can be even harder. This is especially so for punters in a relationship where your partner is either disapproving of your betting or by design, ignorant of it!

Sounds funny right? What could be so hard as setting aside some money for a bet?

In this article I will provide some tips to help establish a separate bank for your betting. This is a significant step towards making your betting more profitable and therefore more enjoyable. It sounds simple enough but it is actually not. When I first did it many years ago it took me more than one attempt!

First I want to explain the reasons why any serious punter, professional or recreational should have a completely separate betting bank:

You will always have money for a bet. Without a betting bank you need to come up with money when you want to have a bet. That means taking it out of your pocket or savings account, stealing it from your partner or borrowing it from a mate. If you have a separate betting bank then you never need to find money for a bet. Assuming you don't lose it all, it will always be there for you to have a bet.

A betting bank provides a record of your betting activity. Many people who gamble have no idea how much they lose. Assuming you have the discipline to establish a separate betting bank and use it for all your betting, this will provide you with a black and white picture of how much you have won or lost over a certain time period. Even if you don't record your bets you will be able to look at the account (and bookie balances) and know how much you have won or lost.

A betting bank will help you take your gambling more seriously. Once you set up a bank it feels good. You are doing it the way the professionals do it. You have taken one of the biggest steps towards making your betting profitable.

A betting bank provides a buffer between you and your losses. With money set aside purely for betting, if you have a losing day, it's not going to come out of the rent money or grocery bill. It comes out of the excess money you have set aside for betting and it should not impact on your personal or family life.

If you are a regular punter who wants to take his or her betting more seriously but hasn't been able to take the next step of setting up a bankroll and recording your bets then here a few tips that might help you make that transition to the next stage in your betting.

Have a break from betting before setting up your bankroll. Chances are your betting has been irregular and you've probably been betting too big. You might think you will set up a bank when you have your next win. That win comes but soon enough the proceeds dissipate and you still don't have your bank. You are going to have to break some bad habits and you will be betting much smaller amounts ( I wouldn't risk more than 2.5% of my bank on one race). You will need to come into it with a fresh approach. Take a break from betting, do some other activity when you would normally be betting. Pick a significant date for your return. Let the mistakes of the past go and come back with a positive attitude.

Respect your 'Roll. Your bank is only for betting, all of your betting. You set it up for a reason, to take control of your betting and to bet more seriously. Respect it. It's your life blood as a punter. It's your ammunition in the war with bookies. Do not muddy the waters by dipping into it for other purposes. Do not lend out of it. Do not spend out of it. Treasure it.

Set up a new savings account for your bankroll at a DIFFERENT bank you don't already bank with. Remember you have to break old habits. Going to a new bank will give your bankroll some independence, its own identity and will help you keep it separate. List your work address with the bank if you need to so the Cheese n Kisses won't see the statements. Physically transfer the money into your new betting savings account as soon as you open it.

Open a second bookies account. If you previously only bet with one bookmaker open another and split your bankroll between the 2 bookies accounts and your bankroll savings account.

Work out a proper staking plan for your betting future. There is much literature on the internet about staking plans. It is a topic for another article but your bank will be useless if you don't have a proper staking plan to go along with it.

For those looking to take their betting to the next level I hope there might be something in the advice above to help. Often actually having a bankroll is half the battle. The other half ? Finding value of course!