There is no exact amount of money for how much a person can or should use for betting other than the minimum/maximum betting limits at a bookmaker. But, once you determine the right betting strategy and a system you’ll be using, it’s necessary to determine a few more things regarding your staking on bets. Generally, you can choose between the fixed percentage of your original betting bankroll, the fixed percentage of your current bankroll or the famous x/10 unit-betting system, where the 10/10 bet equals the highest amount of money you are willing to spend per bet.
1) Original bankroll fixed percentage – there isn’t much to discuss here, you choose a certain percentage of the funds you set aside for betting and hold onto it until the end of the season. The advantage of that is the simplicity for determining your stakes, while a disadvantage is the inability of adjusting the stakes to the current (new) bankroll. That can be resolved by correcting your percentage once you bankroll changes significantly, for example if your starting bankroll was $1,000 and you bet 2% of it and your bankroll reaches $3,000, then you can just simply start using 3% of your new bankroll. This is usually done on a monthly, quarterly or annually.
2) Current bankroll fixed percentage – here, things get a bit more complicated since you have to recalculate the stakes necessary after every bet you place but on the other hand, this staking method is taking into account the facts whether you’re currently in a profitable period (the total stakes increase) or you’re on a negative streak (total amount of stakes decreases). One big disadvantage about this method is that if you get into a bad streak right at the beginning, your bankroll will decrease and thus will be harder for you to grow it later on when you start winning more.
3) Unit-staking – the simplest method of all. Let the 10/10 be the highest amount of money you’re ready to invest, and let’s say it is some 5% of your total original bankroll. Then, depending on the odds and your confidence about that bet, you determine whether the stakes should be low (1-3), medium (4-7) or high (8-10), and those three categories can also be defined more delicately if needed.
The conclusion: optimal way of determining your stakes, taking into account expected/potential profit/loss of a part or your whole bankroll, would be to invest percentages of the current bankroll somewhere from 1% to 5% (3% being the best) on each bet. If you’ve decided to use the fixed profit betting strategy, then, depending on the average odds you expect to be betting on during the betting season, you should set your average stakes during the season to be about 3% (can be 5%, but definitely not above that).
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