Why You Should Think in Terms of Percentages

When you decide how much money to put down on a bet, how much do you choose?  Do you pick a certain amount, whether it be £5 or £5,000?  How do you set your minimum and maximum bets?  Bettors are often advised to think in terms of pounds when they set their betting units, but you may want to think in terms of percentages instead.

Why?  There are a couple of very good reasons.  When you decide to bet a certain percentage of your account, and not a certain amount, you are doing a better job managing your money with regards to your account size.  If you say, “I will always bet £20,” that may make sense when your account is £600.  But what if you lose money and your balance drops to £500?  Betting £20 no longer makes any real sense.  You should be betting the same percentage as always, and a smaller  amount.  And likewise, if your account grew to £700, you would want to bet more money, since your risk would be no greater as a percentage of the whole.

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The other good reason to think in terms of percentages instead of pound amounts is that it teaches you patience and perspective.  When you think about betting £20, you may feel discouraged, because you will not get a lot of money each time you win.  Thinking about 3% may not feel all that encouraging either—at first—but it does steer you away from thinking about finite amounts of money.  Three percent now may be £20, but 3% later when you have a larger account could be £2,000.  And so long as you keep winning the majority of your bets, you will eventually grow your account.  So that 3% which represents £20 now represents far more in the long run in terms of your eventual potential profits.  When you think in terms of your potential, you discover the patience you need to hang in there until you achieve that potential. 

Should you set a minimum and maximum bet amount?  While these are also common recommendations, I would suggest steering clear of them.  Why?  It may seem like a good idea to have a maximum amount you are willing to wager when you feel very confident, and a minimum amount at the lower end for times you feel less confident, but ask yourself this: Why are you betting when you do not feel entirely confident?  If you only bet on the best opportunities, you would theoretically always bet your maximum amount.  So make your maximum bet a reasonable percentage (like 3%), and skip out on bets you are less confident about.  Just bet the same percentage every time, and only bet when you have the best shots at winning.

By using this approach, you will gradually build up your account and reduce your losses.  Over time, that small percentage will represent a larger and larger amount, and one day you will be raking in the riches.