Balancing a matched betting float and an external bank balance
So i'm currently sitting at my desk at work, waiting for an official announcement as the company is going into administration.
Chances are, this time tomorrow i'll be out of a job; waiting on an £800 final payment, with about £70 in the bank due to the rest being invested into matched betting.
I'm going travelling in 2 weeks time, so its not a huge issue however I will need to be spending some of this money in preparation for my travels in the next few weeks.
It is likely that the for the next few weeks, I will be relying on matched betting as both a source of income and to fund my travels.
So i'm stuck with the question, how much can I afford to take out of my float? How much do I need to leave in to keep it ticking over?
I was also planning on getting a premium TGT membership this week but looks like that will have to wait until I get back from Kenya
Well, biggest question is: How much do you need to make per week/month?
Then, How much have you done? Have you joined all the bigger books? How long have you been doing this? Are you good at it? What is your float currently?
If you organise yourself well and aren't in dodgy books, you can keep 95% of your cash in the bankroll making sure to get money across into a current account ready for bills/withdrawals. Obviously you need a reserve/emergency fund as standard.
Enjoy Kenya though! I'm jealous now!
In the short term I need to make as much as I can before I go to kenya. I'm going altitude training as i'm a runner and I still need to buy travel insurance, a visa when I arrive in Kenya, a new pair of running shoes and quite a bit of kit. I'm probably looking in the region of £400 minimum.
I've only been matched betting just over 2 weeks and i've got profits of around £350 including cashback with about £280 of pure profit in betfair/bank account.
My float is currently about £500 and i'm not too keen to withdraw from this at present as I understand the greater the float, the quicker I can raise my profits.
I'd say although i'm relatively new to it, i've got the basics covered as I spent a good few weeks ready various guides/betting diaries and i've had lots of great advice from Jakethepeg, an IRL friend.
My list of bookies so far is as follows:
Betfair, Coral, BlueSq, StanJames, Boyle Sports, Totesport, WH, VC, Paddypower.
Thanks for the help, only 2 weeks to go till Kenya can't wait. Just didn't really need this extra stress right now :/
Why not get a bank account with a 0% overdraft facility and use that as float? I believe Santander current acs have (or certainly did have 10 months or so ago.)
You'll soon be able to build your float up again - just use someone else's money.
have a look around - there is always a way...
If it was me I would take the amount you need to go to Kenya out of your bankroll and put it somewhere safe, do not have it anywhere other than in your bank account (not Moneybookers, in a highstreet bank account).
Originally Posted by thebottleguy
That way no matter what you can/will be going to Kenya, and by the sounds of it that is the most important thing right now.
However much you have left, that is your bankroll. Do your best with it and you are quite right you can make more, more easily, with a bigger float, but you can also lose £s through 101 different ways. Never gamble money you can not afford to lose, and I would class not going away to Kenya in that for you. Even if that means you can make NO money from gambling then that is still what I would advise.
The whole point of setting up a "bankroll" is that it is just numbers, if you ever lose some of it and dont just shrug, you should not have been gambling with it. In my opinon
Go to Kenya, have a great time, come back and start a fresh!
Have a plan and stick to it
Thanks for the great advise. I'll do just that and take out exactly what I need for Kenya and see what i've got left.
Company went into Liquedation today so could be a while until I get paid for the last month. Hopefully when I get back from Kenya i'll have a nice big float to get me going again
Good luck with everything. One thing is for sure - you will be more focused than ever on squeezing every penny you can get out of AP.
"Pay no attention to what the critics say. No statue has ever been erected to a critic."