I am thinking of opening a new betfair account simply for gambling/mug punts/investments (whatever you want to call it really) and putting a few hundred in there to start off with. Say £500 ish. I can afford to take that hit if it all goes horribly wrong, lets call it a 'research' budget. I'll be following craigs thread with interest and hopefully following some of the picks, and with good money management and only betting a certain percentage of my bankroll at a time, I should hopefully make some good profit. Say typically betting 1-2% of my bankroll on a bet, never more than 4/5%.
Betting a percentage will ensure that I will never (technically) go bust, but the trade off is that it will take longer to get the profits going. Assuming I pick the winners that is
I'm not going to pretend it is my idea, but seems to make a lot of sense and having good money management gives you more control than say casinos where I've found the variation a bit much to start with.
I'd be interested to hear if anybody has any experience/tips/input for this as it's something I've never really dabbled in before, but am investing in trying to find new ways of making profit and diversifying as much as I can.