Getting everything ready
Before we actually place our first punt, there's a bit of house keeping we ought to do first.
Whilst it's not strictly necessary, we strongly recommend implementing the following advice. Doing so will make your betting experience smoother and more enjoyable.
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Prepare starting bankroll
Before you start advantage betting, it's important to have a clear idea of your starting bankroll.
This is the amount of money you are willing to set aside for your betting activities. Having a dedicated bankroll will help you manage your bets more effectively and minimize the risk of losing money.
We recommend starting with at least $500, with upwards of $1000 preferred.
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Open a separate bank account for your betting funds
Advantage betting requires moving money around frequently, so it's a good idea to keep your betting funds separate from your main account. This will help you manage your bankroll more effectively and avoid any accidental overspending.
Whilst any bank will do, some so called "neo-banks" like Up or ubank offer features perfect for an advantage bettor, such as
- Instant transfers: Move money in and out of your betting account quickly and easily.
- No monthly fees: Keep your costs down by avoiding unnecessary bank fees.
- Virtual card: Get a virtual debit card immediately once you open an account, without waiting for a physical one to arrive in the mail.
Irrespective of the bank you choose, having a separate account for your betting funds is crucial for effective bankroll management.
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Create a new email account
For much the same reason we recommend opening a separate bank account, it's a good idea to create a new email account specifically for your betting activities. This will help you keep your betting-related communications separate from your personal email, making it easier to manage and reducing the risk of missing important information.
It doesn't really matter which email provider you choose. Popular choices include Outlook, Gmail, and Yahoo.
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Open a Betfair account
This part is necessary. Betfair is one of the largest and most popular betting exchanges in the world, and it's essential for matched betting. It's also the only exchange we have access to in Australia. By opening a Betfair account, you'll be able to place bets on both sides of a market, which is crucial for many aspects of matched betting.
Click here to sign up for a Betfair account
When creating your Betfair account, make sure to use your new email address and the separate bank account you've set up for your betting funds. This will help you keep your betting activities organized and make it easier to track your profits and losses.
In the next step, we'll be opening our first bookmaker account and placing our first bet. Please trust us when we say things go a lot easier if you follow the above advice.
PuntPilot may receive a commission when you signup to a betting exchange using a link we provide.