As I advance closer to retirement age and pension status I have started wondering what sort of money I am going to need to supplement my pension as the miserable amount of superannuation I will receive will only keep me going for a limited number of years. Naturally I wondered if there was a sensible way any pensioner, who loved the punt, could earn a few extra pieces of the folding material. Once I started thinking along these lines there were a few obvious factors that had to be attended to. F
As I advance closer to retirement age and pension status I have started wondering what sort of money I am going to need to supplement my pension as the miserable amount of superannuation I will receive will only keep me going for a limited number of years. Naturally I wondered if there was a sensible way any pensioner, who loved the punt, could earn a few extra pieces of the folding material. Once I started thinking along these lines there were a few obvious factors that had to be attended to. Firstly, there was a dedicated punting bank for betting only and secondly I had to try and win a reachable profit per week in relation to the bank.
Following on I had to have a staking approach that suited my personality and staking interests and for this prospective pensioner I would choose "Target Betting" (seeking a set target of the betting bank per race). In past articles I have written for PPM I have advocated whatever amount you sought to win per race your bank had to be at least 2500 times that objective and that 5000 times was really what was needed. It all depends on the median prices of your selections. If you are more likely to bet each way prices around the 7/1 mark you will need at least 5000 and perhaps even 10,000 times the amount sought. If you are betting mostly 2/1 chances you will be able to survive with 2500 times. It is obvious you will have longer runs of outs the longer the odds hence you will need a bank that can withstand the ravages of a dreaded run of outs.
I am going to conduct an experiment, via this blog and my podcasts, where I will set out to log all selections using a target betting staking plan I have modified that the late E.J.Minnis and I worked on several years ago we called "The Missile". In the years since I have tinkered with the plan and set my own safety brakes and I will call this plan "The Pensioners Staking Plan" (PSP). The selections will only be my A selection in the nominated races and there will be a mixture of win or place bets involved. Note I have said "or" in relation to the bet type.
As we go along this path it will become clear you, if you decide to follow using either my selections or your own selections, will have to decide where you draw the line in deciding whether to bet win or place. For the purpose of absolute consistency I will use the SP figure of each selection as the dividing line thus if the selection starts at $3.50 or shorter it will be a win bet while if it is $3.60 or longer it will be a place bet. Now, I could cheat a little and incorporate the best tote price, as provided by several services, however I will again use an absolute certain dividend and it will be the Super TAB dividends.
I could , of course, just suggest either a win or place bet in the first place but if I were betting as the day went along sometimes a late scratching or a change in track conditions could drastically change the prices. Using the SP figure allows me similar flexibility as any punter would have a few minutes before the race and simulates fairly closely as to how they would bet.
Each Sunday, if time permits, or Monday night at the latest I will provide the results and bet size and any comments relative to the days action and for any following meetings. The general idea will be to have a bank of $2500 and seek $1.00 per race (ratio 1:2500) and the moment we make 10% POT (Profit On Turnover) in a series we will rule off and start afresh. This means, for example, after 20 bets and $60 outlay if we struck a winner or placegetter and were $6 or more in front we will not seek to push the limits and will accept a profit. Quite often this will mean we will not have made our dollar per race objective in the series but our main aim is to profit and that will be the driving force more so than busting our guts to achieve the general aim. Trust me when I say this approach is sound especially when the bet sizes rise during a bad run.
We start tomorrow, May 23, so log into the podcast and let's go from there.