How much to withdraw a month ?

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liltbrockie
Posts: 35
Joined: Thu Sep 26, 2019 7:53 am

How much do you withdraw per month from betfair?
Assuming you have actually made money of course! Do you withdraw a percentage? Nothing ? All of what you have made in the month?

What if you were nearly doubling your bank every month? What would you withdraw then?
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

liltbrockie wrote:
Wed Jun 08, 2022 4:35 pm
How much do you withdraw per month from betfair?
Assuming you have actually made money of course! Do you withdraw a percentage? Nothing ? All of what you have made in the month?

What if you were nearly doubling your bank every month? What would you withdraw then?
I guess most people don't have their full bank in their Betfair account but I withdraw a fixed amount plus expenses each month. When I started out I was letting my balance grow and taking out money as I needed it.
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wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

When bank doubles, withdraw 20% of the profit
New bank doubles, withdraw 20% of the profit

That way your bank continues to build, your stakes compound, and your withdrawal amount increases each month too.

(assuming you are winning every month)

Don't forget, a normal bank account in the UK has protection by the FSCS of only £85k. Should be safe to be fair, but it's better to either open an extra bank account or post office account or pay extra into a Cash ISA/Stock ISA...etc (or buy a couple of litres of unleaded/diesel before the price goes to £2.00)
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

wearthefoxhat wrote:
Wed Jun 08, 2022 5:45 pm
When bank doubles, withdraw 20% of the profit
New bank doubles, withdraw 20% of the profit

That way your bank continues to build, your stakes compound, and your withdrawal amount increases each month too.

(assuming you are winning every month)

Don't forget, a normal bank account in the UK has protection by the FSCS of only £85k. Should be safe to be fair, but it's better to either open an extra bank account or post office account or pay extra into a Cash ISA/Stock ISA...etc (or buy a couple of litres of unleaded/diesel before the price goes to £2.00)
There's no one size that fits all. It largely depends if you're trading for a living or as a hobby, with an alternative income. If it's the former and you have a bad month, you may not be able to live off 20% of your profits, but obviously, you'd need sufficient capital to sustain a quiet period.
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The Silk Run
Posts: 901
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

You could put your winnings in a Help to Save government account if you meet the criteria. If successful you can put 50 in a month over four years, Risky will give you 50% interest, and 1,200 bonus at the end of the four year term. Now that's what I call a winning stratergy ;)
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

It's deposits that trigger affordability checks so I've been letting my Betfair grow a little, approx 5x what I need. But that fluctuates as I usually withdraw the same amount each month, trading income doesn't really get classed as income but an amount that appears to be regulater isn't a bad thing. If my averages go up or down Iusually just have the occasional big or small one then back to the usual.
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jamesedwards
Posts: 2234
Joined: Wed Nov 21, 2018 6:16 pm

If you live in the UK and your main income is Betfair you may wish to avoid depositing as this is the best way to evade proof of income checks. In this case it is prudent to leave enough balance in your Betfair account to cover the potential low-end extremes of possible variance.
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jamesedwards
Posts: 2234
Joined: Wed Nov 21, 2018 6:16 pm

ShaunWhite wrote:
Wed Jun 08, 2022 8:00 pm
It's deposits that trigger affordability checks so I've been letting my Betfair grow a little, approx 5x what I need. But that fluctuates as I usually withdraw the same amount each month, trading income doesn't really get classed as income but an amount that appears to be regulater isn't a bad thing. If my averages go up or down Iusually just have the occasional big or small one then back to the usual.
Fastest finger first :lol:
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

jamesedwards wrote:
Wed Jun 08, 2022 8:02 pm
ShaunWhite wrote:
Wed Jun 08, 2022 8:00 pm
It's deposits that trigger affordability checks .
Fastest finger first :lol:
😁 I usually do that with Dallas.
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