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?
How much to withdraw a month ?
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.liltbrockie wrote: ↑Wed Jun 08, 2022 4:35 pmHow 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?
- 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)
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.wearthefoxhat wrote: ↑Wed Jun 08, 2022 5:45 pmWhen 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)
- 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
- 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.
- 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.
- jamesedwards
- Posts: 2234
- Joined: Wed Nov 21, 2018 6:16 pm
Fastest finger firstShaunWhite wrote: ↑Wed Jun 08, 2022 8:00 pmIt'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.
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
I usually do that with Dallas.