I'm still fairly new to betting on sports, and although I'm having some success at picking winners so far, I'd like to ask you guys for some feedback about my current staking plan. I'm managing a strike rate of about 95%, though I only place a few bets per day. The return on my picks usually range between 1.05 and 1.30. I'm curious what you guys would recommend as the best staking plan for me would be.

My current staking plan is to wager enough on each bet so that a winning return would add 1% to my bank. In other words, if my bank is 1000 units, then I'm looking for an average return of 10 units per bet. For example, if I wished to back Ljubicic in his tennis match against Horna today for a return of 1.30, then I would have wagered 33.33 units of my 1,000 unit bank to ensure that a winning return would result in a 1% increase in my bank (1,010 units). Alternatively, to achieve the 1% return, I also could have laid out 100 units on Zuluaga in her match against Sfar, which paid a 1.10 return.

The thing I like about this staking plan is that I don't have to lay out as much money on the riskier bets, and it lets me support the in form favourites, even if they're paying low returns, and still end up with the same return.

I did decide though to make a rule to never bet more than 10% of the bank on any one bet, just in case Murphy's law should strike, and also I wasn't very comfortable betting too much of my bank at once. This means that if there's a very low-return bet I'd like to wager, that I have to forego the 1% return goal, and accept whatever the 10% wager will return. For example, If I had wished to bet Federer against Santoro today for the measly return of 1.03, I would have had to wager 333.33 units, or 33.33% of my bank just to get the 10 unit or 1% return, and so my 10% rule comes in play, and so I would have restricted my wager to 100 units on the bet, for a return of 3 units or .3% of the bank.

I hope all of that makes sense. What do you guys think of this staking plan? I'm sure I'm not the first person to think of this type of staking; is there a name for it? Is there a more appropriate staking plan you could suggest? I'd really appreciate any advice you guys could offer me. Thank you in advance for any and all feedback and suggestions.

It`s called betting to price.

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Cheers.

95% strike rate means you surely can't lose in the long run regardless of what you do.
Go 20% of your bank but if your bank goes over the 1000 units,withdraw the excess and save the profits towards constructing a second bank in case you wipe out.

Thank you very much Moeee and Bhagwan for your replys and input. I'm not sure if I'm confident enough to risk 20% of the bank in one go yet, but maybe I should consider it. I just checked my bets over the last week. My strike rate was 96% (48/50 - had more bets than I thought; lots of opportunities in the Australian Tennis Open), and my bank grew 20% in the last week. Woohoo!

How do you decide how much you wager on your sports bets? Do you stick to a certain staking plan? Can anyone recommend any good books or websites perhaps that focus of staking plans that could be applied to sports betting?