This plan is usually made up of 2 parts – the selection system and the staking plan.

If you are a backer or a layer, your staking plan must work in unison with your selection system. For those backers amongst you, how do you categorise yourself? Are you a place only backer using the tote or Betfair? Are you an each way backer, and if so, do you look for speculative each way selections with the inevitable long losing runs that come with looking for big priced winners and placed horses? Are you a in only backer, and if so what is your general strike rate?

For the layers amongst you I touched on some of the staking plans in a previous article, but you’ll need to tailor your money management to your selection systems

Are you a one a day layer? If so, do you confine yourself to a specific price cap – eg do you never lay above 3.5? or 6? This is important because from a liability perspective you will have to utilise a staking plan which compensates for the inevitable losers

Are you a multiple layer? If so you will need a completely different staking plan, perhaps akin to the Maria Staking Plan ( which can be viewed at Expert Betting Advice Forum - go to hot threads)

The selection of a staking plan can be the difference between a loss, slight profit, or great profit.

There are a number of aids on the market. One I have found to be most useful is SafeBet Plan which incorporates a number of safety measures against any anomalous losing runs. The great aspect of this software is its facility to calculate stakes based on a projected longest losing run. It will automatically recalculate future stakes based upon previous results and is highly recommended for the win only bettor and has shown a good profit after place only betting trials.

Graham Laurie's cashmaster is traditional progressive staking software . I must include a warning regarding risk with this type of staking as it is effectively loss retrieval software and a number of losses together will increase stakes beyond what the everyday punter will deem comfortable. It is superb when used with a selection system which offers an above average strike rate at preferably evens or over. I am currently trialling some systems that may be suitable for this type of staking. I’ll keep you updated.

Ultimate Betting System is focussed purely on staking, and implements a number of different staking strategies from target profit per day, per race, per cycle and the facility for progressive staking as mentioned above. Again, it is a money management tool and is only as good as your selections.

The Staking Machine takes things a little further and is ideal for those of you who keep records of your betting . You can put your results through various staking plans and look for the best one that fits your selection strategy.

And it is with record keeping that I would like to close. If you want to move up a notch in your betting, you must keep records, if only to see where you’re going wrong. There are so many advantages to keeping records. Firstly, you can find any patterns emerging. Eg you may notice that all selections priced between evens and 2/1 never go, say 4 without a winner. Ahhh! Perhaps then this could be a great progressive staking system.

Or you might notice that selections priced 6/1 or lower tend to place a large percentage of the time ,and those priced 7/1 or over tend to miss out. Could this suggest to you to limit your betting to lower price bands in the hope of preserving the betting bank ( place horses each way generally return your stake!)

I hope you get the idea.  One bit of professional kit is BetPortfolio.com. Luckily it’s not at a “professional” price. Pop along and take a look – you’ll be surprised at the depth of detail your record keeping can now be made at . It’s like having a team of statistical analysts on your side! Couple this information with the correct staking plan and you really are on to a winning formula.

I think Jimmy Boyd, top sports handicapper sums up the importance of record keeping well when he says "Record keeping in regards to money seems like a no brainer. But time and time again bettors, for some reason or another don't even consider it. Why, I do not know. As I mentioned before, my money is too valuable to me to not keep records. I want to know how much money is in my bankroll, how much in each online account. I want to know all of my picks for the season, win percentage, units up or down, EVERYTHING. Think of it as another tool in your arsenal."”

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