just wondering

[bayman]

whether the general rule of punters having more money in betting accounts than bank accounts is true

[mal]

I have $$$$ with TAB accounts.
they dont charge a fee for all my withdrawals.

[Ecky]

To maximise the interest gained the best way to operate is to
keep minimal amounts of money in betting accounts
When making a bet, transfer the money in using a credit card over the internet. Zero fees with Sportsbet or Sportingbet, and money is available to bet with instantly.
When winning bets are paid, transfer the money out of your betting account straight away into a high-interest online bank account.
pay off your credit card on the last day of the interest free period to avoid all fees.

This is what I do. There is no point keeping money in betting accounts for long periods of time, as you don't get any interest on the money sitting there.

[bayman]

ecky, i don't have or believe in credit cards but for those that have them that sounds like a brilliant idea

[Ecky]

Credit cards are very useful tools, but only if you have the discipline to not over-spend and always pay them off in the interest free periods.

[Wedgie]

I definately have more in my sportsbet.com.au account as they don't let me go into debit like banks do!

[Dutchy]

yes they do wedgie! you can apply for a betting credit limit!


much smarter to pay any extra $$$ you make of punting off your home loan debt, cause you effectively invest the $ at 8% tax free....

I hold a reasonable amount in each bookie cause I bet across quite a few to ensure the best odds, its just handy to keep them all funded rather than transferrring funds all the time....

Iasbet.com.au let you trf funds back to the credit card which is very handy, straight transaction in and out

[mal]

To maximise the interest gained the best way to operate is to
keep minimal amounts of money in betting accounts
When making a bet, transfer the money in using a credit card over the internet. Zero fees with Sportsbet or Sportingbet, and money is available to bet with instantly.
When winning bets are paid, transfer the money out of your betting account straight away into a high-interest online bank account.
pay off your credit card on the last day of the interest free period to avoid all fees.

This is what I do. There is no point keeping money in betting accounts for long periods of time, as you don't get any interest on the money sitting there.

You forgot something
Banks dont give you $3-05 for NA V SA
Banks dont give you $500 free bets

[Ecky]

You forgot something
Banks dont give you $3-05 for NA V SA
Banks dont give you $500 free bets

What I wrote has nothing to do with whether you get good odds or not.
It is just a system to manage the movement of your money between accounts - nothing to do with the frequency or size of the actual bets you make.

[mal]

Keep miniMAL amounts of money in betting accounts.
I have to disagree to an extent
You should have closer to maximum amounts in organisations who bet wrong odds or bet best odds often.

I dare never have miniMAL amounts in my Betfair /Sportsbet accounts
there are too many gifts earning far more $$$ than any investment portfolio.

[robber]

You forgot something
Banks dont give you $3-05 for NA V SA
Banks dont give you $500 free bets

What I wrote has nothing to do with whether you get good odds or not.

It does when Mal smashes the 3.05 while your depositing of your credit card.

[mighty_tiger_79]

To maximise the interest gained the best way to operate is to
keep minimal amounts of money in betting accounts
When making a bet, transfer the money in using a credit card over the internet. Zero fees with Sportsbet or Sportingbet, and money is available to bet with instantly.
When winning bets are paid, transfer the money out of your betting account straight away into a high-interest online bank account.
pay off your credit card on the last day of the interest free period to avoid all fees.

This is what I do. There is no point keeping money in betting accounts for long periods of time, as you don't get any interest on the money sitting there.

i disagree with the last part that betting accounts dont have interest on the money sitting there

its called THE LATE MAL 10% or better, its better then any bank offers

[mal]

You forgot something
Banks dont give you $3-05 for NA V SA
Banks dont give you $500 free bets

What I wrote has nothing to do with whether you get good odds or not.

It does when Mal smashes the 3.05 while your depositing of your credit card.

On that occasion G + ECKY smashed the $3-05
I didnt
But one thing I did was learn quickly I OPENED AN ACCOUNT with them

[Ecky]

i disagree with the last part that betting accounts dont have interest on the money sitting there

its called THE LATE MAL 10% or better, its better then any bank offers

Again, that is a separate argument from what I am saying!

When Mal gives his late mail, you THEN transfer your money into your betting account to place the bet. But for storing your money in between late Mals, a high interest account is obviously a better place to store your money.

[Ecky]

It does when Mal smashes the 3.05 while your depositing of your credit card.

As I said, money deposited from credit cards is instantly available to bet with.

[mal]

It does when Mal smashes the 3.05 while your depositing of your credit card.

As I said, money deposited from credit cards is instantly available to bet with.

Your right
But my wife has access to the credit cards
Golden rule of punting is to keep your elevated cash flow a secret from wifes

PS speaking of feMALes
Was that your sister at the cricket SA V NS ?

[Ecky]

PS speaking of feMALes
Was that your sister at the cricket SA V NS ?

I think you deserve a warning for trying to take a thread off-topic.
You know it wasn't my sister!

[robber]

Its not instant enough for a fast moving medium like betfair, you only need to miss the price once in the 30seconds you spend transfering to eat up all that interest.

[Ecky]

Its not instant enough for a fast moving medium like betfair, you only need to miss the price once in the 30seconds you spend transfering to eat up all that interest.

You are right, things are different with Betfair. I was referring to Sportsbet/Sportingbet which are the two online bookies I have accounts with.

[mighty_tiger_79]

i disagree with the last part that betting accounts dont have interest on the money sitting there

its called THE LATE MAL 10% or better, its better then any bank offers

Again, that is a separate argument from what I am saying!

When Mal gives his late mail, you THEN transfer your money into your betting account to place the bet. But for storing your money in between late Mals, a high interest account is obviously a better place to store your money.

LATE MAL occurs most days during the week, so why bother transferring funds all the time