Posted: 12/13/2012 2:37:05 PM
Originally Posted by MGM_grnd
I've been a firm believer of Money Management, u need to take your bankroll and divide it into Units. Each unit should represent 1% of your bankroll. So in your case with a $2,000 dollar bankroll each unit would be worth $20. Successfully bankroll management is the most important factor that will determine if U will be profitable betting on sports.
your goal should be to never reload again(unless you empty it on purpose). You can't turn 2k into 10k overnight w/out risking going bankrupt.
There is nothing wrong with $20 bets to start with. If you go up $500 in 6 months(25%), it may not seem like a lot, but you will be ahead of 99% of the people out there. I don't know how old you are but if you have a retirement account then you know that. 10% a year is great. In your case that would be $200 based on a 2k BR.
Set a hard cap on your bets and never go over it. My personal cap is 3%(those I maybe have 1x a month) Most of my bets are 1% and occasionally a 2% bet.
By setting up a cap, you keep yourself from committing the ultimate gambling sin, which is chasing your losses.
Remember to make sure you get $$$ out after a good streak. As an example: if you start with 2k, take $500 out when you hit 3k. Then readjust your bets accordingly. In this case you would have a $2500 BR so your base bet would be $25