Does anyone have any ideas that will help me related to Money Management? One of the greatest feelings is cashing on a bookie. However, the flip side of that coin is of course busting out. I'm looking forward to 2012, but if I don't change something ... the results will be more of the same, losing in the end.
What is the biggest difference between being a pro and amateur?
I love betting moneyline round robins, and for the most part, my money will go a long way when I use this tactic. But the problem is, I don't cash out when I'm supposed to. For example, twice in the past six months I've run 300 into 1300 ... and didn't cash out... not one penny. Shame on me.
My motto is this ... "The trend is your friend, until it ends"! But when it ends in sports gambling, it ends quickly.
Any suggestions?
-The Animal
To remove first post, remove entire topic.
Does anyone have any ideas that will help me related to Money Management? One of the greatest feelings is cashing on a bookie. However, the flip side of that coin is of course busting out. I'm looking forward to 2012, but if I don't change something ... the results will be more of the same, losing in the end.
What is the biggest difference between being a pro and amateur?
I love betting moneyline round robins, and for the most part, my money will go a long way when I use this tactic. But the problem is, I don't cash out when I'm supposed to. For example, twice in the past six months I've run 300 into 1300 ... and didn't cash out... not one penny. Shame on me.
My motto is this ... "The trend is your friend, until it ends"! But when it ends in sports gambling, it ends quickly.
I know that it's all basically a flip of the coin ... but I need help with managing money. I thought maybe someone on this site, out of the thousands of players, would be able to give me a clue about this topic.
-The Animal
Quote Originally Posted by golfgodks:
flip a coin...and hop on one foot......
Golfgodks,
I know that it's all basically a flip of the coin ... but I need help with managing money. I thought maybe someone on this site, out of the thousands of players, would be able to give me a clue about this topic.
10% of your bankroll i.e. the money youre willing or able to put up and afford to lose. Basically, dont play it all on one bet, no matter how good it looks
10% of your bankroll i.e. the money youre willing or able to put up and afford to lose. Basically, dont play it all on one bet, no matter how good it looks
10% of your bankroll i.e. the money youre willing or able to put up and afford to lose. Basically, dont play it all on one bet, no matter how good it looks
I'm in complete agreement to what this poster said, however 10% I feel is a little high. Just do what the above poster suggests and bet a percentage of your bankroll that you feel comfortable with and afford to lose if it loses. Also, I think just laying a limited number of bets per day should see your bankroll increase gradually if you do well on the picks you choose. I know that is the hard part especially seeing how many games there is on the board and the many different sports to choose from out there but it's all about patience and discipline
Quote Originally Posted by WizrduvOdz:
10% of your bankroll i.e. the money youre willing or able to put up and afford to lose. Basically, dont play it all on one bet, no matter how good it looks
I'm in complete agreement to what this poster said, however 10% I feel is a little high. Just do what the above poster suggests and bet a percentage of your bankroll that you feel comfortable with and afford to lose if it loses. Also, I think just laying a limited number of bets per day should see your bankroll increase gradually if you do well on the picks you choose. I know that is the hard part especially seeing how many games there is on the board and the many different sports to choose from out there but it's all about patience and discipline
Trigg, I appreciate the response. I haven't made a wager in a while, but when I do I will take what you wrote into consideration. I bet all the sports so yeah ... theres tons of games. I should make my comeback soon. For now, I'm playing these contests which seem extremely hard to win. I think it comes down to patience and discipline ... like you said.
-The Animal
Trigg, I appreciate the response. I haven't made a wager in a while, but when I do I will take what you wrote into consideration. I bet all the sports so yeah ... theres tons of games. I should make my comeback soon. For now, I'm playing these contests which seem extremely hard to win. I think it comes down to patience and discipline ... like you said.
The 10% rule works great in my opinion. I've seen my little $1000 investment turn into 543% gain during the first 6 weeks of College football. But I also put a tweak to it I would wager 3am games and 3pm games on saturday's. So whatever profit made in the morning was reinvested at night, as my 10%. Sometimes when it felt like I didn't know who to wager on I would play 5%.
The 10% rule works great in my opinion. I've seen my little $1000 investment turn into 543% gain during the first 6 weeks of College football. But I also put a tweak to it I would wager 3am games and 3pm games on saturday's. So whatever profit made in the morning was reinvested at night, as my 10%. Sometimes when it felt like I didn't know who to wager on I would play 5%.
So say my bankroll is 3000... then I would choose to put 300 into a sportsbook. Can I bet the 300 on the first day? Or give me an example of what you are talking about.
Mbrown,
So say my bankroll is 3000... then I would choose to put 300 into a sportsbook. Can I bet the 300 on the first day? Or give me an example of what you are talking about.
What everyone is saying is that your bankroll is the total amount you have available at a specific sportsbook. So, if you have $300 at a BetUS.com to bet with, that would be your total bankroll. The idea is to only bet 10% of your total bankroll, or whatever percentage you are comfortable with, in any given day. You could bet $30 on one wager (not necessarily advisable) or you could bet $10 on 3 different wagers and so on. Bottom line is that you only bet a set amount per day relative to your total bankroll available. Your bankroll will go up and it will go down, but the percentage you bet will always be the same and you won't bust out in less than a week. The idea is to manage it for steady growth. Putting 100% of your bankroll on a single wager would be foolish and result in only a matter of time before you lose it all. Good luck.
What everyone is saying is that your bankroll is the total amount you have available at a specific sportsbook. So, if you have $300 at a BetUS.com to bet with, that would be your total bankroll. The idea is to only bet 10% of your total bankroll, or whatever percentage you are comfortable with, in any given day. You could bet $30 on one wager (not necessarily advisable) or you could bet $10 on 3 different wagers and so on. Bottom line is that you only bet a set amount per day relative to your total bankroll available. Your bankroll will go up and it will go down, but the percentage you bet will always be the same and you won't bust out in less than a week. The idea is to manage it for steady growth. Putting 100% of your bankroll on a single wager would be foolish and result in only a matter of time before you lose it all. Good luck.
never chase. If you get down on any given day its ok you always have tomorrow. That was my biggest mistake I used to be down 100 last day of the week and bet on games I didnt even look at trying to chase and would go down 300. Its ok to take a loss sometimes
never chase. If you get down on any given day its ok you always have tomorrow. That was my biggest mistake I used to be down 100 last day of the week and bet on games I didnt even look at trying to chase and would go down 300. Its ok to take a loss sometimes
you need to bet 30 on two teamers and when you hit one take 60 from winning and let you r money ride on a single game, if you hit then bet half on a two teamer
you need to bet 30 on two teamers and when you hit one take 60 from winning and let you r money ride on a single game, if you hit then bet half on a two teamer
There are a lot of different ways to handle bankroll management, but JV040 and Mbrown746 did touch on the method that will work best and that is using a percentage of you bankroll to determine your wager amount. I personally feel myself that if you want to be successful in the long term that even 5% is too high. To be honest I use 1 or 2 percent myself. There are some other problems that gamblers run into to (and trust me, I know A LOT of gamblers):
1. Your typical gambler runs into is that they feel the need for near constant action. As someone who has been doing this for a rather long time you don't. If you want to lose a lot then bet a lot games. I have friends who will bet half the NFL slate, take parlays, bet teasers, etc. thinking that the can outsmart the book. Most of us can't, and the only people who really did aren't invited in the Vegas sportsbooks anymore. Instead, pick your spots. Look for plays that you really feel you have an edge. You may have no action for a day or even days. For example there are 3 hockey games today, and the match-ups all stink from a betting perspective.
2. Stick to what you know. I'll be honest I don't know squat about college football or professional basketball (at least not enough to bet them and win.) It's not my thing, and I admit that. I know hockey, baseball, and while I try to avoid the temptation of it, professional football. I research the crap out of hockey, chart it, watch the games (not just my team), read about it, look in discussion forums for information, etc. If college football is your thing then from August to January it should be the thing you know most about.
Side note - I know a couple of book managers, and they both say the same thing. College Football/Basketball are the toughest for them to set quality lines for because there are so many games, and teams that the books just know nothing about. When Michigan plays Michigan St the book knows what they are doing like a pro game. When Niagara plays Fairfield it's a little harder. Look for hidden gems where the line is in your favor.
3. Use covers.com to your advantage. I don't work for or know anyone who does work for the site, but if you want to develop strategies, and practice this is a good place to do it. Talk to your fellow gamblers in the discussion forums (avoid the morons), read the articles, and play the games.
That's about it for me right now, time for breakfast and to get ready to watch my Patriots today.
Good Luck Everyone!
There are a lot of different ways to handle bankroll management, but JV040 and Mbrown746 did touch on the method that will work best and that is using a percentage of you bankroll to determine your wager amount. I personally feel myself that if you want to be successful in the long term that even 5% is too high. To be honest I use 1 or 2 percent myself. There are some other problems that gamblers run into to (and trust me, I know A LOT of gamblers):
1. Your typical gambler runs into is that they feel the need for near constant action. As someone who has been doing this for a rather long time you don't. If you want to lose a lot then bet a lot games. I have friends who will bet half the NFL slate, take parlays, bet teasers, etc. thinking that the can outsmart the book. Most of us can't, and the only people who really did aren't invited in the Vegas sportsbooks anymore. Instead, pick your spots. Look for plays that you really feel you have an edge. You may have no action for a day or even days. For example there are 3 hockey games today, and the match-ups all stink from a betting perspective.
2. Stick to what you know. I'll be honest I don't know squat about college football or professional basketball (at least not enough to bet them and win.) It's not my thing, and I admit that. I know hockey, baseball, and while I try to avoid the temptation of it, professional football. I research the crap out of hockey, chart it, watch the games (not just my team), read about it, look in discussion forums for information, etc. If college football is your thing then from August to January it should be the thing you know most about.
Side note - I know a couple of book managers, and they both say the same thing. College Football/Basketball are the toughest for them to set quality lines for because there are so many games, and teams that the books just know nothing about. When Michigan plays Michigan St the book knows what they are doing like a pro game. When Niagara plays Fairfield it's a little harder. Look for hidden gems where the line is in your favor.
3. Use covers.com to your advantage. I don't work for or know anyone who does work for the site, but if you want to develop strategies, and practice this is a good place to do it. Talk to your fellow gamblers in the discussion forums (avoid the morons), read the articles, and play the games.
That's about it for me right now, time for breakfast and to get ready to watch my Patriots today.
Stop betting round robins and parlays, they will suck you dry eventually. I think 10% is to high, 5% max per bet or less, prolly 2-3% like other poster said. Then when you build it up say over 500 bucks you can add 1 or 2% to your original betting percentage.
Flat bet games and if you like one or two alot, go 2 units on it.
Stop betting round robins and parlays, they will suck you dry eventually. I think 10% is to high, 5% max per bet or less, prolly 2-3% like other poster said. Then when you build it up say over 500 bucks you can add 1 or 2% to your original betting percentage.
Flat bet games and if you like one or two alot, go 2 units on it.
here is a safe system that will show a profit in the end and allow you to take full advantage of win streaks while limiting your loss's
I see you say you have a 400.00 bank roll. how I personally would handle this is I would start with 5.50 to win 5.00 and I would use a casino method that works very well with sports.. what you want to do is win 2 consecutive wagers in a row in a series of 9 bets..
your parlaying today's win and original wager into tomorrows play
following this series 1 1 1 2 2 4 4 8 8
1=5.50 2=11 4=22 8= 44
when you win parlay the winnings and original wager into the next . if you lose move to the next number in the line.
if you win both your 1st 2 bets your done and start over.
this works best with your best bet of the day..
example 1
wager 1... 5.50 loss wager 2 ...5.50 win wager 3 .... 10.50 win you just recouped your loss from the first wager and made a profit. you can add your .50 cent juice to the next wager if you want to.
example 2 wager 1 5.50 loss wager 2 5.50 loss wager 3 5.50 loss since you just loss 3 in a row you proceed to 2 unit wagers
wager 4 11.00 win wager 5 21.00 win you just recouped all 3 previous loss's and made a profit. you now start over with 1 unit
example 3 wager 1 5.50 win wager 2 10.50 loss wager 3 5.50 loss wager 4 5.50 win wager 5 10.50 win in this example you just made 1 unit
if you follow this and lose all 9 series of wagers you will have loss 31 units or $170.50 less than 1/2 you roll.
here is a safe system that will show a profit in the end and allow you to take full advantage of win streaks while limiting your loss's
I see you say you have a 400.00 bank roll. how I personally would handle this is I would start with 5.50 to win 5.00 and I would use a casino method that works very well with sports.. what you want to do is win 2 consecutive wagers in a row in a series of 9 bets..
your parlaying today's win and original wager into tomorrows play
following this series 1 1 1 2 2 4 4 8 8
1=5.50 2=11 4=22 8= 44
when you win parlay the winnings and original wager into the next . if you lose move to the next number in the line.
if you win both your 1st 2 bets your done and start over.
this works best with your best bet of the day..
example 1
wager 1... 5.50 loss wager 2 ...5.50 win wager 3 .... 10.50 win you just recouped your loss from the first wager and made a profit. you can add your .50 cent juice to the next wager if you want to.
example 2 wager 1 5.50 loss wager 2 5.50 loss wager 3 5.50 loss since you just loss 3 in a row you proceed to 2 unit wagers
wager 4 11.00 win wager 5 21.00 win you just recouped all 3 previous loss's and made a profit. you now start over with 1 unit
example 3 wager 1 5.50 win wager 2 10.50 loss wager 3 5.50 loss wager 4 5.50 win wager 5 10.50 win in this example you just made 1 unit
if you follow this and lose all 9 series of wagers you will have loss 31 units or $170.50 less than 1/2 you roll.
I guess my risk appetite is way higher than what it should be. I started with my $400 bankroll. Here is what happened:
Friday - I bet two $10 m/l round robins - RESULT -21 Saturday - I bet sixteen $10 m/l round robins - RESULT +162 Sunday - Took the day off because I needed sleep from a long poker event I dealt the night before. Monday - I bet three $15 m/l round robins - RESULT +123 Tuesday - I bet three $17.50 m/l round robins - RESULT -98 Wednesday - I bet seven $15.00 m/l round robins - RESULT -58 Thursday - I bet five $12.50 m/l round robins - RESULT -67 Friday - I bet three $10 m/l round robins - RESULT ??? Saturday ... I'm gonna fire a boatload of birds!!!
I'm up 41 bucks in 6 days. I've increased my bankroll by 10%
Thanks to the people who did post. I'm going to read and reread the stuff you wrote.
-The Animal
I guess my risk appetite is way higher than what it should be. I started with my $400 bankroll. Here is what happened:
Friday - I bet two $10 m/l round robins - RESULT -21 Saturday - I bet sixteen $10 m/l round robins - RESULT +162 Sunday - Took the day off because I needed sleep from a long poker event I dealt the night before. Monday - I bet three $15 m/l round robins - RESULT +123 Tuesday - I bet three $17.50 m/l round robins - RESULT -98 Wednesday - I bet seven $15.00 m/l round robins - RESULT -58 Thursday - I bet five $12.50 m/l round robins - RESULT -67 Friday - I bet three $10 m/l round robins - RESULT ??? Saturday ... I'm gonna fire a boatload of birds!!!
I'm up 41 bucks in 6 days. I've increased my bankroll by 10%
Thanks to the people who did post. I'm going to read and reread the stuff you wrote.
And Sunday the man will have an ulcer from all that action...lol.
In the end have fun with it I suppose. Find what works for you and go with it. If you make a million be sure to write a book, and send us all a signed copy
And Sunday the man will have an ulcer from all that action...lol.
In the end have fun with it I suppose. Find what works for you and go with it. If you make a million be sure to write a book, and send us all a signed copy
Every time you get to a goal in terms of what you win, take 95% of it and start over with the 5% eg 50 on 1000 and bet small for a week and try and gain some bank roll, take the 50 and bet single but doable + MLs at $5 each for example. You can get going that way again hopefully but the key is to be patient whether you are betting $5 or $500 per game - if you start rolling remember that it's really easy to lose it all. Dont get to cocky and remember what someone else said here about trends, they all end really fast. In fact, i am a big better against the trend when you are looking at trends that seem too good to be true like covering 9-1 ATS in the past 10 road games etc.... I will often bet against that. Or a team that is due for a win who's a home dog, lots of value in some college hoops - GL
Every time you get to a goal in terms of what you win, take 95% of it and start over with the 5% eg 50 on 1000 and bet small for a week and try and gain some bank roll, take the 50 and bet single but doable + MLs at $5 each for example. You can get going that way again hopefully but the key is to be patient whether you are betting $5 or $500 per game - if you start rolling remember that it's really easy to lose it all. Dont get to cocky and remember what someone else said here about trends, they all end really fast. In fact, i am a big better against the trend when you are looking at trends that seem too good to be true like covering 9-1 ATS in the past 10 road games etc.... I will often bet against that. Or a team that is due for a win who's a home dog, lots of value in some college hoops - GL
I guess my risk appetite is way higher than what it should be. I started with my $400 bankroll. Here is what happened:
Friday - I bet two $10 m/l round robins - RESULT -21 Saturday - I bet sixteen $10 m/l round robins - RESULT +162 Sunday - Took the day off because I needed sleep from a long poker event I dealt the night before. Monday - I bet three $15 m/l round robins - RESULT +123 Tuesday - I bet three $17.50 m/l round robins - RESULT -98 Wednesday - I bet seven $15.00 m/l round robins - RESULT -58 Thursday - I bet five $12.50 m/l round robins - RESULT -67 Friday - I bet three $10 m/l round robins - RESULT ??? Saturday ... I'm gonna fire a boatload of birds!!!
I'm up 41 bucks in 6 days. I've increased my bankroll by 10%
Thanks to the people who did post. I'm going to read and reread the stuff you wrote.
-The Animal
Congrats, that's great, keep doing what you are doing !
Quote Originally Posted by THEANIMAL:
I guess my risk appetite is way higher than what it should be. I started with my $400 bankroll. Here is what happened:
Friday - I bet two $10 m/l round robins - RESULT -21 Saturday - I bet sixteen $10 m/l round robins - RESULT +162 Sunday - Took the day off because I needed sleep from a long poker event I dealt the night before. Monday - I bet three $15 m/l round robins - RESULT +123 Tuesday - I bet three $17.50 m/l round robins - RESULT -98 Wednesday - I bet seven $15.00 m/l round robins - RESULT -58 Thursday - I bet five $12.50 m/l round robins - RESULT -67 Friday - I bet three $10 m/l round robins - RESULT ??? Saturday ... I'm gonna fire a boatload of birds!!!
I'm up 41 bucks in 6 days. I've increased my bankroll by 10%
Thanks to the people who did post. I'm going to read and reread the stuff you wrote.
-The Animal
Congrats, that's great, keep doing what you are doing !
Thanks for the response r2r. In the $400 experiment detailed above, I lost my patience and started betting $20 m/l round robins. I had one very cold Wednesday and lost about 60% of the money in one night. It wasn't long before I lost the remainder. So once again I'm on the sidelines right now wondering what to do next.
I like to look at ALL the games on the board ie there's a ton of college hoops games on Saturdays so it takes me a few hours to sort through all the games. In my sick mind, I figured if I was taking all this time out of my day to look at this stuff, I'd better try to make some good money doing it.
Thanks for the response r2r. In the $400 experiment detailed above, I lost my patience and started betting $20 m/l round robins. I had one very cold Wednesday and lost about 60% of the money in one night. It wasn't long before I lost the remainder. So once again I'm on the sidelines right now wondering what to do next.
I like to look at ALL the games on the board ie there's a ton of college hoops games on Saturdays so it takes me a few hours to sort through all the games. In my sick mind, I figured if I was taking all this time out of my day to look at this stuff, I'd better try to make some good money doing it.
Putting 100% of your bankroll on a single wager would be foolish and result in only a matter of time before you lose it all. 
Good luck.
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