If people don't mind answering. What kind of bankroll did you originally start with and what kind of bankroll(size) do you have today? My opinion is, you need a fairly large amount to start or you're behind the eight ball to begin. I've been lurking around this site for many months trying to learn some tricks of the trade and the one thing that I've really learned is 80% of the key to winning is MONEYMANAGEMENT. You could be and excellent capper and still lose money. This is one of the main things i've learned and really have a past to show that is true.
ROCKO11:
Agree with Dante and Hache, but perhaps as a guide consider a bankroll of $1000. This allows you to wager 1%, or approximately $10, on any one game which is generally the minimum wager on-line and not place your bankroll at significant risk. If you can afford more, increase the bankroll to whatever you are comfortable with and can afford to lose.
Agree with Dante and Hache, but perhaps as a guide consider a bankroll of $1000. This allows you to wager 1%, or approximately $10, on any one game which is generally the minimum wager on-line and not place your bankroll at significant risk. If you can afford more, increase the bankroll to whatever you are comfortable with and can afford to lose.
ROCKO11,
If you obtain the discipline to use good sound money management and do not chase your losses, your profits will get there. I suggest you hang around here as much as possible and seek to learn as much as you can. Shop around for the best prices and look for the best number you can find. Never wager just for action and learn to be content with no action. Has made my life much easier and alot more calm.
Best of luck
If you obtain the discipline to use good sound money management and do not chase your losses, your profits will get there. I suggest you hang around here as much as possible and seek to learn as much as you can. Shop around for the best prices and look for the best number you can find. Never wager just for action and learn to be content with no action. Has made my life much easier and alot more calm.
Best of luck
thanks everyone. I've gambled in the past and have been very unsuccesful but since reading alot of topics here I have really begun to turn things around. The two major things I have learned and applied here were 1: I use to bet favorites when it came to everything, now I'd say I bet 70/30 underdogs to favorites and this has really showed in my winning percentage. I think I use to be a little hesitant to take the dogs but now I see myself hesitant to take the favorites. Also I've learned from some of the posters personal rules here not to lay more than -160 on any game unless you're getting a GREAT price. The second thing I learned here.and is the MOST IMPORTANT, is MONEY MANAGEMENT. I've read many posters and many of their different strategies and I've come up with the best one for me. I start with a bankroll of a certain amount and I bet 2% on 3-6 games a night. And I adjust the amount after +/- 25% of my original bankroll and start that over again with the new number. Does this sound like a successful plan to anyone? Well, I give it a whirl and see how things turn out. Thanks, ROCKO11
Money management is important, but it isn't a holy grail. I would never tell someone MM is 80% of the game, let alone even 50%. MM mistakes can kill you, but there are thousands of guys out there that play well within a good MM plan and still don't win long term. You can't lean on it too much is the bottom line.
All that being said you sound to be on about the right track. Keep bets to 1-2% if you really value the bankroll, in other words you couldn't replace anytime soon if it got wiped out or seriously depleted. If you are playing with more of a disposable income approach to a bankroll then you can start out 3-4% a play. As you win and it gets bigger, you should work to slowly bring that down to the 2% mark, which is what I would suggest for anyone not counting on the money from sports betting. If you are counting on it for some level of income then 1-1.5% is more appropriate for safety and peace of mind. As for the adjustment, just be careful to add one piece into that equation, a sustainability figure. If you are up 25% because you bet 3% a game and win 9 in a row, you are obviously asking for trouble. Assume you can win a max of 10% of the volume you bet and keep track of that number adding it up each day depending on the volume of bets. If your "potential" win is as much or more as your actual win, then go ahead and make that adjustment. A very crucial key that few seem to grasp. Sports betting is extremely streaky as we all know, but the gravest mistake made by many is to not keep this concept foremost in your analysis of your abilities and bet sizes.
All that being said you sound to be on about the right track. Keep bets to 1-2% if you really value the bankroll, in other words you couldn't replace anytime soon if it got wiped out or seriously depleted. If you are playing with more of a disposable income approach to a bankroll then you can start out 3-4% a play. As you win and it gets bigger, you should work to slowly bring that down to the 2% mark, which is what I would suggest for anyone not counting on the money from sports betting. If you are counting on it for some level of income then 1-1.5% is more appropriate for safety and peace of mind. As for the adjustment, just be careful to add one piece into that equation, a sustainability figure. If you are up 25% because you bet 3% a game and win 9 in a row, you are obviously asking for trouble. Assume you can win a max of 10% of the volume you bet and keep track of that number adding it up each day depending on the volume of bets. If your "potential" win is as much or more as your actual win, then go ahead and make that adjustment. A very crucial key that few seem to grasp. Sports betting is extremely streaky as we all know, but the gravest mistake made by many is to not keep this concept foremost in your analysis of your abilities and bet sizes.
If you want to be worth 100 million when done, start out as George Soros' lone heir.
If you want to be worth 10 million when done, start out with Jack Nicholson's net worth.
If you want to be worth 1 million when done, start out with a winning Mega-millions ticket worth 20 million..Just kidding!
WB's post is on target for you Rocko.
Lem's 101 calls a large bet 1 to 2 %, Scarne/Boston/SR/etc..all in the same ballpark..do the math.
I also find 67/33 to 70/30 my comfort zone for dog/fav ratio, but that ratio and/or play volume, rate secondary to the play's natural merits.
[This message was edited by Horseshoe on April 17, 2004 at 05:27 AM.]
If you want to be worth 10 million when done, start out with Jack Nicholson's net worth.
If you want to be worth 1 million when done, start out with a winning Mega-millions ticket worth 20 million..Just kidding!
WB's post is on target for you Rocko.
Lem's 101 calls a large bet 1 to 2 %, Scarne/Boston/SR/etc..all in the same ballpark..do the math.
I also find 67/33 to 70/30 my comfort zone for dog/fav ratio, but that ratio and/or play volume, rate secondary to the play's natural merits.
[This message was edited by Horseshoe on April 17, 2004 at 05:27 AM.]
Ivan, if someone tells you the truth he probably isn't what you would call a high roller.
Low roller or high roller, all that matters is units. If anything the lower roller has the edge in that he probably never has to seriously fear getting booted or running into limits for his bets. Plenty of smart guys out there betting $50 a game and plenty of squares like my boss, who loses probably 3 to 5 dimes a season on football and close to that playing blackjack and craps on drinking nights out with his buddies. Doesn't matter to him, he still finds ways to pay for his 6 bedroom house and save for college for his kids...
Low roller or high roller, all that matters is units. If anything the lower roller has the edge in that he probably never has to seriously fear getting booted or running into limits for his bets. Plenty of smart guys out there betting $50 a game and plenty of squares like my boss, who loses probably 3 to 5 dimes a season on football and close to that playing blackjack and craps on drinking nights out with his buddies. Doesn't matter to him, he still finds ways to pay for his 6 bedroom house and save for college for his kids...
Many true things have been said. I would like to add to it that what I have considered very important is that on every bet you make, you must have at least some sort of an idea of how big your advantage actually is. The moment you will become a full-timer you do need to know how much you can actually spend of your winnings, as you will have good and bad runs. If you spend more than your expected winnings, you will see your bank-roll drop at some stage.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Money management is important, but it isn't a holy grail. I would never tell someone MM is 80% of the game, let alone even 50%. MM mistakes can kill you, but there are thousands of guys out there that play well within a good MM plan and still don't win long term. You can't lean on it too much is the bottom line.
<HR></BLOCKQUOTE>
Good point Bill. It just takes a little time to understand "when" and "when not" to step above your boundaries.
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Good point Bill. It just takes a little time to understand "when" and "when not" to step above your boundaries.
