Bankroll Advice

theswami · Aug 13, 2003

I've been wagering on sports, among other things, for the better part of a decade and a half. For the last 2-3 years I've started to keep detailed records of my action and wins/losses.

Questions: Is it a good idea for the recreational gambler to maintain a separate "bankroll"? Is it worth it to set up a special account just for wagers if I already keep an excel spreadsheet with the action?

Perspective: Gambling is a hobby and entertainment for me. My gambling winnings/losses do not impact my lifestyle at all. When I win I do not go out and buy "something special" and when I lose, I do not have to "build my bankroll" to place my next set of wagers. I withdraw my funds when I feel uncomfortable leaving that amount in some place other than a bank and I deposit if an active account gets low and restricts my ability to take advantage of a good situation.
Currently, my gambling funding is mixed in with the accounts I use for investments (not intentionally but just coincidenitally)
My sense is that I had mixed results when I was younger but most likely an overall loser. For the last 5-7 years I sense that I've come out on top or slightly negative and I have certainly won over my last 2-3 years.

I've always enjoyed statistics, odds, and the challenge of beating the "book" or in the case of poker, fantasy games, and pools, other players.

Thanks for reading and replying.

RPM · Aug 13, 2003

sounds to me like the way you are doing it is working just fine for you. if it aint broke dont fix it.

ATX · Aug 13, 2003

I'm not sure what your question is.

If you enjoy statistics, especially the record keeping part of it after the games are already over then you should do decently if not better. I agree that if it's not broke then dont fix it, but always work towards optimization.

theswami · Aug 13, 2003

ATX...I understand that I can be long winded but my questions are listed above next to the section called "Questions"....

"Is it a good idea for the recreational gambler to maintain a separate "bankroll"? Is it worth it to set up a special account just for wagers if I already keep an excel spreadsheet with the action?"

Do you have any thoughts on the above? Referring to your post, does "optimization" include maintaining a separate bankroll for gambling only?

Thanks.

BTW, I inlcuded the part about stats, etc. just to provide perspective on my situation since I anticipated that the answer to my questions would "depend" on whether I was a professional gambler or just a recreational player.

SSI · Aug 13, 2003

my story sounds similiar to yours, i keep my gambling money separate from everything else, and like you its recreation (for now).. i treat each season for each sport separately, starting each one with a 5k bankroll.. profited $2500 in the NBA, profited $2500 in the NHL, up over $4000 in baseball at the moment,,, thats all ive been documenting here on the forum but ive played daily for 17yrs.. but to answer your ?? yes id keep it separate..

dimeplayersonly · Aug 13, 2003

keep your bankroll seperate....

1. bankroll.. this is money you can afford to lose, that you have set aside to bet on sports

2. keep detailed records (helps maintain discipline which is key to winning)

3. when you mix your gambling bankroll with other funds, your more apt to "mingle" the funds if you have a really bad week.

when you approach gambling in a professional manner (even if its hobby) you increase your chances of winning instead of losing....and its the details that count....ie. bankroll

sloppy gamblers dont win and sloppy bookmakers dont stay in business...(PINO)

theswami · Aug 13, 2003

thanks gents for your replies.

anyone else have thoughts on this?

ssi-

you mention that you start each season with a 5k bankroll..

what do you do with your profits? (are they held in the book, bankroll account, or moved elsewhere?)

if you lose a bit during a season, do you reup to 5k using a different account?

so far, i think i may be leaning toward k.i.s.s. and rpm's suggestion of "if it ain't broke don't fix it." the fact that i track my results using a spreadsheet may be enough since it should be a reflection of the bankroll regardless of whether it is held at the book, bank, shoe, mattress, or garden.

i should mention that this spreadsheet keeps a running balance of all my action (sports by wager, poker by session (home/friendly and online), pools, fantasy).

SSI · Aug 13, 2003

money is kept in separate account when withdrawn, if entire 5k is gone, then season is over, i got down $2600 in MLB before i recovered and now am up about $4000.. bets range from $100 to $500, with about 85-90% being for $100.. however my MLB $500 bets are hitting at 27-13 for $6350 worth of profit.. no problem working in and out of a bank account.

ATX · Aug 13, 2003

I was thinking that the question was more complicated than it really was...

You absolutely want to keep BR separate from everything else. No one risks rent money (I hope) on the stock market. That's all the sports market is, another market.

But this depends on the actual amount of your bankroll. There is no way that I keep my entire bankroll sitting around. I keep half of it in other investments that are readily liquid. The sports market is the most profitable high risk end of my portfolio. And that is the way I treat it.

TheGeneral+ · Aug 16, 2003

Good advice all around here. I do not keep separate funds. I just figure as long as I can pay my bills, then it is all good.

IDENTITY · Aug 16, 2003

dime - its "commingle" not "mingle"/

good luck whatever you do sir.

lander · Aug 16, 2003

Swami,
It sounds like you have your priorities straight & you aren't the type to chase losses or anything of the sort, so I suspect a seperate bank isn't as vital as it would be to many of the gamblers out there. That said - it's still a good idea - if for nothing else balancing out any suspected errors.

For the same reason and others (audits, stats, etc) a detailed log is a must IMO.

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