You have $100,000 and you flat bet $1,000 a game. Could you make a living doing this, and never work again? The reason I ask, is that I'm curious how the pros do it. I've heard someone say that most pro bettors only make about $75,000 a year doing it. Don't know if that's true or not, but either way, I can't imagine the pressure of having to pick winners consistently enough so that you can pay the rent.
I couldn't do it and the major reason is that I wouldn't be able to handle a losing streak with that pressure.
Last night, I took Yale -7.5 and FSU +3 ... and both teams never had a prayer of covering. So I know that I am down 2.2 units. Then, I see Dayton down to the St Bonnies by 9 at halftime. I take Dayton -10 (2nd half) for 5 units and end up with a profitable day.
The issue is that if I had not lost the Yale and FSU games, I wouldn't have put 5 units on Dayton. It would have been a 1 or 2 unit play and that is it. My Dayton play was influenced by my losses, and that should NEVER happen.
People press when they're on a losing streak and that is my weakness too. Until I can say that I took an 0-4 day in the NFL, and did not even make a play the next week because I didn't see anything that I liked - until that day, I can't make a living gambling.
I would tend to think that most people on TheRX make money gambling. Winning is easy but making a living out of it is VERY tough.
Last night, I took Yale -7.5 and FSU +3 ... and both teams never had a prayer of covering. So I know that I am down 2.2 units. Then, I see Dayton down to the St Bonnies by 9 at halftime. I take Dayton -10 (2nd half) for 5 units and end up with a profitable day.
The issue is that if I had not lost the Yale and FSU games, I wouldn't have put 5 units on Dayton. It would have been a 1 or 2 unit play and that is it. My Dayton play was influenced by my losses, and that should NEVER happen.
People press when they're on a losing streak and that is my weakness too. Until I can say that I took an 0-4 day in the NFL, and did not even make a play the next week because I didn't see anything that I liked - until that day, I can't make a living gambling.
I would tend to think that most people on TheRX make money gambling. Winning is easy but making a living out of it is VERY tough.
Illini said:
IT is possible that you could do it with only a 1000 wager.
IT is a lot of games to wager on and the chances you have the better of it in so many games is low.
But lets say you went.
went 600 wins 500 losses (and that is a lofty 54.54% winning % very few can do that)
you would win $65,000 profit (that is with a -107 juice for sure in this day and age you would seek out reduced juice).
that is 1100 plays. That is 3 plays a day every day.
Of course if you were winning at 54.54% your bankroll would generally increase so your bet size would also increase in that same percentage.
you are safe with the 1000 wager size but actually you should wager more like 2% if your win percentage is that high. If and only if you really have a 54.54% or higher win percentage. But if the bankroll goes lower you have to decrease your bet size keeping that 2% basis.
Illini:
Flat betting a dime a game won't make you enough to make a decent living. However, if you were to flat bet 1% of a constantly adjusted bankroll or even use a selective varying bet of 1% to 3%, you would be quite surprised how quickly your bankroll could increase in a compounding manner if you can hit a win percentage around 53% or above. As it compounds, the actual amount of the wager increases while the percentage range remains the same. Started with a small bankroll over 30 years ago and I can tell you that the compounding affect has made it substantial.
Flat betting a dime a game won't make you enough to make a decent living. However, if you were to flat bet 1% of a constantly adjusted bankroll or even use a selective varying bet of 1% to 3%, you would be quite surprised how quickly your bankroll could increase in a compounding manner if you can hit a win percentage around 53% or above. As it compounds, the actual amount of the wager increases while the percentage range remains the same. Started with a small bankroll over 30 years ago and I can tell you that the compounding affect has made it substantial.
OLDMAN,
theoretically, he's talking about making a living out of it, so he won't keep his winnings in his bankroll - he'll need it to buy himself a cheeseburger. The only money he could possibly use to enlarge his bankroll is whatever he makes ABOVE 75K, so there wont be much compounding involved, I would assume.
He could try two separate bankrolls though and follow your advice OMT - one with 75K for cheeseburgers and a 25K one where he would let his winnings increase his bankroll.
theoretically, he's talking about making a living out of it, so he won't keep his winnings in his bankroll - he'll need it to buy himself a cheeseburger. The only money he could possibly use to enlarge his bankroll is whatever he makes ABOVE 75K, so there wont be much compounding involved, I would assume.
He could try two separate bankrolls though and follow your advice OMT - one with 75K for cheeseburgers and a 25K one where he would let his winnings increase his bankroll.
cincy_hugg said:
I am not talking like I am going to do this. I don't have any money, and I have no desire to do this professionaly. Basically, I was just daydreaming, and wondering.....if I had 100K, could I make a living at this? I would say no, for myself, and couldn't live with that kind of constant pressure.
i could be in this posistion right now, if i chose but like several others here am scared of the pressure of "HAVING" to win in order to pay the bills... funny thing, i wouldnt need close to 75k in order to make a living, believe it or not 40k would do just fine... Like someone said in another thread, i try and live below my means and also dont have many frivelous bills....
this question however is one that i ponder quite often myself... i think you must have a big enough bankroll --- so that you simply pay yourself on a monthly or bimonthly basis,,,, then let the remainder of your bankroll grow.... also may want to add that rental propery on the side -- could be of some comfort...
this question however is one that i ponder quite often myself... i think you must have a big enough bankroll --- so that you simply pay yourself on a monthly or bimonthly basis,,,, then let the remainder of your bankroll grow.... also may want to add that rental propery on the side -- could be of some comfort...
If I had a $100,000 roll there is no question in my mind that I could live off of it. I don't think the added "pressure" would hinder my performance at all. I already take my wagering very seriously and even at my lower monetary levels, would still be crushed if I lost my roll. Sure there would be swings from time to time, but with all of the resources out there today and with sufficient time and work and discipline, there is no reason not to be in the black for any particular sports season.
Lets take this a step farther, lets say you were debt free (no mortgage, cars, credit cards, medical bills) nothing but the monthly ones that roll in every month. and lets say that you can live comfortably on $2500 per month and enjoy a somewhat decent but modest lifestyle... Now you also have 100k in cold hard cash but need to make 2.5% on your money each month in order to simply stay even.... the question is, how would you go about dispersing that 100k.. would you send 20/40/60k offshore? of course you would be at the top 10 books or so and using neteller but how would you lay it out.... responses welcome...
World, i could also be in this exact situation, if i chose to be, and like you, i could get by on 2000 but i used 2500 for a little luxury... ive debated for a couple of years now --- on how to handle this... im thinking about working a few more years (im 37) and acquiring enough rental property to bring in a clear 2k per month and then attack the books with the 100k...
any bright ideas, id be interested in hearing them..
any bright ideas, id be interested in hearing them..
i own a convenience store and commercial lot.. funny thing is that i rent the building (very cheaply) but own the vacant lot.. my wife doesnt want to stay in the convenience store business... im very hands on, so its hard for me to "not run the thing" and i dont trust someone else running my business... i think about this as well alot............
You would think that you could make $3000 per month off of a $150,000 cash, that is only a 2% return per month and honestly those numbers are really close to my situation... Fish, anyone?
You would think that you could make $3000 per month off of a $150,000 cash, that is only a 2% return per month and honestly those numbers are really close to my situation... Fish, anyone?
