have a starting bankroll set aside for just gambling. Bet 1%-2% a game but most importantly pick winners. We all love to talk about money management but it means nothing if you can't hit over 52%. My last 500 bets I'm right around 50% winners but I have also lost 25% of my bankroll.
It's a grind don't try to win it all back at once but doing something stupid.
It's a grind don't try to win it all back at once but doing something stupid.
Always Have A Plan...
The Times I Usually Get In Trouble Are Times When I Make Plays In A Rush...
Don't Get Careless When You're Up Big, This Goes Hand And Hand With Always Having A Plan For Each Day, Week, Month, Year...
Take All The Emotion Out Of Your Thought Process When Wagering And Particularly Deciding How Much To Wager...
The Hardest Thing For Many Is To Not Overbet When You Have A Real Bad Beat...next Thing You Know You Not Only Lost A Tough Game, You Turned Around And Made It 4-5 Times Worse By Betting More Than You Should Have On The Next Game....this Has Gotten Me And I Would Think Most Of Us....
Handling Losing Streaks Imo Is Still The Hardest Part Of Sports Wagering...
The Times I Usually Get In Trouble Are Times When I Make Plays In A Rush...
Don't Get Careless When You're Up Big, This Goes Hand And Hand With Always Having A Plan For Each Day, Week, Month, Year...
Take All The Emotion Out Of Your Thought Process When Wagering And Particularly Deciding How Much To Wager...
The Hardest Thing For Many Is To Not Overbet When You Have A Real Bad Beat...next Thing You Know You Not Only Lost A Tough Game, You Turned Around And Made It 4-5 Times Worse By Betting More Than You Should Have On The Next Game....this Has Gotten Me And I Would Think Most Of Us....
Handling Losing Streaks Imo Is Still The Hardest Part Of Sports Wagering...
,:monsters- !
How many times have you heard a gambler say after a win " I'm playing with their money". Meaning that they can now play more recklessly and if they lose it no big deal. Dangerous thinking!!!!!!!!!!!! When it's in your pocket it's YOUR money just like when you lose it's their money. That type of thinking will cause you to give back your wins and be a sure long term loser.
I think the most important aspect is to have a seperate BR. Not good advice for most but I used 5K in savings a IRS refund and some credit card post ups to get started and have never looked back. If you can scrape up 10K and balance it between 5-7 books you are ready. In hindsight if I were doing this today I would start with Pinny, Sky, Cascade, Looselines, I'tops, SIA and Nine. With proper line shopping even a 50% picker can be a winner with those outs, because of the low juice or inflated lines....GL2U
Whats the point in high rollers on here with 200K+ bankrolls advising a dope who's betting with the wages he got this week. I've known jokers with bottomless pits who ended up going skint, walk before you run, there's much more important things besides talking 1%-2% BR crap. If your worried about a staking plan then your overall strategy needs looking into.
I find it incredible that you lot have time to think about percentage of BR betting, I use all my spare time thinking of ways of keeping the winnings away from the Missus.:sad3:
I find it incredible that you lot have time to think about percentage of BR betting, I use all my spare time thinking of ways of keeping the winnings away from the Missus.:sad3:
if you make your sole living from sports, anything more than 1% of your bankroll per play is usually risky if you're a grinder (between 1,000-2,000 plays per year on average)
if you're a pro who only bets a few games a week, then i'm sure 2-3% of bankroll would be okay (but i'm just guessing cause i've never tried that, i bet well over 1,000 plays per year myself)
if you're a part-timer or just doing it for fun, 2% of bankroll is an acceptable risk. but don't change your bet sizes around, keep theme the same....
that's where most guys go wrong. if you're bankroll goes up by 50%, then you can resize to the new 1 or 2% mark (whichever you're using)
personally, i have a very high risk tolerance (you should see my stock portfolio, heavy into junior resource stocks in canada, etc.) but when it comes to gambling...
1% of my bankroll, each and every play. no exceptions. always worked great for me.
if you're a pro who only bets a few games a week, then i'm sure 2-3% of bankroll would be okay (but i'm just guessing cause i've never tried that, i bet well over 1,000 plays per year myself)
if you're a part-timer or just doing it for fun, 2% of bankroll is an acceptable risk. but don't change your bet sizes around, keep theme the same....
that's where most guys go wrong. if you're bankroll goes up by 50%, then you can resize to the new 1 or 2% mark (whichever you're using)
personally, i have a very high risk tolerance (you should see my stock portfolio, heavy into junior resource stocks in canada, etc.) but when it comes to gambling...
1% of my bankroll, each and every play. no exceptions. always worked great for me.
"swerve bracket"??? i never heard that lingo before, what's it mean?
or this some crazy english football term?
i always like man utd myself, but i can give credit where credit is due....chelsea just about rules the world right now....it looks like ManU's geat run is finally over. it was great while it lasted.
or this some crazy english football term?
i always like man utd myself, but i can give credit where credit is due....chelsea just about rules the world right now....it looks like ManU's geat run is finally over. it was great while it lasted.
Salain:
There is a basic principle in this business. That is to never bet more then you can afford to lose. Betting a percentage (1% or above) is one common method, but in my experience, for a beginner like yourself, it is much better to flat bet a dollar amount that you do not vary on any one game. If you have $1000 of expendable cash that you can afford to lose, then betting $10 per game should keep your bankroll in place provided you can win over 52.4% of your plays which most people cannot. As a beginner, start small and get your feet wet before risking higher stakes.
There is a basic principle in this business. That is to never bet more then you can afford to lose. Betting a percentage (1% or above) is one common method, but in my experience, for a beginner like yourself, it is much better to flat bet a dollar amount that you do not vary on any one game. If you have $1000 of expendable cash that you can afford to lose, then betting $10 per game should keep your bankroll in place provided you can win over 52.4% of your plays which most people cannot. As a beginner, start small and get your feet wet before risking higher stakes.
that's what i meant, by advising 1% flat betting....
i wasn't saying to bet 1% of your bankroll on day 1, and then starting day 2 bet whatever 1 % of your new bankroll is (i've heard of a LOT of guys resizing every day!)
for example:
if you're a recreational gambler and you have $10,000....
bet $200 on each and every play (or $100 for a pro....for a pro 2% is usually too risky in the long term, stick with 1%)
once your bankroll goes up or down by 50% (to either $15,000 or down to $5,000) then you resize to the new 2% (either $100 or $300)
i wasn't advising to resize every day to a certain % of your overall bankroll, that's definitely bad advice. it will cost you in the long run.
i hope this clarifies things.
i wasn't saying to bet 1% of your bankroll on day 1, and then starting day 2 bet whatever 1 % of your new bankroll is (i've heard of a LOT of guys resizing every day!)
for example:
if you're a recreational gambler and you have $10,000....
bet $200 on each and every play (or $100 for a pro....for a pro 2% is usually too risky in the long term, stick with 1%)
once your bankroll goes up or down by 50% (to either $15,000 or down to $5,000) then you resize to the new 2% (either $100 or $300)
i wasn't advising to resize every day to a certain % of your overall bankroll, that's definitely bad advice. it will cost you in the long run.
i hope this clarifies things.
Salain said:I know that there are a lot of you out there that have gone through some serious BR swings learning how to manage your money. So for those of us that are just starting, please share some of the useful things that you've learned.
Thanks!
In a nutshell:
1) Understand the gist of the Kelly Criterion and use it approximately.
2) Make sure you don't overestimate your advantage. Assume 1% for average plays and 2% for strong plays at first, then adjust as the stats come in.
3) Make sure your bankroll doesn't include money that you will need for food, rent, bills, repayment of loans, etc.
That's about it. GL.
steamdaddy, that's what most small-time guys think....
but let me ask you this, if you have 2-3k as your bankroll...
would you rather risk 2% on all your plays ($60 game) and still be around in a few months to keep gambling...
or would you rather risk $300 a game (or whatever other way too high number i'm assuming most recreational gamblers risk) and be broke in no time at all???
but let me ask you this, if you have 2-3k as your bankroll...
would you rather risk 2% on all your plays ($60 game) and still be around in a few months to keep gambling...
or would you rather risk $300 a game (or whatever other way too high number i'm assuming most recreational gamblers risk) and be broke in no time at all???
