Money management

[dtrain]

Good morning everyone,
I was wondering if anyone knew of a good site, or had some ideas of their own, on money management techniques for sports gambling?

I'm the type of bettor that just bets big when I feel confident about a game and smaller when I don't (with no structure). Needless to say, I get in a lot of trouble doing that.

Also, I see a lot of people posting units, but I do not understand how someone can get -2.6 units when whole number units are being played (i.e. 1*, 2*, 10*, etc).

I know there are some good ideas out there and I hope you will share them with me, and everyone else. Thanks for the help.

D

[frankb03]

A player should bet between 2% - 5% of his bankroll on any play. I play 2%, 3% or 5%. Almost all of my selections I play 2%. A few times a week I'll play 3%. MAYBE once a week I'll play 5%. On an extremely rare occasion I'll play 10%. I did so ONCE during the entire football season. NE vs. Buffalo the last game of the season.

If you stick between 2% and 5% you won't get into trouble. In sports wagering nothing is more important than money management.

The -2.6 units takes into play the 10% juice for a loss. If I win a 5 unit play (+5) and loss a 3 unit play with the 10% it is a 3.3 unit loss.

[Homer]

dtrain

I hope this helps you out. This is the way I do it.

Units: I use 1-5 in the units I play.

FYI- The amount per Unit is up to you on your bankroll. People's unit value all are different.

Example:

Player A: Unit Value is: $25

Player B: Unit Value is: $50

Player C: Unit Value is: $100

So Basically you have this:

1 Unit: A = 25, B = 50, C = 100
2 Unit: A = 50, B = 100, C = 200
3 Unit: A= 75, B = 150, C = 300
5 Unit: A= 125, B = 250, C = 500

Thats the way I do it.

Also you have odd numbers in the units. Because of the loses you have to add in the Juice for the play. Mine are all 10%.

Hope this helps you out. I totally agree Money Management is as important as picking winners.

[frankb03]

Re: Money management

Originally posted by dtrain
I'm the type of bettor that just bets big when I feel confident about a game and smaller when I don't (with no structure). Needless to say, I get in a lot of trouble doing that.
D

One more point! Of course, you feel confident on many plays. Otherwise, you wouldn't make the bet. I would recommend you playing 2% or 3% on every wager for a week. Get a feel for which of your selections are hitting and which aren't. I think what happens with you there are too many highs and lows. You probably don't have a good feel of your selections.

[roadkillaka]

dtrain

I agree with Frank and Homer

professionalgambler.com has some good articles

[doc mercer]

I play a flat % of my bankroll ...

this idea of waxing a game for 3-5x more than
you normally do ... makes no sense @ all ... go way to
go broke ... how many times have ya seen someone
cry about losing ... they go 4-2 on a Saturday and lose
money? Oh, yeah, my big play bombed out ..

Ain't what ya know ... it is what ya do with your money

DO NOT INVEST MONEY ON:

* PARLAYS
* TEASERS

They are strictly suckers bets and bookies love it when
ya play em .... they are a losing prop

Don't buy into the hype ya see where guys are hitting
68-70% .... sorry, Charlie, welcome to Fantasy Island

Don't go nuts over an "injury report" ... Vegas has allready
adjusted the line

Again, DO NOT bet unless ya have a bankroll set aside ....
once ya do BE SMART .... flat bets and build up your bankroll
and remember that the nite ya bitching about getting hosed
by a 3 pt shot will come around the next nite when ya have
a 50% ft shooter can 2 fts late to cover

BOL

[frankb03]

Originally posted by doc mercer
DO NOT INVEST MONEY ON:
* PARLAYS
* TEASERS

They are strictly suckers bets and bookies love it when
ya play em .... they are a losing prop

I hardly ever play parlays or teaser. If I do they are very small plays less than 1% of my bankroll.

DO NOT EVER EVER EVER play basketball teasers. Unlike football, in basketball with an abundance of scoring, the extra points quite often don't matter.

Originally posted by doc mercer
Don't go nuts over an "injury report" ... Vegas has allready
adjusted the line

In gambling short-term injuries are meaningless. First, Vegas adjusts the line. Recently, I saw a interview with one of Vegas' line makers. He said players such as Shaq or Duncan he will adjust the line by as many as 8 points. Second, IMO teams compensate for the loss of their star - short term. Long-term it catches up with them. I think injuries become a factor when a team has a few injuries.

[dtrain]

nice

Frank, Doc, Homer, Killa thanks for the help.........all great posts, strategies, sites, and management techniques. I didn't have a set bankroll, but I knew where to draw the line. Having more structure in my betting will allow me to actually see what and how I am doing. I just need to keep in mind that gambling isn't a sprint, it's a marathon!!! Thanks again!

D

[Homer]

Re: nice

Originally posted by dtrain
I just need to keep in mind that gambling isn't a sprint, it's a marathon!!! Thanks again!

D

If that isn't the total truth. Good Luck man. Like you said once you come up with a plan that fits you. It makes it a lot easier.

Also one important thing I learned awhile back. NEVER chase you wins or loses. Only play games you like. The bookies love it when you chase either way .... Thats when they win

[frankb03]

Bookies vs off shore account

The HUGE advantage with offshore accounts over local bookies. With local bookies you don't need the money to bet. That's what gets many in trouble. Especially, if they get down early in the week. They try to make it back before the end of the week. They do so 2 ways. They bet more on the games or they play games they might not normally play.

Been there! Done that!

[GermanBettor]

Money management is the only key to success.
I guess I am one of the few persons that can pick 1 winner in 4 or 5 plays and still end up on the winning side.
:D
It's not happening too often, but it's happening often enough to realize that it is not "luck".

All these "percentage of bankroll" advices are nice to read but not really realistic...
I know of a guy (I will not name him, but everyone in the gambling world knows him) who moved a 15 000 bucks bankroll to over 750 000 bucks within one season. Not too shaby, huh?

I use three ratings for myself:
A normal play, a double play (which is 2x of my normal play) and an all-out play (which is 3,5 times of my normal play)
It depends on these things:
1) Am I confident about the game?
1.1) If I am very confident and think this will be a "lock" I will rate it a normal play because I always lose my "locks". :D
1.2) If I am confident and the stats and my sources indicate that I am on the right side it will be an all-out play.

2) Are the stats in my favour?
3) What about the injuries? Was the key player arrested or something like that?

The best thing is:
Do not get greedy. These games are always f'cked up because you can not bet with a clear mind. Let your emotions outside...
OK, it's easy for me because I am very emotional.
:D Call me the "Ice King".

Good luck,
GB

[frankb03]

Originally posted by GermanBettor
All these "percentage of bankroll" advices are nice to read but not really realistic...GB

With all due respect, what is unrealistic about playing a percentage of bankroll? ALL professional gamblers will say money management is most important.

The guy you know who rolled $15k into $750k is 1/1,000,000. Almost all who adhere to that gambling money management will be bankrupt. Don't quote the exception to the rule. The guy you know is the very rare exception.

[GermanBettor]

Yep, Frankb, I know this.
Happens not very often...but this "1% of my bankroll bet" is in the beginning NOT REALISTIC.

Let's assume you want to bet only 100 bucks a game...
You'll need a 10 000 bucks bankroll and this is a lot of money for most guys. So let's say you want to start with a 1000 bucks bankroll, your games could be only 10 bucks. If you want to make serious profit, please tell me how this should work out?
I bet the same amount in the beginning and even my internet connection costs were higher than my winnings.

Like I mentioned money management is THE key. But not in this 1% way. You simply have to control yourself on regular games and bet high and risk something on "good" games. When you've moved your bankroll into higher areas you can start with 1% rules...but not in the beginning.

Good luck,
GB