Money management & Bankroll

[CodyG]

Im trying too set up some kind of money management for myself, The losing streaks are just hurting me too much.

Ok say I have a bankroll of $1000. And on the games Im going too wager say 3% of my bankroll, that would be $30 per bet.

What kind of limit do I set for perday bankroll. do I do something like 10% of my main bankroll perday for betting, which would be $100 perday. leaving me 3 bets of 30?

Not sure if i set a perday limit or not? and at how much what percent.

Hope that makes sense.

[Romanowski]

I would consider using a half kelly calculator, google kelly calculator

the goal is for bankroll growth, and as such you need to bet more on what you consider had the most value

so in general terms, your unit should be 10$, at your current BR of 1000, or a percent a unit

when you handicap a game, if you feel it has average value, bet a unit, any greater value you see, bet 2 or 3 or 5 even

hope this helps some

this of course is only how to handle your BR, the handicapping part is another story altogether

[CodyG]

Thank you, I will look into the kelly calculator.

Another question.

Not everyone has time too handicap there own games. Is it worth while hiring a Handicapper online, has anyone went this route before?

Say the handicapper chargers $200 per month for his picks. someone with a $1000 bank roll would be down too $800 and if your using moneymangement, and only betting 1% too 5% per game depending on the value. Im not sure someone with such a small bankroll could benefit from this, because you wouldnt be able too make any profit. you have too cover the $200 and the some too profit. and with such a small bankroll you wouldnt be winning much fast enough too cover the 200 and make a profit right?

Im confusing myself, hope you guys no what im trying too get at again. lol

[MCP313]

Dont ever pay anyone to lose your money for you......some books allow bets as low as $1 I think so that should give you plenty of time to get the hang of things.

Dont think you will ever master this either. Something like 1% of all people do this for a living and the majority who do it is a hobby lose.

Ive been gambling for over 15 years and you learn more and more everyday and sometimes what used to work doesnt work anymore and what worked many years ago might also work again.

Just keep your head on a swivel, soak up as much info as you can and dont limit your methods to only 1 way as there are many many ways to come out ahead.

:peace:

[CodyG]

Yeah I dont think I could every pay anyone too make my picks, just thought I would ask.

Yes I know there is lots too learn.

I ordered 3 books on sports betting should be arriving soon, Ill read threw those and keep on reading on the forums.

In the short time i,ve been here i,ve learned plenty.

[Romanowski]

for a serious investor, buying information isnt out of the question

for a guy with a 1000 BR however it simply does not make sense, it cuts into your profits

and a good service costs money, and most are not good im afraid, they are more about their marketing than substance

there is plenty enough free information available right here on this site for example

[CodyG]

ok one thing I knew about for a long time but havent used is money managment, I see this is a huge part too the success of most kinds of gambling. and am going too start using this.

When choosing games too wager on, how much do the odds affect your picks? right now for me being a rookie and all. I use decimal odds i cant figure out the other way. but anything below 1.40 I will not touch, because too me the risk outweighs the reward. I risk a dollar too win 40cents. even if the team is a huge favourite im really not intrested, because the return just aint worth it.

Am i right in this thinking or should these games still be given a look at.

[Snowman]

I pretty much only bet 1 unit now on every play and it seems to work much better for me nowadays. I feel confident I can hit above 55% over the long haul but fluctuating units leads to disaster imo

[Snowman]

I don't wager anything over -110 either.

[uva3021]

If you have virtually no way of calculating an edge I would suggest flat betting 1% of bankroll. At least you can stick around long enough to possibly hit a long shot. Then you can increase your bankroll thus increasing the amount of 1%.

[ScreaminPain]

This is acutally a two part query....

First, you have to establish a realiable winning percentage. Obviously, if you can't hit at a 53% clip, then your optimum wager will be Zero. After a winning percentage is established, then, as above posters recommend, proper use of "Kelly" will help determine the proper bet to maximize your bankroll growth.

Good Luck on your action...

[jarhead60]

Two problems with Kelly,

First (and the big problem) is knowing your winning percentage...lots of problems with that from a stat point of view....and if your estimate is too high, Kelly can be a disaster because you are overbetting your bankroll and on the road to ruin.

Second, and a real problem in football and other sports, is how do you calculate a Kelly bet when there are simultaneous bets??

An example....assume a 60% winning system betting NFL sides betting $110 to win $100,and 10 bets. Win $600, lose $440 net plus $160. Win percentage is $160/$1100 = about 15%. Now let as assume that you have 6 bets on the 1 o'clock Sunday games. What is correct bet size for each game? Will you really bet 90% of your bankroll (6 bets at 15% of bankroll each. What if you had 7 bets, can one bet 105% of the bankroll?

[Romanowski]

to minimize exposure use a half or even a quarter kelly calculator

[jarhead60]

A fraction of Kelly is a method not to over bet, but then one assumes the risk of under betting. Kelly is to max winnings, not to minimize loses. It may be better to be more conservative in estimating the winning percentage, and then apply kelly with a lower win %.

And that does not address the simultaneous bets problem.