Lotts_Stub's Blog

Theories on Building Your Bankroll

By Lotts_Stub | View all Posts
Posted Saturday, April 28, 2012 11:47 AM   16 comments

I'm sure this has been discussed before but what is everyone's theory on wagering and building your bankroll.

1)  Play ONE game a day.  Wager only your most confident bet for the same amount of units each day?

2)  Wager different amount of units on several games a day.

It seems like I have had the most success lately placing only my strongest ONE wager a day.  Not as much fun as having action on more than one game though.....but does limit those really bad days!!  (i.e. Thursday afternoon)

Any thoughts?

Good Luck today.

  

16 comments
comment Post A Comment
monroekelly21 says:
04/28/12 12:19PM
I think you have to know when to take a break. I frequently take around $100 and bet it up around 400-500 in about a month. Then I ultimately give it all back over the next two weeks. So, while I technically have only lost $100, I could have profited 400%. Also, once you start losing, that is when you start making rash decisions. So, knowing when to take is the most important aspect of building a bankroll. But that is the rub of daily gambling, the compulsive nature of having action. :\
I-Got-5-On-It says:
04/28/12 01:57PM
I wouldn't just limit myself to 1 pick a day as you might 3 or 4 cracking bets that you think will win and by only taking the 1 you're doing yourself out of potential profit.But then again you might really like 4 plays and go 0 for 4.

But I know what you're saying

As for me low volume is my style average of 2 to 3 bets a day and I've done alright so far this year at it

honolulubomber says:
04/28/12 02:20PM
Ultimately, it depends on your ability to pick winners and how fast you want to build your bankroll. If you expect to win 55-58% of your games, and are only betting one game per day, it will take quite a long time to build a larger bankroll. Alternatively, you could bet a bigger percentage of your bankroll on one game per day -- say 5-7% of total bankroll. That, however, is likely lead to a volatile bankroll swing. When you are hot and winning it will swell quickly. If you are on a losing streak it will depreciate rapidly.

The bottom line is that fewer bets means either slower bankroll growth if you bet 1-2% of your total bankroll. Or it means a more volatile (i.e. risky) bankroll if you are betting 5-7% of total bankroll to try and increase your overall wealth.

I personally feel that betting 1-2% of your bankroll and living with slower growth, or betting more games, is the way to go. If you are truly a good handicapper, and can pick winners at 57%, you should be betting more games, not less. I find that most people don't really know their long-term winning percentage and don't trust, or know, if they are truly good or not. Betting one game a day delays the process of determining how good you are and building bankroll unless, of course, you are comfortable betting a lot of money on a few games.

LeoEuler says:
04/28/12 06:31PM
The best (and by best, I mean mathematically) way to build your bankroll is Kelly Betting. if w = your winning percentage and v = the price you're laying/receiving, following this formula ((w*(v+1))-1)/v = % bankroll at risk/bet will generate maximum bankroll growth. So if you can pick -110 games with 56% accuracy, then you should bet ((0.56*((1/1.1)+1))-1)/(1/1.1) = 0.076 = 7.6%. So when you lose your bets are automatically scaled down and when you win, they're scaled up. This method is extremely aggressive and very volatile, but when applied over 1000's of trials (bets), your bankroll will grow without bound. When first starting out, it is best to undershoot the estimate of your win-rate. If you think you are a 56%-er, plug 55% into your formula so you wont burn up your bankroll if you pick a little less than 56%. Eventually the Law of Large Numbers will take over and your win-rate will settle to a average and this number can be used. The most important aspect of betting this way (and with sports betting in general) is discipline. This is extremely volatile and losing streaks will eat you alive if you get rattled easily. Stick to the formula and you'll either go broke because you suck at picking games (i.e < 52.4%) or, in the long run you'll be a millionaire. GL.
honolulubomber says:
04/29/12 02:49AM
I've always remained skeptical of the Kelly Criterion and don't think it works. A good article pointing out its flaws

http://professionalgambler.com/debunking.html

LeoEuler says:
04/29/12 11:31AM
@ Honolulubomber. Your opinion on whether or not it works is irrevelant because it does work. I can write you a mathematical proof that it works. J.R. Miller is the perfect example of the "Old Guard" in Las Vegas; Old hustlers who grew up in pool halls and sawdust joints that do things the way the always have because it seems works and are now on the internet selling their "winning picks". These's kinds of gamblers are rapidly being replaced by Math Ph.D.'s and quantitative analysts. The same thing is happening in poker and happened with computer science, neural networks, and backgammon in the late '80's. The math always tells the same story, aggressiveness gets the $. The only way Kelly doesn't work is if your a losing sports bettor. Plain and simple.
LeoEuler says:
04/29/12 11:44AM
you're* (in last sentence)
honolulubomber says:
04/29/12 02:01PM
The issue with all of the quantitative betting that is allegedly changing everything is that there is a false sense that an equation guarantees something is going to work. Any use of the Kelly method relies on the bettor accurately knowing their long run winning percentage with a fairly high degree of precision. It also requires that there are no negative, left tail risks. Use Kelly and go on a 2-20 streak and see what happens. Just as Long Term Capital Management miscalculated, just like Lehman miscalculated, a bettor can miscalculate probabilities. You had mentioned that it takes thousands of bets for the averages to play out. Over that large of sample size you could have a run of 10 or 15 consecutive losses that wipe you out. Distribution patterns, even for a successful long term gambler, mean that losing streaks will happen. Using Kelly can mean an excellent, long term picker of winners goes broke.

I am in full support of new ideas, quantitative analysis, etc. Both math doesn't equal certainty.

And for the record, the Kelly criterion was published in 1956. Talk about an old strategy that is in the dustbin of history.

goobero says:
04/29/12 11:53PM
i use the binary effect. example: bet 10 close game underdogs at $1 each. the ones you miss, next day, bet $2. the ones you hit, bet $1. keep doubling up on your misses, and start over on your hits. i like it in baseball and hockey, basketball and football, not so much.
wizardofroz says:
04/30/12 05:34AM
Ideally, I try to bet no more than 1 game per day or 7 games per week. And if you cannot PASS on a given day, you will never get ahead in gambling. Also, the window of winning is small, so when I see something I like, I usually bet heavily on that one game. And when I lose 3 or 4 in a row, I usually take at least a week off of gambling, as cutting my losses is just as crucial as winning. Also, I have found it best if I am fortunate to win a few in a row, it is best to wait to get paid before betting again. IMO, the guy betting 1 game a day for $500 per game is much better off in the long run than the guy betting 5 games per day at $100 per game.
wizardofroz says:
04/30/12 05:38AM
Also, money management is VERY overrated. High risk equals high reward, yet betting a small percentage of your bankroll will never make you much money in the long run. But be disciplined and pick your spots before making that sizeable wager. Also, cut back on your bet amounts or quit betting for awhile when you inevitably go on that cold streak of 3 or 4 losses in a row.
hodge says:
04/30/12 06:59PM
AGGRESSIVELY

MATH

FAITH

LOGICALLY SITUATIONS

GOOD WORK

KNOWLEDGE (when to walk away when to run)

FIND HELPFUL PEOPLE

MOST OF ALL JESUS IS OUR GLORY /VICTORY

ronboog says:
05/01/12 08:17AM
I think straight betting works best for me. my winning percentage has gone up sence i started straight betting.
Charlie111 says:
05/03/12 02:55PM
Don't bet a game just to have action. Bet it if you think you have an edge over the line, not just because it is on TV or similar.

Weekday afternoon baseball games can be tempting just to give you some action to check out while at work. The same is so with the weekday prime time football games. If you bet a weekday football game, it should be for the same reasons you would bet it on the weekend.

PLEASE on Monday Night Football, don't bet to get back all your Sunday losses or to double up all your Sunday winnings. Bet it with discipline. MNF is a bookie's best friend.

Know you strengths. Use a rating system on the sports you are best at. Bet small straight bets on your weaker sports.

BEST ADVICE. Don't be drunk when placing bets!!!

THE_PUNISHER says:
06/05/12 03:31PM
My thing is any type of progression system. Kinda like what the sports betting professor does, except you dont have to do it his way. Work hard and do research and you can come up with your own thing, your own system. I have invented this type of A.B.C system in all sports except the NFL. I did alot of hard work, lot late nites staying up. and went thru over 200,000 games back tracking up to 15 years. took me over 6 months, i even double checked my work. my A B C plays are 150.00 , 300.00 , 600.00 . I profit 1,000.00-3,500.00 every single month. I play 1 game a day in each sport i have a system invented in. Baseball is by far the most profitable because 90% my plays are dawgs. The system hits 53% so its a winner.
THE_PUNISHER says:
06/05/12 03:36PM
finding the system and doing the hard work that requires of it is the hardest part. having alot of patience is def a big key. When i 1st started looking in to finding a system all i ended up doing was hitting a brick wall or hit a dead end. then had to start over. but eventually i found a nice stat. It has helped out greatly. With this crap economy and i have been jobless for sometime now, I dont know where i would be had i not done this hard work and came up with a winning plan. I will never tell a soul what my system is. but i dont mind giving out plays. Hit me up with a msg if ya want free plays. Good Luck all.
Add your response:
Please note that the blogger has the option of reviewing all comments before they are displayed to the public. Your comment may not be published immediately.
 

Profile

User: Lotts_Stub
Joined: August 2007
Location: Connecticut
Team:
Occupation:

Recent Posts

Archive

Categories