During my 20 Years of Running a Handicapping Service, I have talked to a lot of Bettors who have lost a lot of money and are searching for the answer to their problems. In almost every case, they did not have a plan of action, they were betting too many games, they were following too many handicappers, and they were using poor Money Management Practices. The fact is, in some cases, after they subscribed to me, and after I had a Nice Winning Month, they told me that they were going to have to quit for a while because they had lost that month overall and could not afford to continue. What? Nothing surprises me anymore and I know why these Bettors are never going to win substantial money, or any at all unless they change their Betting Behavior.
Fish, I understand your question but money management is not about winning in any particular sport. Winning is still about picking the right games or people that pick the right games. Playing 2% to 3% on each play consistantly is the only way to stay in the game based on varience..
Your example for instance: Your entire year could also be determined by NFL if you wagered 5% per play and had a poor year...The Bottom Line--A Play is a Play is a Play regardless of the sport...
would you consider adjusting the size of your wagers based on the number of games played in a particular sport? For example, there are twice as many MLB games as there are NBA games and ten times more than NFL games so if you wager every game the same amount or with the same unit system, you are likely to have your MLB season determine your overall year profitability or loss. Adjusting the size seems like an especially good idea if one follows multiple cappers depending on the sport since it is unlikely every capper will have a down year in their respective sport.
Fish, I would never recommend 5% on ANY Play as the varience will get you sooner or later and I personally do not know any sharp bettors that would. In fact the best recommendation would be 2% but 3% is OK on a strong edge...
Regarding your money management system of 3% average wager and increase with each 20% of bankroll level. Would your system work using 5% for each and every wager? I know you said 3% is the average bet size and it allows you to weather the bad times, but if one is confident in their picks and wants to grow their bankroll faster and feels equally confident in all their plays, would it work? I have heard 5% said before as an acceptable amount by other sharps.
Non-Traditional Betting would be Props, Halftimes, Team Totals, In-Game Betting, Middles, Value Betting..etc...
What exactly do you mean when you say "A professional bettor makes a living doing a lot of Non Traditional Investing ?" I know you said you will blog on this later, but can you give an example or snapshot?
thank u for getting back to me fast and for the great advice!
Scores30, I think that is covered in the article but probably not covered enough. Your Unit Bet would increase to $24 at $1200 and you would continue to bet the $24 until you moved up another 20% or until your bankroll slipped about down to $1000. So, yes you would continue to play $24 if your bankroll went downw to $1170..
Thanks for this post GS. I get to handle my dough properly from now on.
i have a question about the money management system. I understand you recalculate every 20% ur bankroll increases or decreases. Lets say for easy math my bankroll is 1,000 and my unit size would be $20. Lets say i get my bankroll to $1220 which is an increase in 20%, hence my unit size is now $24. Lets say i lose a few bets and my bankroll is now $1170.........do i now use the unit size of $20 or 24?
Sami, first let me apologize for not looking at it sooner.
It appears to be sound, more sound than most but I have never done any progressive system like you sent me and never will, so my knowledge is not that great concerning this..
Perhaps others will have some thoughts better than mine and I would be interested to hear those thoughts.
Hey Greg... I know you've been super busy kicking the book's a** lately, plus going out of town, etc.... but did you get a chance to look at that progressive system I sent you? Your thoughts are appreciated.
great stuff as always greg ive been wagering for over 10 yrs and you couldnt be more right you just explained exactly how i approach ..with the money management and the 2 to 3 cappers GREAT STUFF>>and lets keep WINNING!!!
Clay, I assume this question was directed toward me. With a starting $200 Bankroll, a $144 Profit is very substantial over 200 Plays. I would absolutely NOT up the wagers to 5% or 7% because the varience is just too much to do so and you could be out of action almost before you got a chance to make some money...
Is 200 too little to use this system? I mean 3% of 200 is 6 dollars? at 56% over 200 games is around 144 profit...Is it even worth doing with this small of a bank roll or should I Bump it up to 5% or even 7%? this is a side project of mine to get into calculated betting....your thoughts are appreciated.