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re: 1/28/13 Basketball-old kelly k. and spreadsheets DO NOT WORK bet thread-NSFW
Posted on 1/28/13 at 9:26 pm to maclauer
Posted on 1/28/13 at 9:26 pm to maclauer
FYI.. A little wisdom from sportscheetah. PART 1
Bankroll Creation &Management, The Importance of Locals, and Why Volume Matters
Bankroll Truth and Basics
There’s an ugly truth about sports gambling. Everyone preaches “bankroll management”. You’ve heard people say a million times “one unit should equal one percent of your bankroll”. The fact of the matter is that most people don’t have $10k of cash on hand they’re gambling with to make $100 wagers, and those that do are usually betting more than $100/game.
I subscribe to the 1% theory, but in a variety of methods. If you think that I’m comfortable having $30k (which is my effective bankroll) in 5Dimes, BetOnline, Bookmaker, etc…you’re wrong. Anyone that played online poker should know better than that.
I have no problem depositing a few grand, and building it up, and then withdrawing my profits monthly. If I bust an account, I can always deposit (Lord knows there are a million deposit bonuses).
The question is, how did I come up with a $30k bankroll? Did I start with $100 and grind my way up to $30k? I wish. The reality is that I have about $10k in cash spread between various sites. I have another $10k in credit at each of two locals. I have $20k in my savings account “earmarked” for gambling and fortunately I seldom have to tap into it.
When I bet a game, I traditionally spread my $300 bet between 3 sites (including local sites), assuming they all have the same line. If I’m getting a better line someplace else, I may put all $300 on one site, but I try and spread it out as much as possible.
Bankroll Creation &Management, The Importance of Locals, and Why Volume Matters
Bankroll Truth and Basics
There’s an ugly truth about sports gambling. Everyone preaches “bankroll management”. You’ve heard people say a million times “one unit should equal one percent of your bankroll”. The fact of the matter is that most people don’t have $10k of cash on hand they’re gambling with to make $100 wagers, and those that do are usually betting more than $100/game.
I subscribe to the 1% theory, but in a variety of methods. If you think that I’m comfortable having $30k (which is my effective bankroll) in 5Dimes, BetOnline, Bookmaker, etc…you’re wrong. Anyone that played online poker should know better than that.
I have no problem depositing a few grand, and building it up, and then withdrawing my profits monthly. If I bust an account, I can always deposit (Lord knows there are a million deposit bonuses).
The question is, how did I come up with a $30k bankroll? Did I start with $100 and grind my way up to $30k? I wish. The reality is that I have about $10k in cash spread between various sites. I have another $10k in credit at each of two locals. I have $20k in my savings account “earmarked” for gambling and fortunately I seldom have to tap into it.
When I bet a game, I traditionally spread my $300 bet between 3 sites (including local sites), assuming they all have the same line. If I’m getting a better line someplace else, I may put all $300 on one site, but I try and spread it out as much as possible.
1
Posted on 1/28/13 at 9:27 pm to BGUT
Part 2
How I got to a $30k bankroll
If you’re not in a position where you have $10k you can start with, look at your budget and ask yourself what a monthly amount you can afford to lose would be and annualize that number. If it’s $500, I would annualize that number to $6,000 and I would save up for 3 months to $1500 before I began. Now your units are $60 (using a theoretical $6k bankroll) and you’ve got 25 units to start out with. Every month, add $500 to your bankroll. It may be down to $1k or up to $2500. Either way, add $500 (or whatever you can afford) monthly.
Before long, if you practice effective bankroll management, your initial $1500 exceed that $6k between contributions and consistent winning. Eventually you’ll have enough built up that you won’t have to contribute to the bankroll every month, you just stash some in a money market as local collateral and earn interest
This is exactly how I got to $30k. Obviously this has taken some time, and discipline is CRUCIAL, but it’s very possible
How I got to a $30k bankroll
If you’re not in a position where you have $10k you can start with, look at your budget and ask yourself what a monthly amount you can afford to lose would be and annualize that number. If it’s $500, I would annualize that number to $6,000 and I would save up for 3 months to $1500 before I began. Now your units are $60 (using a theoretical $6k bankroll) and you’ve got 25 units to start out with. Every month, add $500 to your bankroll. It may be down to $1k or up to $2500. Either way, add $500 (or whatever you can afford) monthly.
Before long, if you practice effective bankroll management, your initial $1500 exceed that $6k between contributions and consistent winning. Eventually you’ll have enough built up that you won’t have to contribute to the bankroll every month, you just stash some in a money market as local collateral and earn interest
This is exactly how I got to $30k. Obviously this has taken some time, and discipline is CRUCIAL, but it’s very possible
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