augs15;
Lots of good advice has been given here by the General and randyrohm is correct, the first step is to actually have a bankroll. Once you have attained that, you need to remember evry day of your life that BR and the proper management of it is key to profit. You can't win, if you can't stay in the game. As general advice (and repeating some stuff that has already been said by Pete):
<LI>Get used to a betting unit. 1-2% of your BR is usually a good choice
<LI>Bet flat, 5 unit plays will drain you in the long run.
<LI>Bet straight, parlay cards are a ripoff and for recreational players mostly.
<LI>NEVER lay chalk. Your required percentage of winners must increase greatly, just to make up for the gouged prizes.
<LI>Whenever you can, get the value offered by dog MLs
<LI>Play at reduced juice joints. What you save is what you earn.
<LI>Once you've bet on a game, forget about it. If you are up for a bad beat, you'll never know and you'll never feel like you have to chase your money. (this is just my personal technique to not give in to the chasing temptation)
It seems like it's not fun to manage a bankroll and you're right it isn't. It takes a lot of time and effort and you need to lose the thrill. Just stay cool. And remember (as Heatwave used to say): Sometimes you lose, sometimes you win and sometimes it rains.
Good luck
Lots of good advice has been given here by the General and randyrohm is correct, the first step is to actually have a bankroll. Once you have attained that, you need to remember evry day of your life that BR and the proper management of it is key to profit. You can't win, if you can't stay in the game. As general advice (and repeating some stuff that has already been said by Pete):
<LI>Get used to a betting unit. 1-2% of your BR is usually a good choice
<LI>Bet flat, 5 unit plays will drain you in the long run.
<LI>Bet straight, parlay cards are a ripoff and for recreational players mostly.
<LI>NEVER lay chalk. Your required percentage of winners must increase greatly, just to make up for the gouged prizes.
<LI>Whenever you can, get the value offered by dog MLs
<LI>Play at reduced juice joints. What you save is what you earn.
<LI>Once you've bet on a game, forget about it. If you are up for a bad beat, you'll never know and you'll never feel like you have to chase your money. (this is just my personal technique to not give in to the chasing temptation)
It seems like it's not fun to manage a bankroll and you're right it isn't. It takes a lot of time and effort and you need to lose the thrill. Just stay cool. And remember (as Heatwave used to say): Sometimes you lose, sometimes you win and sometimes it rains.
Good luck
2% of $1500 is the answer.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Three different books is good? I m not interesed in bonuses as much as security with a book. Do you wager the same amount on every game?
<HR></BLOCKQUOTE>
3 outs is fine IMO. I care less for bonuses. I do not wager every game the same. Practice what I say, not what I do
[This message was edited by The General on December 21, 2003 at 06:14 PM.]
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Three different books is good? I m not interesed in bonuses as much as security with a book. Do you wager the same amount on every game?
<HR></BLOCKQUOTE>
3 outs is fine IMO. I care less for bonuses. I do not wager every game the same. Practice what I say, not what I do
[This message was edited by The General on December 21, 2003 at 06:14 PM.]
I'll agree with most of the above. I stick to 1%-2% of bankroll, play within that range for all plays (so you can say I only have 1, 1.5 and 2 unit plays)
When sizing your bets, use your total bankroll, not just what you have in one particular book.
Take advantage of low juice and bonuses.
I think 3 books is too few. I would use at least 5:
at least one sharper book (pinny, 5 dimes, olympic)
1 square book (SIA is best, bodog is also OK)
Then look for a few books with opinionated lines...I recommend Carib
Between these first 3 outs, you should be able to get the best available line at any time. Add in 2 more books that might have something else you are interested in (low juice, bonuses, free half points, etc)
Remember with your %1500 bankroll, you will only be betting $15-30 per game. Don't give into the temptation of making bigger bets because your bankroll is growing too slowly. If you start playing $75-$100 per play on this bankroll you have a good chance of losing it all.
Monitor your bankroll on a weekly and monthly basis and see how you are doing. You need to have the patience to grow it slow.
When sizing your bets, use your total bankroll, not just what you have in one particular book.
Take advantage of low juice and bonuses.
I think 3 books is too few. I would use at least 5:
at least one sharper book (pinny, 5 dimes, olympic)
1 square book (SIA is best, bodog is also OK)
Then look for a few books with opinionated lines...I recommend Carib
Between these first 3 outs, you should be able to get the best available line at any time. Add in 2 more books that might have something else you are interested in (low juice, bonuses, free half points, etc)
Remember with your %1500 bankroll, you will only be betting $15-30 per game. Don't give into the temptation of making bigger bets because your bankroll is growing too slowly. If you start playing $75-$100 per play on this bankroll you have a good chance of losing it all.
Monitor your bankroll on a weekly and monthly basis and see how you are doing. You need to have the patience to grow it slow.
I'm gonna disagree with all of you.
I'd agree with you that have a decent bankroll and MM are very important. Staking strategies are equally important and having fixed 1-2% bankroll bets has one main disadvantage - it dilutes your good bets with average/poor bets.
I have a system where I assign odds to each outcome (my odds) and my stake depends on the difference between my odds and the odds available e.g. if i priced up a game team A +200, team B -200 and i could get +360 on team A, i would put a bigger bet than the same scenario if I could only get +230 on team A.
On saturday I priced a horse at +237 and could get +350 - with my staking strategy and grade of race factoring - I placed a 6.5% bankroll bet - It won, but the key point was the stake was large because there was a big difference between my odds and the odds on offer - indicating a strong bet.
7.5% bankroll is about as big as I ever bet and this may be about 3-4 times a year and average good bets are around 2.5 - 3% bankroll but i bet a lot less often than most of you so I can afford to employ this strategy. This staking plan has shown good profits for 12 years straight so I can't argue with it.
I'd agree with you that have a decent bankroll and MM are very important. Staking strategies are equally important and having fixed 1-2% bankroll bets has one main disadvantage - it dilutes your good bets with average/poor bets.
I have a system where I assign odds to each outcome (my odds) and my stake depends on the difference between my odds and the odds available e.g. if i priced up a game team A +200, team B -200 and i could get +360 on team A, i would put a bigger bet than the same scenario if I could only get +230 on team A.
On saturday I priced a horse at +237 and could get +350 - with my staking strategy and grade of race factoring - I placed a 6.5% bankroll bet - It won, but the key point was the stake was large because there was a big difference between my odds and the odds on offer - indicating a strong bet.
7.5% bankroll is about as big as I ever bet and this may be about 3-4 times a year and average good bets are around 2.5 - 3% bankroll but i bet a lot less often than most of you so I can afford to employ this strategy. This staking plan has shown good profits for 12 years straight so I can't argue with it.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> I have a system where I assign odds to each outcome (my odds) and my stake depends on the difference between my odds and the odds available <HR></BLOCKQUOTE>
That's great if you are advanced enough to understand what you are doing. However, offering this as advice to some one who claims: "my lack of knowledge off how it should be structured" is dangerous at best.
That's great if you are advanced enough to understand what you are doing. However, offering this as advice to some one who claims: "my lack of knowledge off how it should be structured" is dangerous at best.
