Jay you're severely under-capitalized right now, but that can change.
You've got your weekly nut down to bare bones and that is well done on your part. But you can't play with such a short stack in either sports or poker, the 2 best ways to make quick profits in gambling. $60 bets are not gonna cut it with a $700/month nut.
You'll have to consider your $2700 as your gambling bankroll, and I don't even think you can consider dividing it into separate BR's for sports and poker. If you can start off in sports by being very selective, your Kelly BR% could start off at 20%. This is the absolute max any superb sports bettor should ever risk on 1 straight bet. If you can hit right off the bat at 7-3 or 8-2, you could stay at the 20% level (about $550) for another few plays. The 1st time you lose 2 back-to-back you should immediately revert from this $550 flat bet to 15% BR regular Kelly wagering (resize to 15% BR after every bet). The 1st week I would try $150 short poker sessions only after a winning sports day. Remember every week you will have another losing session called rent-and-food.
The idea is to jack your BR up quickly in the 1st 2 or 3 weeks to a more realistic level. Then you can bring the Kelly % down gradually to a more realistic % when you start getting hit with more losses. With your small BR you should prolly try to keep betting at least 7% BR in the next few months. You may reach points where you will have to establish a minimum flat bet of say $300 to stay solvent.
If you lose your 1st 3 or 4 wagers you prolly lookin for a job anyway, so don't back off your Kelly. Good luck and let us know if you need more ideas.
Jay you're severely under-capitalized right now, but that can change.
You've got your weekly nut down to bare bones and that is well done on your part. But you can't play with such a short stack in either sports or poker, the 2 best ways to make quick profits in gambling. $60 bets are not gonna cut it with a $700/month nut.
You'll have to consider your $2700 as your gambling bankroll, and I don't even think you can consider dividing it into separate BR's for sports and poker. If you can start off in sports by being very selective, your Kelly BR% could start off at 20%. This is the absolute max any superb sports bettor should ever risk on 1 straight bet. If you can hit right off the bat at 7-3 or 8-2, you could stay at the 20% level (about $550) for another few plays. The 1st time you lose 2 back-to-back you should immediately revert from this $550 flat bet to 15% BR regular Kelly wagering (resize to 15% BR after every bet). The 1st week I would try $150 short poker sessions only after a winning sports day. Remember every week you will have another losing session called rent-and-food.
The idea is to jack your BR up quickly in the 1st 2 or 3 weeks to a more realistic level. Then you can bring the Kelly % down gradually to a more realistic % when you start getting hit with more losses. With your small BR you should prolly try to keep betting at least 7% BR in the next few months. You may reach points where you will have to establish a minimum flat bet of say $300 to stay solvent.
If you lose your 1st 3 or 4 wagers you prolly lookin for a job anyway, so don't back off your Kelly. Good luck and let us know if you need more ideas.
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