As you already know, the NBA season will be ended in next few days. This is usually the time that I look at my bank roll to see how myself has been doing for whole season. And again I see the negative amount which means I have lost some.
Honestly, I'm pretty good in analyzing and picking right teams/sides in Basketball and Soccer which are two sports that I bet money on. On these two sports, my record of each season always shows that: winning times >>> losing times, but I always lost money at the end. My Money Management is extremely incorrect and terrible.
Money Management is one of the crucial factors of gamblers. Doing right and smart on Money Management can help to become a successful bettor. Thus, it would be great to me or anyone who has the same situation if you can share your experiences or advices on Money Management in sport betting.
Thank you and hope you all enjoy the NBA season. !
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To remove first post, remove entire topic.
Dear all Covers friends,
As you already know, the NBA season will be ended in next few days. This is usually the time that I look at my bank roll to see how myself has been doing for whole season. And again I see the negative amount which means I have lost some.
Honestly, I'm pretty good in analyzing and picking right teams/sides in Basketball and Soccer which are two sports that I bet money on. On these two sports, my record of each season always shows that: winning times >>> losing times, but I always lost money at the end. My Money Management is extremely incorrect and terrible.
Money Management is one of the crucial factors of gamblers. Doing right and smart on Money Management can help to become a successful bettor. Thus, it would be great to me or anyone who has the same situation if you can share your experiences or advices on Money Management in sport betting.
Thank you and hope you all enjoy the NBA season. !
As you already know, the NBA season will be ended in next few days. This is usually the time that I look at my bank roll to see how myself has been doing for whole season. And again I see the negative amount which means I have lost some.
Honestly, I'm pretty good in analyzing and picking right teams/sides in Basketball and Soccer which are two sports that I bet money on. On these two sports, my record of each season always shows that: winning times >>> losing times, but I always lost money at the end. My Money Management is extremely incorrect and terrible.
Money Management is one of the crucial factors of gamblers. Doing right and smart on Money Management can help to become a successful bettor. Thus, it would be great to me or anyone who has the same situation if you can share your experiences or advices on Money Management in sport betting.
Thank you and hope you all enjoy the NBA season. !
VK - you are correct, money management is crucial. You said you have a winning record but always lose money. This tells me you are varying your wagers. Set a flat amount and never vary. I suggest 3-3.5% of your bankroll per play. Discipline, discipline, discipline is a must in wagering. Read this for some more some info: Money Management.
GL
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Quote Originally Posted by VietnamKing:
Dear all Covers friends,
As you already know, the NBA season will be ended in next few days. This is usually the time that I look at my bank roll to see how myself has been doing for whole season. And again I see the negative amount which means I have lost some.
Honestly, I'm pretty good in analyzing and picking right teams/sides in Basketball and Soccer which are two sports that I bet money on. On these two sports, my record of each season always shows that: winning times >>> losing times, but I always lost money at the end. My Money Management is extremely incorrect and terrible.
Money Management is one of the crucial factors of gamblers. Doing right and smart on Money Management can help to become a successful bettor. Thus, it would be great to me or anyone who has the same situation if you can share your experiences or advices on Money Management in sport betting.
Thank you and hope you all enjoy the NBA season. !
VK - you are correct, money management is crucial. You said you have a winning record but always lose money. This tells me you are varying your wagers. Set a flat amount and never vary. I suggest 3-3.5% of your bankroll per play. Discipline, discipline, discipline is a must in wagering. Read this for some more some info: Money Management.
Last advice...this list is posted and referred to daily. Feel free to add to it.
Keys to Success
Discipline, discipline, discipline
Discipline is the #1 rule of handicapping - If you are not disciplined, you will not succeed
Money management - flat betting. Huge plays are for rookies who will be broke in a month
Only play when you have an advantage - find an edge
This is a business and not entertainment
You do not have any favorite team when it comes to handicapping. You do not care who wins as long as you win money
No action plays - this will just burn your bankroll
PATIENCE - there will always be another game
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
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Quote Originally Posted by soulhat:
Last advice...this list is posted and referred to daily. Feel free to add to it.
Keys to Success
Discipline, discipline, discipline
Discipline is the #1 rule of handicapping - If you are not disciplined, you will not succeed
Money management - flat betting. Huge plays are for rookies who will be broke in a month
Only play when you have an advantage - find an edge
This is a business and not entertainment
You do not have any favorite team when it comes to handicapping. You do not care who wins as long as you win money
No action plays - this will just burn your bankroll
PATIENCE - there will always be another game
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
Try to keep your bets between 3-7% of your bankroll.
I do emphasize though that you do your own capping, and that if by some miracle that all the stars align and a bet just looks pure gold, don't be afraid to up the ante to 15%-20%. Sure if you lose, you go in a hole, but these kind of bets should occur about 2-3% of the time.
Experience: Been betting since February with a $400 starting bankroll, and its up 400%.
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Try to keep your bets between 3-7% of your bankroll.
I do emphasize though that you do your own capping, and that if by some miracle that all the stars align and a bet just looks pure gold, don't be afraid to up the ante to 15%-20%. Sure if you lose, you go in a hole, but these kind of bets should occur about 2-3% of the time.
Experience: Been betting since February with a $400 starting bankroll, and its up 400%.
No parlay, no teaser, no fancy play One play per game (I do have problem with this myself) There will be other opportunity to gamble so be patience Don't get emotional. Don't try to make your money back after a losing bet
The first and greatest victory is to conquer self
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No parlay, no teaser, no fancy play One play per game (I do have problem with this myself) There will be other opportunity to gamble so be patience Don't get emotional. Don't try to make your money back after a losing bet
I dont know about everyone else but my money management is pretty simple.
Figure out what 5% of your bank roll is and make that 1 unit. Bet that amount until you have enough in your bankroll to update your bank roll to a new even/nice amount.
example:
Start with a $2,000 bank roll - Make $100 bets till you have $3,000
Then update your bets to $150 till you hit $4,000 and start betting $200 etc.
I normally NEVER bet more than 1 unit on ANY game no matter how confident I am on it. Changing your bets frequently adds entirely too much variation to this process. Keep things consistant because it enables you to be able to accurately gauge your success a lot easier.
The only time I will bet more is during a hedge (if I have more than one bet on a game IE: full game + live) or on something rare like the Superbowl for fun.
I have made some nice money by doing this.
I hope this helps
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I dont know about everyone else but my money management is pretty simple.
Figure out what 5% of your bank roll is and make that 1 unit. Bet that amount until you have enough in your bankroll to update your bank roll to a new even/nice amount.
example:
Start with a $2,000 bank roll - Make $100 bets till you have $3,000
Then update your bets to $150 till you hit $4,000 and start betting $200 etc.
I normally NEVER bet more than 1 unit on ANY game no matter how confident I am on it. Changing your bets frequently adds entirely too much variation to this process. Keep things consistant because it enables you to be able to accurately gauge your success a lot easier.
The only time I will bet more is during a hedge (if I have more than one bet on a game IE: full game + live) or on something rare like the Superbowl for fun.
Don't be greedy and too confident on a game. As every body said here, be disciplined. You may not win much but you also may not lose a lot, and don't chase your money. Only straight bets. CloserX and some people here had very good answers for money management. good luck.
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Don't be greedy and too confident on a game. As every body said here, be disciplined. You may not win much but you also may not lose a lot, and don't chase your money. Only straight bets. CloserX and some people here had very good answers for money management. good luck.
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
I think it should be the opposite way around, when things are going good and you are winning up the ante, if you are on a losing streak cut back on the play sizes to limit your losses.
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Quote Originally Posted by VietnamKing:
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
I think it should be the opposite way around, when things are going good and you are winning up the ante, if you are on a losing streak cut back on the play sizes to limit your losses.
Also notice if you strictly kept the same wager size over the course of a season you would be in the plus most likely since you stated you had more wins than losses. As long as you can get above 53%ish you will make money flat betting.
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Also notice if you strictly kept the same wager size over the course of a season you would be in the plus most likely since you stated you had more wins than losses. As long as you can get above 53%ish you will make money flat betting.
Start off real strong by following this awesome capper/author dude named SarahJPhilli. He likely would advise you to put your entire bankroll on his boyfriend at +250 or more to win the series MVP after he leads his team to win the NBA Finals.
His boyfriend's name is "Hail to the Queen" LeBlah "Choke Artist" Jamie. He occassionally plays for this team in Cuba called Miami "Take a Sheat" Heat.
Good luck.
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Start off real strong by following this awesome capper/author dude named SarahJPhilli. He likely would advise you to put your entire bankroll on his boyfriend at +250 or more to win the series MVP after he leads his team to win the NBA Finals.
His boyfriend's name is "Hail to the Queen" LeBlah "Choke Artist" Jamie. He occassionally plays for this team in Cuba called Miami "Take a Sheat" Heat.
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
Don't sweat the losses and don't try and get it all back in one play. You've said you always finish the season with more wins than losses and as long as you aren't playing big moneyline faves, you should be plus money.
You will go through periods where you will lose 5, 6, 7 or more plays in a row. Everyone does, no exceptions. The most difficult part is to stay disciplined during this streak. Do not chase the losses and do not make large plays to 'get back even'. Stick to your plan of money management and eventually you will go on a win streak that will get you back to even and then plus money.
You've stumbled on the secret of long term wagering in my opinon. It's how you act after the losses that impacts you as a gambler. I actually have a 5 year plan that I follow so I could care less if I lose 1-2 units for the week. Diligently track your results (ideally in a spreadsheet) so you can always review your progress. It's true in business and in wagering...if you can't track it, you can't manage it.
Good luck on your plays and stick to the plan ;)
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Quote Originally Posted by VietnamKing:
Thanks a lot Soulhat. And 1 more thing, I always wage bigger and bigger after few loses, but wage smaller after wins. I think I need to learn how to control and be discipline.
Don't sweat the losses and don't try and get it all back in one play. You've said you always finish the season with more wins than losses and as long as you aren't playing big moneyline faves, you should be plus money.
You will go through periods where you will lose 5, 6, 7 or more plays in a row. Everyone does, no exceptions. The most difficult part is to stay disciplined during this streak. Do not chase the losses and do not make large plays to 'get back even'. Stick to your plan of money management and eventually you will go on a win streak that will get you back to even and then plus money.
You've stumbled on the secret of long term wagering in my opinon. It's how you act after the losses that impacts you as a gambler. I actually have a 5 year plan that I follow so I could care less if I lose 1-2 units for the week. Diligently track your results (ideally in a spreadsheet) so you can always review your progress. It's true in business and in wagering...if you can't track it, you can't manage it.
Try to keep your bets between 3-7% of your bankroll.
I do emphasize though that you do your own capping, and that if by some miracle that all the stars align and a bet just looks pure gold, don't be afraid to up the ante to 15%-20%. Sure if you lose, you go in a hole, but these kind of bets should occur about 2-3% of the time.
Experience: Been betting since February with a $400 starting bankroll, and its up 400%.
Great job! This kind of result always goes overlooked on Covers but definitely deserves recognition.
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Quote Originally Posted by OUfanAP12:
Try to keep your bets between 3-7% of your bankroll.
I do emphasize though that you do your own capping, and that if by some miracle that all the stars align and a bet just looks pure gold, don't be afraid to up the ante to 15%-20%. Sure if you lose, you go in a hole, but these kind of bets should occur about 2-3% of the time.
Experience: Been betting since February with a $400 starting bankroll, and its up 400%.
Great job! This kind of result always goes overlooked on Covers but definitely deserves recognition.
I'd echo the sentiments above. The thing to really try and avoid is the great play that can't lose so you bet more than normal on it. We've all been guilty of it at times even though we know better. But if you can avoid that trap consistently you should be in pretty good shape.
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I'd echo the sentiments above. The thing to really try and avoid is the great play that can't lose so you bet more than normal on it. We've all been guilty of it at times even though we know better. But if you can avoid that trap consistently you should be in pretty good shape.
Im gonna be completely honest with bro. The sport does not matter in betting. All that matters is figuring out inconsistencies in line. If you do not look at players or coaches you will be better off. All of this common and provided information is already factored into the price of the line. If anything, you would want to use this against betting a spread. for instance, if you know that Coach K doesnt lose big games against UNC at home, I would simply bet UNC off principle.
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Im gonna be completely honest with bro. The sport does not matter in betting. All that matters is figuring out inconsistencies in line. If you do not look at players or coaches you will be better off. All of this common and provided information is already factored into the price of the line. If anything, you would want to use this against betting a spread. for instance, if you know that Coach K doesnt lose big games against UNC at home, I would simply bet UNC off principle.
Don't sweat the losses and don't try and get it all back in one play. You've said you always finish the season with more wins than losses and as long as you aren't playing big moneyline faves, you should be plus money.
You will go through periods where you will lose 5, 6, 7 or more plays in a row. Everyone does, no exceptions. The most difficult part is to stay disciplined during this streak. Do not chase the losses and do not make large plays to 'get back even'. Stick to your plan of money management and eventually you will go on a win streak that will get you back to even and then plus money.
You've stumbled on the secret of long term wagering in my opinon. It's how you act after the losses that impacts you as a gambler. I actually have a 5 year plan that I follow so I could care less if I lose 1-2 units for the week. Diligently track your results (ideally in a spreadsheet) so you can always review your progress. It's true in business and in wagering...if you can't track it, you can't manage it.
Good luck on your plays and stick to the plan ;)
I went 0-5 on April 8th in one day alone.
Many people when they start falling behind like that they will panic and increase the sizes of their next plays (like you said), this is not a very good strategy in my opinion because if you are trying to chase your losses, you are essentially looking for plays you probably have no business playing.
You can't let days like that get to you because there will be days you go 5-0 (or better). You gotta remember that even the best players will go on huge losing streaks and understand losing is part of the game.
Losses are good in a way - it is a learning experience to help you to prevent making the same mistakes.
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Quote Originally Posted by soulhat:
Don't sweat the losses and don't try and get it all back in one play. You've said you always finish the season with more wins than losses and as long as you aren't playing big moneyline faves, you should be plus money.
You will go through periods where you will lose 5, 6, 7 or more plays in a row. Everyone does, no exceptions. The most difficult part is to stay disciplined during this streak. Do not chase the losses and do not make large plays to 'get back even'. Stick to your plan of money management and eventually you will go on a win streak that will get you back to even and then plus money.
You've stumbled on the secret of long term wagering in my opinon. It's how you act after the losses that impacts you as a gambler. I actually have a 5 year plan that I follow so I could care less if I lose 1-2 units for the week. Diligently track your results (ideally in a spreadsheet) so you can always review your progress. It's true in business and in wagering...if you can't track it, you can't manage it.
Good luck on your plays and stick to the plan ;)
I went 0-5 on April 8th in one day alone.
Many people when they start falling behind like that they will panic and increase the sizes of their next plays (like you said), this is not a very good strategy in my opinion because if you are trying to chase your losses, you are essentially looking for plays you probably have no business playing.
You can't let days like that get to you because there will be days you go 5-0 (or better). You gotta remember that even the best players will go on huge losing streaks and understand losing is part of the game.
Losses are good in a way - it is a learning experience to help you to prevent making the same mistakes.
I was told that good moneymanagement for betting sports is to bet a consistent dollar amount- let's say $100 a bet. And I was also told that to be profitable, you have to win about 55% of your bets (not sure at what juice but I would assume -105 to -110). With those two being said, you are suppose to make a profit- rough math would be about 5% profit from all your bets. So if you bet a total of $100k throughout the year, I would assume you would win about $50k give or take.
Here's the catch I think- not many people win over 55%.
I see this game like a card game. If you were cold should you keep betting the same amount? Sure or less. If you were hot, would you bet the same amount? Heck no- any card player would tell you if you are hot you should push it- add another 10% or so more to your original bet.
All in all, I think you should push your luck and add a few more percent to your bet (just like some players say bet 3-6% of your bank roll)- so instead of betting the usual 3%, why not bet the 5-6% until you lose then you can go all the way down to the usual 3% bet.
All in all, easy to say but tough to do. Most gamblers are bad gamblers because they are scared. They win a little and tighten up and go into protection mode to protect their winnings so they bet less when they are hot and win they are losing, they bet more out of rage to try to get their winnings back- recipe for a consistent losing player in any type of gambling if you ask me.
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I was told that good moneymanagement for betting sports is to bet a consistent dollar amount- let's say $100 a bet. And I was also told that to be profitable, you have to win about 55% of your bets (not sure at what juice but I would assume -105 to -110). With those two being said, you are suppose to make a profit- rough math would be about 5% profit from all your bets. So if you bet a total of $100k throughout the year, I would assume you would win about $50k give or take.
Here's the catch I think- not many people win over 55%.
I see this game like a card game. If you were cold should you keep betting the same amount? Sure or less. If you were hot, would you bet the same amount? Heck no- any card player would tell you if you are hot you should push it- add another 10% or so more to your original bet.
All in all, I think you should push your luck and add a few more percent to your bet (just like some players say bet 3-6% of your bank roll)- so instead of betting the usual 3%, why not bet the 5-6% until you lose then you can go all the way down to the usual 3% bet.
All in all, easy to say but tough to do. Most gamblers are bad gamblers because they are scared. They win a little and tighten up and go into protection mode to protect their winnings so they bet less when they are hot and win they are losing, they bet more out of rage to try to get their winnings back- recipe for a consistent losing player in any type of gambling if you ask me.
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