Anyone have a good plan for money management?

[SprtsCapnGuru]

I have been sports betting for about 5 years now and have had good times and bad times. I tried this thing about a month ago called the $20 Bankroll Builder which didn't have much success....not because of my picks really, but because of my money management. I would like to hear some of your idea's on how you manage your money with sports betting? Do you bet %'s of bankrolls or just set $ amounts on all bets? Just curious on trying to get some idea's for a new "Bankroll Builder" so to speak......

[floridagolfer]

What did you do wrong? Knowing that would be a good first step.

[doublej95]

2-4% of your bankroll per bet is good money management

[Darkside Magick]

alot of the money money management depends on your bankroll....if u are under 5000 then 5% -7.5% per bet is needed as this will aggressivly build it and then the magic of compound interest kicks in

example

Starting Bankroll $1000
Bet Amount (5%) $50
Win Rate 57%
Total Games Bet 60 (2X30days) conservative
# Wins 32
# Losses 24
Total Wins 8
Juice or Vig 10%** 2.4
Net Wins 5.6
Total $$$ Won $280
Total % Increase 28%
Ending Bankroll $1280
** avg vig of -110

then you would set a new bet amount on the ending bankroll 1280/20 = 64 dollars


this is a real conservative example ... but i'm just showing how one can modify this to their own bankroll

[BookieOweMe]

hard to say. you will have upsets that favor you and disappoint you. if you bet a lot keep unit amount low.

[bztips]

If you have any math skills, you should be using the "Kelly criterion" which will maximize the expected growth of your bankroll (or, more practically, a fractional Kelly); just do a search for it in the Handicappers Think Tank forum.

A warning, however: For it to work, you need to know what your statistical edge is on each bet.

[BookieRobber]

i like to only use 5% of my bankroll per betting day not by game...so if i have $500 bankroll equals $25 to bet with that day..its works for me...so if you like 3 games that day you will have $8.33 to wager on each game...

[JR007]

Been betting for 40 years, how much you can afford to lose...no game is worth more than 50 dollars try to set a goal....if you lose 300.00 get out (cut your loses) for the week...win 200.00 or 300.00 get out...greed is the biggest enemy of a gambler......stay away from parleys,teaserplays,action reverses etc..straight bets only..when you win PAY YOUR BILLS

[WlliamWlliam]

alot of the money money management depends on your bankroll....if u are under 5000 then 5% -7.5% per bet is needed as this will aggressivly build it and then the magic of compound interest kicks in

example

Starting Bankroll $1000
Bet Amount (5%) $50
Win Rate 57%
Total Games Bet 60 (2X30days) conservative
# Wins 32
# Losses 24
Total Wins 8
Juice or Vig 10%** 2.4
Net Wins 5.6
Total $$$ Won $280
Total % Increase 28%
Ending Bankroll $1280
** avg vig of -110

then you would set a new bet amount on the ending bankroll 1280/20 = 64 dollars


this is a real conservative example ... but i'm just showing how one can modify this to their own bankroll

Thanks, this was helpful info

[SprtsCapnGuru]

These have been really helpful.....thanks to everyone who contributed!

[D3 Mighty Ducks]

Number 1 rule in my books. Never bet more then you can lose, know a couple of guys that are in the hole.