So here's my personal bailout plan...

[NicksPicks]

Through a series of bad bets when I started and didn't know better, I am now $1000 in the hole.

Currently though Im betting on average 55-60%.

So..

What if I just bet 1000 on an extremely strong play, and if I lose, bet 2000 on another strong play, etc. It would be extremely hard to go like 0-4 if I play the right bets.

I would get access to additional funds through my credit cards which I have roughly 8000 in available credit.

Any thoughts?

[TheLock]

Work on Plan B

Even considering using credit cards to chase losses is awful at best

[TheLock]

Work on Plan B

Even considering using credit cards to chase losses is awful at best

[jtang0701]

agreed. you shouldnt consider your credit cards to chase losses

[NicksPicks]

What's the best strategy for recovery?

[JohnAnthony]

What's the best strategy for recovery?

Discpline, bankroll management, and realizing that it's a marathon - not a sprint.

[blix177]

Nick as weird as it might seem, my late record has been like, 0-5, 6-0, 0-4, 6-0, 0-7. Very streaky, chasing is the wrong way to go. Best strategy to recovery lost fund is to get a job and earn money. You can turn gambling into a job, if you learn how to "Arb, stream bet, bankroll management, and how to do the following with +EV: polish middle, middle, bonus whoring, wong teasers, heavy correlated parlay. But in return you lose the excitement of gambling and this becomes a job.

Also, as you increase your bankroll you get new risk. Cut from book, book stealing your money.

But if you insist on chasing let me know your play, so I can fade. I always find when you HAVE TO WIN, you will lose.

[JohnAnthony]

I always find when you HAVE TO WIN, you will lose.

So, very very, true.

[Sinister Cat]

With 8k available, you can really only afford to go 0-2 before winning (you would have lost 1k on your 1st bet, 2k on your second, before winning a 4k bet just to get your original 1k back).

Better to write it off as the cost of a learning experience and not worry about chasing it.

[NicksPicks]

I'll take your advise guys. The risk of losing all my chase bets is far worse than losing the original 1000. A side question: if my total bankroll is 2000, how big should each unit be on a 1-5 unit system?

[blix177]

Simplist way is 1 unit = 1% of your bankroll. So your value per unit will be very dynamic.

[suicideking08]

Martingale to get out of debt. I like it.

[soxwin]

Here is what works for me , although most say it is too conservative. You will have to treat the time it takes your BR back as a marathon not a sprint as was said earlier.

sticking to a money management system is the key to being a successful sports investor. The $$$ management strategy is very simple , very easy to follow and can be done by anyone no matter what your bankroll is.

make sure your bankroll is money that you do not need!!!!! I can't stress this enough. When you are playing with money you do not need, your thought process is much more relaxed.

1. take your bankroll and divide it by 100. what you get will be your basic base bet which is 1% of your bankroll.

ex ... bankroll = base bet(1%)
........$500 = $5 bet
........$2,000 = $20 bet
........$7,500 = $75 bet
........$20,000 = $200 bet

2. make each bet 1-3% of your bankroll with 3% being reserved for you best bets(or locks).

3. When your bankroll reaches a new plateau then up your bet to keep your bets at 1%

ex... bankroll(start)...next level = new bet(1%)
..........$500=$5.........$600......= $6
..........$600=$6.........$700......= $7
or
.........$2000=$20......$2,250...=$22.50
.........$2250=$22.50..$2,500..=$25.00
or
........$7,500=$75......$8000....=$80.00
........$8,000=$80......$8,500...=$85.00
or
.......$20,000=$200...$21,000...=$210
.......$21,000=$210...$22,000...=$220

admittedly if you start with a small bankroll, it won't seem like it is going up very fast, but hey you didn't need this money to begin with right? You will be surprised at how fast it will go up once you get to each plateau..if you pick winners at a consistent rate. It will take shorter and shorter to get to each new level.

should you go on a losing streak, and it will happen to you, go back down a level only after you lose 15% of your bankroll. Then proceed like you did before. sometimes you have to a step back before going forward.

* when you do cash out remember to keep your bets at 1% of bankroll* if you have a 1500 bankroll and cash out $500, then scale down your bets to $10 once again.

any questions don't hesitate to ask!

good luck and take care

[NicksPicks]

Thx soxwin that's great!

[blix177]

Nick modified the one percent bankroll management a bit. Say you make $60k a year $40k after tax. Having a $2k bankroll represent 2 week of earning. You lose it takes you 2 month to save up that much free cash to replace your bankroll. $20k represents 50% of your income, if you lose it, it will take you 2-3 years to replace your bankroll. So if your bankroll is really big compared to your income, reduce the unit size. Maybe divided your bankroll by 200 or 400. Because you heard of people losing their bankroll.

[NicksPicks]

Nick as weird as it might seem, my late record has been like, 0-5, 6-0, 0-4, 6-0, 0-7. Very streaky, chasing is the wrong way to go. Best strategy to recovery lost fund is to get a job and earn money. You can turn gambling into a job, if you learn how to "Arb, stream bet, bankroll management, and how to do the following with +EV: polish middle, middle, bonus whoring, wong teasers, heavy correlated parlay. But in return you lose the excitement of gambling and this becomes a job.

Also, as you increase your bankroll you get new risk. Cut from book, book stealing your money.

But if you insist on chasing let me know your play, so I can fade. I always find when you HAVE TO WIN, you will lose.

Have you ever reputable book like BetJam steal your money and cut you? If so I'm gonna pull out right now!

[NicksPicks]

Also, what do you guys think about playing only reduced juice wagers like the ones offered at 5dimes?

[CaptainPrice]

but that martingale sounds awful fun...
lol

martingale is not a good long term pln
at first you appear to win but actually over the long haul you lose money A lot faster
if you only do it a few times though the odds probabbly will never catch you, how ever going on a 4 lose streak is too probable

[mintybetmachine]

Can I be your bookie during this bailout plan?

[NicksPicks]

The bailout plan has been scrapped lol. Just trying to figure out the best strategy for consistent winning, that's all.

[JohnAnthony]

The bailout plan has been scrapped lol. Just trying to figure out the best strategy for consistent winning, that's all.

Picking winners and bankroll management are different things. GL!

[the shadow]

Let see, 2000$ bankroll @1% = 20$ per bet. At 5% profit you make 1.00$ per bet. This is not good!!!
For a bankroll like that bet 10%and hope you get lucky.
It takes money to make money!!!

[NicksPicks]

Let see, 2000$ bankroll @1% = 20$ per bet. At 5% profit you make 1.00$ per bet. This is not good!!!
For a bankroll like that bet 10%and hope you get lucky.
It takes money to make money!!!

The way I calculate it is this (according to a $2500 bankroll)

1) Assuming I am winning 55% of my bets
2) I place 100 bets in one month all at -110
3) assume average bet size is $50

a) 55 x 50 = 2750
b) 45 x 50 = 2250

Net Income: $500
Juice: 45 x 5 = $225

GROSS MONTHLY INCOME: $275

Is this correct or am I leaving something out? Please help!

[the shadow]

You are right on. You are playing 2.2% of bankroll.

[Ruifgalmeida]

listen to soxwin said and you will be fine nice one sox , I normaly just go with 1% dont see the point of raising bets or you have value or you dont.

[NicksPicks]

listen to soxwin said and you will be fine nice one sox , I normaly just go with 1% dont see the point of raising bets or you have value or you dont.

Thanks for all your info so far ppl.

[Domestic]

Martingale can be handy when looking to make a profit but not for getting out of debt, trust me.

[NicksPicks]

Speaking of Martingale, isn't that what 3 team progression systems are ?
If so should I stay away from these systems?

[Dunder]

Speaking of Martingale, isn't that what 3 team progression systems are ?
If so should I stay away from these systems?

Slightly different but based on the same principle of "chasing" previous losses.
Such systems are also a bad idea.

[Shelton]

thats not a good idea...but you do what you want

[Busterflywheel]

Work on Plan B

Even considering using credit cards to chase losses is awful at best

Seriously someone does this...I wish I was their book...