Paying Yourself from the Sports Betting Biz

jolmscheid · 07-17-10, 03:52 PM

Again, I am not saying that I will make a living off of betting, but I am looking for just a solid plan of how I could get a side salary from my betting in the future!

Chi_archie · 07-17-10, 03:53 PM

its a roller coaster that does not pay attention to calenders, wallets, ect..... everyone has different bankroll management styles..... and I think that is where the question has to originate....

GonzosDirtyTrail · 07-17-10, 05:01 PM

I'm by no means "rich," nor do I live off betting currently, but I tend to pay myself out any time I hit 500 to 1000 over my bankroll. This serves the purpose of keeping money in my pocket and avoiding having it all in my betting account when I get overconfident about a game I've capped.

Waz · 07-17-10, 05:44 PM

You first have to establish that you definitely have an edge and can win consistently, which will take a very large sample size to prove. Assuming you have that, then paying yourself is obviously important. I don't like leaving too much money offshore, especially at one given book. I like to spread my money around my outs in the same proportion of the level of volume I have at each book. For example, if I make 60% of my plays at Matchbook, then I like to have close to 60% of my money there. When I get more than I need at a book, I either move it to another book that is low proportionally, or I pull it out completely. You will also want to pay close attention to withdrawal rules at each book, which will save you money in the long run.

GELATINOUS CUBE · 07-17-10, 07:01 PM

I-TAKE-OUT-WHATEVER-ELSE/
AFTER-I-HAVE-MORE-THAN-I'D-BE-COMFORTABLE-BETTING-IN-MY-ACCOUNT
IF-ONLINE-BOOKS-TOOK-MY-BETS

Tony G · 07-17-10, 07:59 PM

Well I don't pay myself per say, I will take a portion at the end of my betting cycle which is from the start of the football season thru the end of the NBA season and I will upgrade my handicapping tools this past season I upgraded my computer system, added triple monitors, added a net book and added a 20" HDTV to my handicapping area, I also use the funds to take a trip to Vegas once a year.

I only bet with locals so I collect or pay weekly and the winnings/losses all come from my betting account, so I guess my handicapping is ran as a business. I never use any personal funds to bet with, so I guess it's up to you to handle it the way you feel suites your needs.

iceminers26 · 07-17-10, 08:16 PM

Originally posted by jolmscheid

Ok everyone...now I am not at the point where I can withdraw money from my sportsbooks on a regular basis but it is definitely a goal of mine! SO....I am asking for those who treat their sports betting as a business, how you "Pay" yourselves from your winnings? Do you take a payout once a month for a set salary? Do you pay yourself % of winnings? etc.. I am looking for future reference in how I could treat my wagering as a business and be able to pay myself a certain amount while still having my bankroll grow steadily... Thoughts Please! Thank You

Assuming you are winning on a consistent basis, week in and week out:

First off, how many books are you using? If you are only using 1 book than you should only withdraw once per month because that is the total amount of free payouts you can get from a book in that time frame. Therefore in this case the answer would be monthly.

However if you are using several books, say 4, than you could withdraw weekly alternating between the books. You would not even have to win at a certain book because say you keep winning big at one book, you could always do a book to book transfer to one of the ones you have not yet withdrew from that month becasuse B2B transfers are usually free.

eidolon · 07-17-10, 08:31 PM

what Tony said is a good idea. Or you can do something like take out 5% every month, more/less.

mrmarket · 07-17-10, 08:36 PM

How much money should I withdrawal from my retirement account once it hits a million dollars? It hasn't reached a million dollars yet but I'm curious.

poker_dummy101 · 07-17-10, 08:41 PM

go all in each month, win, then withdraw half of that for your salary. only need 12 wins in a year. if you cant, start flippin burgers

ur welcome

THE PROFIT · 07-17-10, 08:45 PM

Every time I make $1,000, whether its in a day, weekend, week, month, I withdraw. I spend it on hookers, cocaine, limos, and drinks, and the rest I just waste

GonzosDirtyTrail · 07-17-10, 09:49 PM

Originally posted by THE PROFIT

Every time I make $1,000, whether its in a day, weekend, week, month, I withdraw. I spend it on hookers, cocaine, limos, and drinks, and the rest I just waste

This rule saves me a lot of headaches. The good thing for me is that this money is above what I make doing my daily work, so it's not budgeted.