Do people here even have goals? Or are you just betting until you go broke?

[acehistr8]

I have read a few threads recently that got me to thinking, what exactly are people handicapping for? Reading about people betting way over their heads and being threatened with their lives over betting on games. Is it really worth it? This prompted me to wonder, what are your goals here? I would bet (no pun intended) that most of you probably dont have goals. Your goal might be to make enough tonight to bet more tomorrow, or to win enough this month to be able to double your unit next month. People laugh at me when I preach about money management but its hit home recently how few people actually practice it.

I got this email not long ago:

You are up so much for the year, why are you betting such piddling amounts compare to your roll? You could be laying dimes on each game instead you still bet $100 on some games.

My response being that way back in college I went broke once. It sucked. I ate mayonaise and cheese sandwiches for two weeks before my next paycheck. I vowed I would do what I could to never let it happen again. So I am constantly taking cuts out of my bankroll to buy stuff for my girlfriend, pay off bills, or just put away. But regardless, my personal preference is to never have more than 10% of my bankroll at risk on a given night. Thats total. I just wonder, if your bankroll is $500, what are you doing playing 4 - $100 games in one night?

I guess its just depressing to read about the shape some people get themselves in. I have accepted that money management is not for everyone. I dont know why, but some people just dont want to listen to it. If you are successful doing it, then you want to tell everyone to follow it. But I stopped preaching it a long time ago. If people want to listen I am glad to tell what has worked for me. But it is depressing as hell to read these stories knowing that following a few small guidelines you set for yourself means you can literally never go broke.

 

[british bulldog]

You are so right.

Money management is defined to me as " the bettor must manage the money, not the money manage the bettor ".

I was going to post these notes on my community page, I may well yet, but as you've started this thread I am sure you won't mind me chipping in with my thoughts.

The placing of a bet and amount of the stake must be decisions taken in isolation and not based on results of previous bets. How many here at MJ's have gone for a big win in doubles, trebles (multiples) on the last few remaining games of the day if you were winning money on the day, but be happy to go home level if the bet lost. Far worse, how many of you have chased losses by having poorly researched bets with the stake decided by how much cash you had left.

Ask yourself this simple question before you place that bet. "Would I be having this bet if I was in front on the day?". If the answer is yes, find another pursuit to spend your money on, if the answer is no, then you understand and are partly on the ladder of success.

I keep to the same bank roll at all times. My plays are between one and five points, with five points being 2.5% of my bank. Each time my bank increases by 10% I split the money up to pay bills, food and house living expenses, money for the wife, car, insurance, taxes, pension and my own living ex's. This I hope to achieve a minimum of ten times a year.

acehistr8, you are right in what you do. You have geared youself up to allow for the losing run which we all suffer from and still operate at the same level for when the winning run returns. If you increased your stakes, sods law (murphy's) will happen and as sure as light turns to dark the losing run will come along, with reduced stakes after the losses the harder it is to build your bank up to your initial starting level.

You cannot lead a donkey to drink the same as you cannot teach money management to those who dont wish to understand the importance of such matters. That is why you will still be going strong in several years time whilst 90% of the others will be playing for cents instead of $.

 

[Antonio]

Ace i tried bringing up with subject a while back with no response. Its topics like this that most will avoid to read or respond to, to keep from having reality set it Most will never get it, and to those that do congrats. I think alot of monopoly $$$ is played on many forums anyway. Great thread by the way, i wish more would respond

 

[TheShrimp]

My goal is just to bet -- to stay in action.

I have a bankroll built from 0, primarily from poker, online and otherwise. I could replenish it in two weeks if it disappeared, but that wouldn't sit too well with the ole lady.

I don't feel like I have enough of an edge sports betting to risk more than 20-50 bucks per game. Right now I would never be "broke broke" (you just don't do that with a wife and mortgage), but I try to avoid being "gambling broke", that is, re-upping from the "family fund". I've been able to do that for years.

I always have action on something I'm watching, but that's just because I enjoy the game more with something on it. So basically, like I said, my goal is just to bet, avoid running the bankroll into the ground. I've put $150 on a game or fight before but I get just as much enjoyment out of playing it for $20.

$200 bucks is a whole 1/2 PLO buy in and I have a much bigger edge with that $200 playing cards than I do laying it on a game.

 

[Spock]

Great thread.

I treat it like any other investment. Have some sort of target to reach and then work towards it. I have been guilty of putting down a lot of money from bankroll on one game. My team lost by 1 pt in OT but luckily my other two games won to reduce the loss.

Having learnt from that have been sticking to a certain range in terms of % of bankroll.

If I put in $10000 into a mutul fund and it gives me a 10% return and my account is worth $11000 at end of year my actual gain will be around $780 or so after taxes out of the $1000. (50 % of capital gains are taxable in Canada)

In sports betting If i start out with $1000 I would be happy with a return of 10% also. Since no tax on cash money earned in sports betting actual rate of return can be around 7.8 to 8% which will be equal to 10% after tax

Of course much easier in theory than in practice. But if one really makes up their mind and sticks by the gameplan I think one can do well.

I got around 1K profit from $500 bankroll and now taking a break as have more than made up my target.

Forgot to mention - always good to take breaks from time to time to refresh oneself.

Cheers !!!
Live long and Prosper
Spock

 

[djv]

Have alittle fun. Try to make some bucks. You against the odds and the book. It's a fight every week. Been at it 40 years still not broke. But got good advise from my first book about money management. Would be broke if not for that.

 

[StevieD]

I am in it for the long haul I hope. I will not have a great retirement pension and hopefully will learn enough in the next few years to supplement my retirement.
It is something I find fun to do and I am willing to work hard at learning how to handicap. I have come to believe that there is a difference between gambling and handicapping.
I still have a lot to learn but I am picking up great advice from a lot of the cappers on here.
My plays are very small at this time.

 

[buddy]

I do this for one reason and one reason only...

to improve my handicapping.

I keep handwritten records and I review all my wins and losses and take notes.

The confidence in my handicapping has taken a quantum leap since the beginning of the football season, but I am not where I want to be. I'm much closer than ever before, but I have spent an extraordinary amount of time handicapping this year in hopes I can learn enough to reduce the work load in the the future.

I am fascinated with the concept of handicapping college sports. I always have been.

For me, it's a passion, but I have the time to spend doing this.

I enjoy money as much as the next guy, but my primary focus/interest is handicapping and keeping records.

In the future (within two years), I will spend a lot more time on betting strategies, but right now, my time is spent handicapping and continuing to watch if certain outcomes follow certain patterns.

If you can learn to handicap and do it very, very well...the profit side is already settled.

 

[theGibber1]

i am doing this until i go broke:shrug:

 

[Skinar]

I made my first play on the Indiana St - Michigan St game in 1979, Byrd vs Magic. I bet $20, I lost, and I couldn't understand why this bookie wanted $22, hell I only bet $20! I wish I had stopped right there and then.

In the early nineties my goal was to make a living on gaming - instead I went bankrupt. I've told that story a couple time before so I won't go into the details again. I was playing as much as two dimes a game though, it wasn't too unusual for me to lay out $20K in action on an NFL Sunday. I also layed out something like $20K to tout services (I keep meticulous records, always have). In the end, when I surveyed the wreckage to see where I had made my mistakes I found that I had hit 49.9% of my picks which means I couldn't possibly win any money. When you add in the chasing and the touts it became obvious to me why I went bust so dramatically.

SO - now I use a spreadsheet which automatically adjusts the size of my plays depending upon my current bankroll. Also, whenever a predetermined threshold has been reached I take a dividend, reduce the bankroll, and proceed. I started using this system about 3 years ago, I get my picks from the great cappers here at MadJacks (I suck), and as a result I take a $1000 dividend a couple of times a year. Perhaps sometime in the future I may change the dividend threshold and let the bankroll build up. But if I ever start losing sleep over my plays I would immediately go back down in bet size - I'll never live that nightmare again.

On the other hand, I may take theGibber1's outlook and just keep on playing it hard and heavy until it's gone - kind of like farming.

I will say this much, MadJacks place has been a Godsend for me. I honestly believe that if I had not found this place I would still be losing money, even if at a reduced rate. I'll never win back the money I lost I don't think, I'm not trying to do that, I just like to be in action and hopefully win enough money to support my golf habit (now THERE's an expensive hobby).

GLTA

Skinar