• Steven
    111
    Would anyone care to offer up some money management schemes that would work with sports betting? I'm hoping to come up with something similar to Dave's "scalping" technique from GROW YOUR BANKROLL. My problem is all bets that are won are less than even money (when you consider the vig), and I'm not able (well not interested), in watching multiple sporting events and seeing the outcome in order to determine my next bet. I place all the bets in the morning and look at results the next day. And on one day I may have 1 bet, the next day, 3 bets, day after that, 5 bets and then the next day, 2 bets so most of the "classic" money management progressions out there are not suitable for my method of play?

    Any suggestions?
  • Dave Schwartz
    228


    This is the best of all my money management stuff.
    Originally, I designed it for sports betting and it is easily adapted back.

    Horse Market Investing

    It turns you into a stock market investor, moving money in and out of the account, chasing a little when it goes down too fast, and "scraping" when you win too fast.

    BTW, this is my #1 best-seller ever, selling over 15,000 copies.

    In your particular application, you refresh the bankroll after every day - which is really the only thing you can do in sports.
  • Steven
    111
    I was wondering about HMI. I of course owe it and I’ll be reviewing it starting this weekend. Thanks!
  • Dave Schwartz
    228


    Do you have the video as well?
    It shows you how to optimize.
  • Steven
    111
    Yep, got it all.
  • Dave Schwartz
    228


    If you need help with it, the place for that is right here.
  • Steven
    111
    Copy that. And thanks.
  • Conley
    402
    Personally for me in sports betting from my few years doing it full time I will say go stick to the same unit size and never go past that.

    Reason is because you know that your bankroll will be saved and also you are having a good chance to make a profit if you are winning constantly

    If you are just starting out 1 to 1.5% of your bankroll is a good starting point which I am using 1% right now and if I keep winning then (and if you are too) you can move your % up a bit more

    Hope that helps I am going to be doing my selections for NFL along with College Football and College basketball so if there is anything you want help with I can definitely do that!
  • RanchWest
    411


    I usually find that over the long haul coaching makes a lot of difference. What do you think of that approach, generally?
  • Conley
    402
    I usually find that over the long haul coaching makes a lot of difference. What do you think of that approach, generally?RanchWest

    In my expertise I do use coaching stats etc for my handicapping along with the other usual stuff (weather,injuires,important stats,power ratings etc etc) but it has a minimal effect on how that goes into my handicapping for picking teams over one another. The reason is because I do understand that coaching is very important to winning/losing games for a team but focusing too much on that coach will make you think less of the other stats you need to think about and might cost you the game-literally.

    Hope that helps in some sort of way I am still learning but that is what I think
  • RanchWest
    411
    I especially focus on coaches in March Madness.
  • Steven
    111
    Okay, I have completed 100 bets 62 of them for real money. I stopped betting not because I ran out of money, things just got complicated around here when a tree fell on my car last week and totaled it. All bets were made before the event occurred and results were tabulated the next day. Least number of bets in a single day was 0 (or 1 if you want to look at it that way), largest number of bets in one day was 8. I won 58 bets and lost 42 for a 58% win rate. Flat betting an $11 unit, I bet $1100 total, won $580 (58 * 10) and lost $462 (42 * 11) for a flat bet win of $118. I figure this was beginners luck since I don't follow sports at all, but gives me confidence that I can hit at least the 52.5% (?) to break even with the vig.

    Some HMI questions.

    If I bet $11 and win, my return is $21 (the $11 bet plus the $10 win), a loss is -$11. So in the HMI spreadsheet, my bet is $11 (Column D) and my RETURN is $21 (Column G). I had to modify the Single Bets spreadsheet to get this result.

    Now for the life of me, I cannot figure out the Mini-Session spreadsheet, even with the HMI video. If I figure I use 5 bets for a session, do I divide the recommended bet (Column D) by the number of bets to be made EXAMPLE > Recommended bet $40, 5 bets to make, 40/5 = $8 I make 5 - $8 bets
    OR
    Do I use the recommended bet for each of the five bets EXAMPLE > Recommended bet $40, 5 bets to make, 40 x 5 = $200 or 4-$40 bets.

    I just can't seem to get this one right.

    Any help would be appreciated.

    Thanks Gang!
  • Conley
    402
    WOW!

    Hope all is well Steven
  • Steven
    111
    No one was injured, it was just a financial hit. Had to buy a new car.
  • Dave Schwartz
    228


    Oh man.
    Don't actually recall the example.

    But a guess would be that a mini-session just means that you reassess after ___ bets.

    Remember this... the only thing that matters is Start BR and end BR. The bets are sized off the start and the invest decisions are made from the END.

    As far as bet sizing within a session, that's completely up to you. They don't have to be equal bets. Maybe you have level 1,2, and 3 bets - like $10, $20, $47.50.

    Have I understood the question?
    <DANG, FORGOT TO HIT SEND!>
  • RanchWest
    411
    Wow! Sorry that happened, Steven. I recently had a bad car experience, but not THAT bad. My wheel bearings were shot. Turns out on my car it is more expensive than normal to repair.
  • Dave Schwartz
    228
    @Steven

    Wow!
    Just saw the pictures!
    Hope you have a low deductible on your homeowner's insurance.
  • Steven
    111
    We're fine, no one was in the car and yes, old people have low deductibles!
  • Dave Schwartz
    228
    We're fine, no one was in the car and yes, old people have low deductibles!Steven

    Hmm. I'm doing it wrong. I went to higher deductibles.
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