Weighing Bets

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S-Love

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We've all read at one time or another that one fundamental to successful money management is to always bet the same % of your BR on every play. While I don't want to debate that theory, I will say that most cappers I see posting do not use that money management principle. What I really wanted to discuss is how one determines the differnet weights of their wagers.

One could assume that weight is derived from the expectancy range a wager will be successful. For example, using a 1,2,3 star system, maybe 1*'s are expected to hit 53-55%, 2* in the 56-59%, and 3* are 60% and higher.

I am curious to hear how other cappers weigh their bets and what types of factors they use in assigning these weights.
 

PerpetualCzech

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I started a thread a few months ago on this subject and rather than repeat it I will just post the link for you:

http://www.madjacksports.com/forum/showthread.php?s=&threadid=37879

I *will* debate the "flat bet" theory and it is certainly wrong. If you have a bigger edge in the odds that are offered to you then you should be betting a bigger portion of your bankroll on it. Kelly Betting provides a good guide for how much this should change as your edge changes, but as I mention in the other thread, I believe the percentage of your bankroll that it suggests betting is too high when it comes to sports handicapping.
 

ndnfan

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Personally, I don't like varying the size of the wager too much. I more or less feel if you like and think it's worth put and cash on it, why worry about it if its 1*2*3* 4* or 5*?? There's just too many times that shear fickle fate takes over the game and you have no capping control over the outcome. I've tried it in the past and just found myself giving away 5 units on one game after winning say 3 or 4 straight smaller plays. If the teams are lopsided enough at what I look at, I play them....favorites of course have to be more lopsided than the dogs. But I also think it's tougher to find nice dogs when capping a sport like baseball. I know a lot of people will beg to differ with me on that, but it's just my opinion.

I play strickly 2.5% of my starting bankroll(1 unit) per play, occassionally I will play 5%(2 units) if the game is really lopsided as far as all the angles and information I use.

I do however allow the size of my wager to go up if I'm doing well. The amount of the unit gets raised at every 20 unit interval. For example, when I hit 20 units to the good, I then lay 2.5% of what the bankroll is at the 20 unit mark. I will also do the same thing at the 40 unit mark and so forth If I ever get there. If I dip below those marks I go back to the old wager sizes. Just helps you maximize your profit.

Flat betting?? I don't know, I just simply play to win a unit on the favorites and lay a unit on the dogs.....never had a problem doing it that way.

Just my .02
 

Progno

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If you are going to keep your betting amount the same each play, then is there an easy system for determining when the odds are too high for your play. For instance, if Pedro is -250, even if it is a good bet because he is playing a trash team, isnt it not worthwhile for this play because if it does lose, you have to make it up with 2.5 or more wins depending on what your odds are on the other wins.

In other words, what I am asking is should you set a limit for the odds or simply raise your bet to match the increased odds?
 

dngu047

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Progno, it just depends on how often you think they can win. For example, if you think they can win 5 times out of every 6 games then it's a great bet.
 

Mr.

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When I play large lines (which I try not to do too often), I play with a smaller unit. More like the "wager the unit, rather than play to win the unit" angle Nick Douglas wrote up once. (Thanks Nick).....Now I play my bets on a 10 unit basis.....

Wager + To Win = 10

it seems to be working for me:shrug:
 

MadJack

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i mostly keep all my wagers the same and at around 1% of my BR per play. i will step it up on occasion and play 2% on all the games i play for a week or two, depending if i'm in a nice groove.

gambling, for me anyway, is very streaky, so i try to stay conservative with my bets.

on a rare occasion, like maybe 8 times this whole baseball season, i had 4 plays at 1% and 1 play at 2% on the same day, but i've found that a game either qualifies for a bet or it doesn't. why vary the size, because it always seems to happen; the large wager will be the loser even though i THOUGHT it was a stronger play.

this ain't 'get rich quick' but it CAN be 'get poor quick' if you don't watch out. been there and done that so many times i hope i learned my lessons.

here's one real stupid thing i did 2 years ago on a college football saturday (gotta watch what the beer does to your mind on these days). i went 4-1 early in the day betting nickels and had a nickel on kentucky -3.5. well, it was about 730 and the game was about to go off and it was televised. a strong bet, i thought. what the hell.......i added 3 dimes to the bet and now had kentucky -3.5 for 3850/3500. gonna be a great day, right? WRONG! kentucky won by 3. UGH -- the memories.

alcohol did it again in vegas 2 years ago when the ravens played the giants in the superbowl. i had a futures bet of 200 to win 2400 on the ravens already but about 3 hours before the game i called mickey at cris and asked how much i could bet. he said "whatever you want", so i played the ravens for 3000 more. then, i called bob at wagerstreet and asked HIM how much i could bet. same answer, so i proceded to bet 3000 more there. now, i have 6800 bet to win 8400, the most i EVER played on a single game in my life. well, you know the result :D

and, an EASY win at that!

THAT time, alcohol was good to me. i even played the ravens for a nickel at half :D

ah....the GOOD memories :D
 

kcwolf

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I really hate getting back to this subject, but I have very strong opinions on this subject.

First off, I would like to preface the straight wager, on every play, as the only way to go if you are a novice.

Not interested in addressing followers, your not a novice, just playing with fire, don't care who you follow. This forum provides some great people to follow, no doubt, but wouldn't you get more satisfaction learning to handicap for yourself?

Definition of a novice:

A novice learns how to initially breakdown games on his own. All plays SHOULD BE THE SAME!. Your learning curve depends on the size of your bankroll, to some degree. We all agree a novice should play 1% of his bankroll, per play - maybe 2% per play. I still like that percentage, playing for more years than you want to know.

Most people don't have the discipline to get past the 'learning curve" before losing their bankroll. Back to the previous paragraph, I'll be blunt. Wagering the same amount on each play, conservatively, and doing all the homework, will give you an indication as to whether you might be successful over the long haul. If you consistently lose, wagering the same amount, run fast! Your handicapping abilities are bogus, work harder to learn or give it up forever!

If you have mastered this "learning curve" (I put no time limit on it, as it is different for everyone), you are ready to start rating plays, on key elements, each night you play.

Going to go backward one more time. This thread does not imply anything derogatory to flat bettors who know what they are doing. Definately less risk in the flat bet approach.

My mentor has always preached rating your plays to be a successful full-time gambler, but you better be good at it. Guess I'm talking about maximizing your profits, a much better terminology. To be blunt one more time, my mentor has said " those that wager the same on every play will lose over the long haul. Certainly not the case with numerous fine cappers on this forum!

In rating plays, you must first be successful (long term!) at finding the criteria. My criteria may involve 15-20 points, or more, per play. I'm the biggest idiot on the forum many times, I must add. A risk I take for rating plays, a risk you need to downplay on those 4-2 nights when you lose money. It will happen, several times over 12 months. But if you learn to be consistent at it, the rewards are fun. Many 2-3 days, 2-4 days for a profit.

The other thing to consider, and I work at it all the time. Why play anthing but your best plays? Not sure how to answer that. Only going to say I'm a streak player, and love the 8-1's on three different bets. Hard to explain.

In closing, may devulge a little more on this subject in the future. Just seems everytime I do, less willing to be a part of any internet site, it just gets too into defamation of charactor instead of trying to learn from one another.

gl!

kcwolf
 
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