I want to bet on sports with a proven money management system. Can someone help me get started?
I want to try a strategy in sports betting because it seems like if you can stay disciplined and stick to a plan, then money can be made. I would like to hear some answers.
- John WLv 79 years agoBest Answer
Search on "Kelly Criterion", "John L Kelly", "Edward O. Thorp", and "Claude Shannon".
It's actually from the field of Information Theory pioneered by Claude Shannon and is the method by which bandwidth is maximized in digital telecommunication. Keep in mind that it depends on your estimate of the actual probabilities of winning be more correct than that on which the payout odds are based. This means that money management in itself isn't enough but you'll also need to set up a decent model to obtain reasonable probabilities or you'll have to subscribe to a simulation service such as accuscore.com (which unfortunately the bookmakers probably subscribe to).
- Anonymous9 years ago
There's plenty of them out there, but Kelly criterion is probably still the most sound...although I'd suggest 1/4 or 1/2 Kelly. I'd also recommend you check out http://www.sports-betting-insights.com/money-manag... . We'll go into quite a bit of detail pertaining to sports betting money management. A solid money management plan is probably the second most important factor to becoming a successful handicapper, but obviously, picking more winners than losers is going to be the most important. Good luck.
- 4 years ago
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- LoisLv 44 years ago
well it depends how much you need this money - how much you have left if you lose it - and what your goal is if your goal is 5,000 you cant be making 5% bets of 35.00 because even if your successful over a season its not gonna happen - your going to have to make bigger moves - its a great recommendation to not bet over 5% on any play - yet I dont think most gamblers can live by that theory also how many games do you like to play? if you like to play under 3 selective games you can play a higher % of your bankroll - if you are an action person and you like to bet lots of games you need to adjust and lower your % instead of a top limit on ONE GAME - cut your bankroll into 4 quarters 175.00 make that your one day limit of what to spend - spend it how you wish - if you like only one game and you feel confident - hammer it - after the day is over - adjust your bankroll depending on if you win or lose - either you will be around 875 or you will be down to 525.00 cut it into 4 again and try again - sometimes daily limits can give you better perspective rather than trying to come up with a magic formula of how much should you bet on one game - most people do not stick to low % of their bankrolls Good Luck:)
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- Anonymous5 years ago
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