With a $10,000 Bankroll, what would your "unit" be?

[LarryTalbot]

congrats on your bankroll, but don't be offended by what I will say next. You better drill the idea of money management or the fluctuating will continue and your "hot" streak will fizzle out. $100 sounds good and flat betting usually gets the best out of you. Continue fluctuating those 300-700 bombs and those big unit plays may not hit. You also put a lot of extra pressure on yourself mentally when things don't start going your way. Eliminate the fluctuation of the wager amounts. As a college kid speaking to another one, I know this is hard to do hno: .

 

[MrJ]

Sorry it's not sexy advice, just that I've 'been there, done that' and it was better when I did some work on the side (not that I'd call it work).

 

[jasin4000]

congrats on your bankroll, but don't be offended by what I will say next. You better drill the idea of money management or the fluctuating will continue and your "hot" streak will fizzle out. $100 sounds good and flat betting usually gets the best out of you. Continue fluctuating those 300-700 bombs and those big unit plays may not hit. You also put a lot of extra pressure on yourself mentally when things don't start going your way. Eliminate the fluctuation of the wager amounts. As a college kid speaking to another one, I know this is hard to do hno: .

I know, It it really hard, atleast for me anyhow, I guess you know how it is. I started tonight. Made 4 $200 bets...went 2-2..

As for the "put pressure on yourself mentally"...happened to me too many times...Losing 4k some nights then having to study for 3 hours for a test.hno:hno:

 

[jasin4000]

Sorry it's not sexy advice, just that I've 'been there, done that' and it was better when I did some work on the side (not that I'd call it work).

Your advice was solid. thanks again, and I will prob. get a little job on the side too.

 

[LarryTalbot]

I've been down in the pipes many times and flat betting is the best thing that has happened to me. I'm still prone to making those stupid "college kid" plays, but at least limiting them is a positive. With the semester starting soon, try to lower your amounts so you don't end up watching each game basket by basket and you can write that awesome paper that pertains to your future occupation (yea right). Good Luck.

 

[AFLGuru]

Jas... I obviously don't know what kind of financial situation you're in, so perhaps I'm making some assumptions that you are a broke ass college kid... but based on what I have figured out about you through the years, I think your money is better spent in investments at your age. Open up a CD. Track some mutual funds. Follow SSI in his quest with commodities. Make that you true MONEY MAKING adventure. Especially with 10K at the age of approximately 18-25... you've got 50+ years left in front of you. That 10K is a big time down payment on a car. Just being real with you.

I actually stopped gambling for a couple months just to right the ship going into AFL season. It's not that I was losing. Just that I, like you, was tired of the fluctuations. It wasn't 4K a day by any means, but it was enough to make it rest more difficult at night. So I'm done until March 1.

When I come back, it's probably going to be w/ around 2K. I am worth probably 15K total with no debt in life to anybody. So from that standpoint, I'm in great shape for a college student. I'm investing $500 a month into CDs and have been doing it for 5 months. My goal is to keep rolling these CDs over and adding to them. I'm picking up on average about 5.5% for 9 months... Not a bad CD rate at all. I want to be able to afford a car with my investments so when I leave college, get married, and start a family, that I have something that will help me do it.

So that's just my 2 cents. 10K is a boat load of money for LIFE. Don't risk it on this. If this is what you truly want to do for your life (and I'm not saying you can't), those opportunities will be there for you later on. Take a $2500 bankroll and make it that 10K and invest the rest of it. You know that investment will still be there later on.

 

[AFLGuru]

Even at 5% APR (and you could find better for certain, especially with that much money), your 10K would be worth $10208.33 by May... it's not much of an improvement, but it's fixed. There's no fluctuation in it whatsoever. If you're 21 and keep rolling that 10K until you're 25, you're talking about $12800.... most would KILL to make $2800 in 4 years of gambling.... this isn't gambling... this is sheer investing.

Now, if you NEED the money and need it (or could need it) immediately, this could pose a problem... but having it offshore is no safer.

 

[Horseshoe]

Jasin, listen to the fellas, Lem Banker's 101, and most other wiseguy's rules too, will tell you .50% to 1% for regular plays..up to 2% wagers are strong plays.

Many wiseguys and sharps have issues with sticking to this discipline thru the ages..they are the ones that go outhouse to penthouse to outhouse,etc..some never to regain their past footings.

I'll be the last to tell you that many BMs and Wiseguys play strictly by those rules, as I've seen the 50%+ to the vast majority in my lifetime, play hand-over-fist, and far beyond that formula in making their career making runs..but they were risking their livelihoods in doing so, and in many cases had the best of it..a best of it that really no longer exists(from varying numbers that no longer exist, credit outs everywhere, the best info, etc..)...they were win or else..sadly sometimes it was else.

Protect your bankroll...sounds easy..but remember even Billy Walters(largely considered the best sportsbettor ever) and Bob Martin(largely considered the best BM ever), amongst others, went broke and needed backing at points in their youth.

 

[jasin4000]

Horseshoe and AFL. GREAT advice. I really appreciate both of you giving great advice.. Is the min. months for a CD 9 months?

 

[AFLGuru]

I've seen banks give CDs for as short as a week and as long as 5 or 10 years (maybe even longer). For your purposes, I'd probably start with something real short term... at least 6 months though. If you invested 5K of that into a CD, you could probably get 5.5% or better just for the 6 months. Once you get into about 18 month or 2 year CDs, your interest rates get much higher.

Right now I've got 7 different CDs... one is maturing soon that was a 5 month CD at 3.25%... I have three 6-month CDs at 5.25% and two 9 month CDs, one at 5.75% and one at 5.35% (rates obviously fluctuate, and at least according to my banker, will probably decline in the near future at least in the short term, but they're fixed from where you got them). My last CD was a 2-year CD that I opened at a terrible time for 4.1% Worst mistake I ever made was that 2-year CD, because that money is tied in there at a lousy interest rate for a long time.

I'll search for some info on Pennsylvania CDs for you...

 

[have2bet]

I think the advice you got here is very sound but, I would like to add one thing on the withdrawel issue what if a betonsports type scenario happens to this kid? I would be devastated if that was my only book. When I was a freshman in College three years ago I hit a $500 "lucky shot" on the TB Lightning to win the cup at 25-1 odds but, it was nerve racking to have that much in there so I decided on how much I should keep in that account and withdrew the rest. This way, you have some spendable money and you don't have to worry about the book going under with that much cash.if you deposited cash most likely I would say take your original deposit out that way if you lose your not out the money you put in. also, school or your"real job" should come first. I did the same thing and stressed out before a test but, once the cash is bet there is no use worrying about it. Sorry for the long post but, I wanted you to have a second opinion but, only you can make that decision. Flat betting is the way to go and don't change your unit size due to "super Bowl" or "big game" hype

 

[billsfan]

Horseshoe and AFL. GREAT advice. I really appreciate both of you giving great advice.. Is the min. months for a CD 9 months?

Risk free CDs I believe have a shorter minimum......5 or 6 months......

 

[AFLGuru]

Just some real quick numbers (you can search for better numbers on your own obviously... check your smaller banks, as they usually have better interest rates... but make sure they're FDIC insured)...

Washington Mutual, minimum deposit $1000

6 months 4.00% APR
12 months 5.10% APR (obviously a promotion)
24 months 4.15% APR
36 months 4.95% APR

Charles Schwab, minimum deposit $2500

3 months 4.99% APR (great number)
6 months 5.16% APR
12 months 5.15% APR

SunTrust offers a 13 month CD at 5.25%, but I'm not sure of the minimum deposit.

Hope this gets you started.

 

[Doug]

If he puts his betting bankroll in CD's, then where is his bankroll to bet with ?

Not the best time of year for it, but I'd try for bonuses if I were him. I've used most of them up myself.

 

[AFLGuru]

I'm actually going to contact Charles Schwab tomorrow... 3 months at 4.99% APR... TERRIFIC number.

 

[AFLGuru]

If he puts his betting bankroll in CD's, then where is his bankroll to bet with ?

Not the best time of year for it, but I'd try for bonuses if I were him. I've used most of them up myself.

I didn't say he had to use the whole 10K. I suggested setting aside $7500 in investments and using the other $2500 to play with. It's not necessarily about how you make money, just whether you make it and how much you make. Like I said, no matter how disciplined we all are, there are tons of people with 10K bankrolls that would love to make $2800 in 4 years.

 

[Antonioli]

I am the conservatives, .2%-.4% is good enough, and in a good month, +5% is doable.

 

[jasin4000]

I'm actually going to contact Charles Schwab tomorrow... 3 months at 4.99% APR... TERRIFIC number.

3-6 months is really what Im looking for, thanks a lot for searching for that for me. Seems to be a good idea. I think I might do a 6 month CD in the next week because I wanted to put some money away for summer anyway..and I might as well make money risk free while I do it.

 

[AFLGuru]

Jasin... If you want to talk about particulars with me, shoot me an email through the mods.

... Or AIM works... I'm up all night (on the night shift at a hotel...)

Just give me your user name (you can delete it real quick... I'll just keep hitting refresh if you want)

 

[Doug]

Don't overbet the remainder then, bet like it's $2500, not 10k, or you might lose that quarter fast.