Topic: Bankroll management - Don't go bust all the time (Read 1741 times)

You are right in that, I'm not addicted to gambling and I highly doubt that everybody on these boards is really addicted. You are also right in that I probably didn't think about the ones that are really addicted and I also don't think anything will work for them except for not betting anymore at all.

This advice was meant for what I thought was the majority of people, that every now and then do some gambling for fun and want to make the maximum out of their money.

That is possible with any type of strategy cause it depends on the guy's mental health.He need to stop or lose all.

Exactly.People just need money as fast as possible and because it's all based on luck not all succeed to prioritize.

This is great advice, and in theory I know it all. Like others have stated, emotions are tightly coupled with the highs and lows, and my downfall is two fold:

1) When on a winning streak, I start thinking about it like it's guaranteed free money
2) When on a losing streak, I panic and chase losses

There's been a number of times I've mentally kicked myself after busting another deposit and muttering to myself "I should have just withdrawn". Gambling is both a science and an art. Success at dice is less important than success at managing emotions.

Well you sound like you might not be addicted to gambling, but I mean in a broader sense that your audience here consists of a lot of folks who are addicted and who therefore couldn't manage emotions or strategy.

For me, I don't trust myself when it comes to the reward center of my brain.  Any time it gets activated, I want MORE.  I'm afraid if I actually won something, I'd lose everything.  LOL

Ofcourse in the long run you will lose, but never everything if you adopt this strategy. Remember the house edge is mostly 0.5% so that is what you will lose in the long run on your total amount that was bet. If you adjust your bet size after losing several times, you make sure that this % is lost over a smaller amount than before.

The thing about gambling is that you can hit a lucky streak and when this happens it is important that you are prepared for it and know what to do. The same goes for that losing streak.

As mentioned, tilt is something you don't want, as this will always result in you losing everything.

You first estimated a max bet value and that was 1-2% of the bankroll but then again you advised the gambler to re-adjust that to the 1-2% of the bankroll left after losing/wining the session and that is what i think is not helpful.

If you do straight betting without any variation then there is a 100% chance that you will lose everything.Ignoring all of this there is still nothing that can help people win or not lose much,it's just like getting killed by a gun over a knife.

I think he means to say that when the first time you have bet 1-2% of the value and if you lose the bet and again bet 1-2% of the new deducted value, in that way you are only losing as you are now risking the remaining 98% of your investment amount which will keep reducing everytime and then it will be 96, 94, 92 and so on. I can be wrong though.

Everything is easier set than done, when a player goes on "tilt" all of the above goes out the window, its hard to win when emotions are involved that is why bankroll management is so important
does anyone know how to overcome tilt

I agree with most of your points mentioned but I doubt most of the gambler who are addicted to the game would adopt this strategy. Usually I've seen my friends investing 50% or more in their bets and even if they lose, they never stop. I can adopt your method of investing 0.01-0.02 at a time but with sports betting, I would need to invest more.

Yeah it is asked before but people dont care about it. All they care is all about how to win it without good management of their bankroll. Without a good discipline you can't even manage your income and outcome though because gambling is hard to predict, sometimes you will win big, win small, lose big and lose small. All of it is matter of luck though, so if you can control it you will appriciate the value of money

This has already been spoken before when they were asked how to bet safely.Money management techniques turned out to be one of the best and most crucial skills than luck or game or probability of the winning. We may agree with the actual gamblers slogans of "Its not the cards,its the players" who can plot twist a losing game.

Ofcourse it is nice to do the Yolo approach every now and then, but you want to avoid this when playing for serious coin. Bankroll management is mainly for people that are serious gamblers and want to be able to keep going for as long as possible without going bust. They want to lower the risk by reducing the potential reward, but making sure variance will never get to you. You need to really want to become in control before you can implement a system like this, as it takes effot and discipline.


Not really. That only protects you from betting your entire bankroll in one go. It does make you bet the same sized bets all the time, or if you set it to 20% you can still bet more than your maximum of 1-2% per bet. This is something you have to do for yourself.


That's a massive generalization. With this attitude you will always be a loser. After winning that single bet you probably place a second and a third untill you lose it all.

You said it right that dice games are more prone to losses while the risk is less when we bet on sports. I also have managed my investments by betting on cricket matches only as with dice I lost over 0.25 BTC as you can't really predict what is a winning bet.

Not really sure what you are trying to say there. What I meant was that you have to readjust the bet size every now and then to reflect your new bankroll size.

Also I don't say that you need to bet 1-2% of your bankroll. It is the maximum sized bet you should ever make to avoid going bust in seconds.

Finally, I would not vary the bey sizes in one gambling session. This is to avoid that by chance you are winning the bets where you bet small and lose the ones where you bet big. By varying you increase the variance, which is something you don't want.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

Every "smart" gambler should know the basics of bankroll management unless they really dont care if they win or loose. I have spent a lot of time on gambling sites and it seems that most players have no idea what it means or dont have the patience and discipline to follow the simple steps. The points you mentioned are all valid and its the only "safe" way to play. Still sometimes the "Yolo" approach is better, just let it ride and see where it takes you, all about how one likes to play.

Everyone sure addicted to gambling because of its easy money but you have to control yourself and fully addicted because that will not have a good thing on you. You need to set some limit too on how much you will lose and win per day. This will help you maintain your balance and minimizing your loss too

Yeah, with dice you win/lose a lot in a matter of seconds and this is why it is somewhat hard to control, and I have learned to control myself to some extent, but every now and then after big rows of red, I sometime make this, what I call "fuck you dice!" bet and then its over, I have so far won like 2 times out of 20 of those bets.

Bankroll management is the most important thing in gambling , even if the person is so good he will not succeed without managing his roll
even in normal life there is a bankroll management and without it we will see people keep borrowing money from each others
for me I play 9max STTs , and I don't play games if I don't have 100 BIs at least     

I like to suggest JetWin as a Bitcoin casino/sportbook:

You can set max weekly spending/loosing limits: so your bank management is fully automated!

The only thing I do with my bankroll to avoid loses is everytime I have already double it, I will withdraw my initial bankroll an just continue to play with the profit I already got and then when once agai it got doubled, I will withdraw half o it. This is by far the bet thing I ever do. I have panic betting issue so I always try to withdraw atleast half o every bankroll to atleast get something from the time I gave in gambling.

You're absolutely right, but if we can't bankroll management, we might lose the BTC stored in bankroll, because sometimes if we lose the game we certainly want to play again and another until we lose or lose all of the funds is in bankroll. He made this thread intends to help those of us who have these properties, so we can better control our emotions when anger or control the gluttony

If you gamble you are greedy, so just fck the strategies. Take what you can lose, make a single bet. If you are really lucky you will win, otherwise you will lose and then go home.

Agreed, although we have set our goals before start gambling we will eventually forget it on the process. Self control is the main part of bankroll management imo.

Very nice post and very interesting. You do have a very mature thinking to do something. seen from you give an advice in order for me and they are not forced to put all BTC in bankroll, because that could make me and they lose all BTC in a very short time. I will follow your advice

Very nice post this is also what ive been doing when im betting on sports by not going all in but by betting little amount of my bankroll.

Thanks for all the nice comments all! Glad you appreciate the effort that went into writing this up.

Do note that I have written this from experience in poker, not from a gambling standpoint. For sports betting it will work for sure, but for gambling as some have said, in the long run you will always lose. By incorporating a system like this in your gambling, you are going to be less likely to go bust on bad judgement calls and if you happen to catch an upswing, you may acutally cash out instead of going for the jackpot again.


True. However, when I first started playing poker, emotions were also all over the place. A bad beat can get you trippin and lose another stack or 2 because you want to win it back. Once I started reading up and using proper strategy and bankroll management I went from losing money to break even and eventually winning winning. When you see the success with the strategies, it is easier to stick to as well.

I am addicted to gambling and anytime I gamble and lose, I always want to recover what I have lost. By so doing, you end up losing what you have set aside.

very interesting, you have a very impressive experience and made me want to follow what you have done for mengamanan my funds in the Bankroll and prevent for the loss of the funds I have + the way you that also for control of emotional we sometimes if lost the gamble will surely do bet all remaining funds .

Always a success for all of us

That's awesome that you took the time to get this posted. Believe it or not I see sports bettors all the time have 0 idea what bankroll management is all about, and let their emotions get in the way so much that they blow their entire roll on what is supposed to be a lock. I have been using a similar bank roll strategy since I started sports betting and haven't went bust yet. I think if you use proper bankroll management its hard to actually go bust.

Gambling is driven so much by emotion, especially when the gambler has a gambling addiction, or problem gambling, or what have you.  And I think that's a large proportion of gamblers.  It's like telling an alcoholic good ways to cut down on your drinking.  If people realized that even a small house edge makes them losers in the end, always, they wouldn't bet a single satoshi.  There are some really smart people here on bct, so I think their gambling almost has to be emotional.

this is very good stuff you poster here A+ for effort in writting it and explaining people about it!
regards.
-Katerniko1

Yes it is a nice thought through thread and very welcomed. It certainly is possible to earn long term by gambling but if your playing the casino house you are very unlikely to but this helps minimizing losses for your entertainment. If proper bankroll management is used with sports and poker then with knowledge and skill you can do ok.

Thanks for this thread.

I don't think it's possible to earn on the long trend in gambling anyway, but it's cool to see an interesting thread in the gambling section.
An interesting and helping post. Better than the usual "how can you win".

Yup, I always use this kind of method. That's why I never lose so much money on gambling, cuz I always stick to the strategy

for a gambler or investor with +EV the best BR management is Kelly's
http://www.investopedia.com/articles/trading/04/091504.asp

Nice advices! Thank you!

I also played poker for a while trying to grasp the concepts and bankroll management sure is one of the most valuable skills.

Its really hard not to get carried away with emotions. When i start betting, for the most part i stick to my strategy, but when i win BIG its like i cant control myself and i bet more. 

Nice information man, i never have bankroll management. because i always greedy, like when i win around 1000% from my bankroll i always bet big for get more money. thats way i always get busted.

I mostly never follow my "strategy" lol.
I mostly play for the thrill anyway so I lose but I lose happy

Gambling for the fun not for the money is the way to go

That could be a good idea. An other really good idea would be restrictions on the amount played by you in a casino. If this would ever happen I would go here for sure !

Thanks for your insight ... ! Do you also have a strategy on how to bet with your $1-2 stake? Like for example 50% winning chance?

Going to test this method with a faucet now.

It is important to use a very small percentage of your bankroll in betting so as to avoid busting. Consistency is the key. Changing the bet amount because of what seems favorable conditions will lead to busting.

There are some good books on stock trading or forex trading that teach money and risk management. You guys should google these books also, they help also in gambling.

This is a good insight on how one can manage his bankroll. More oftenly, gamblers do not have a plan and end up busting all their bankroll. The secret is to have an entry plan and also an exit plan. Stick to it however good the betting looks like.

You could put a "stop limit" of let's say -25%/+50% or something. Also, when you feel emotions start to play a role in your decisions, stop instantly, also if you are generally not feeling well during the playing.


I guess that is due to the speed factor. In sports betting you have to wait for the result which may take hours or even days. There is less adrenaline rushing through you after you make the bet. In games like dice or casino games, you get an instant rush after betting with either a win or a lose.

Try to practice sticking to a strategy and it will get easier over time. I don't expect it to be easy for anyone, but it would be a shame if you wasted days or weeks of strict bankroll management with 1 bad bet in a weak moment.

Very good points listed in the OP, Bankroll management is the key to gamble rightly but it is easier said then done and takes a lot of control. I find that I am able to control myself much more whilst sports gambling as compared playing dice and/or other casino games.

This is incredibly important, and I keep trying to get better at this everyday.
My main problems are not the stake value. I use 1-5% and I'm ok with that, the problem are the exit point, either when you are winning or losing.
That's the hard part of the strategy I think. Knowing when to withdraw, and knowing when to stop or deposit again.

No , no one can't control ourselves when do gamble. All what will happened are we continuously chase the bigger profit (greed mode on). And you must try it, ask someone to shutdown your device once you out of control. You will realize it's helpful later.

I do realize i can't control my self , even I have to committed to stick to the plan , set bankroll etc. So if I play alone possible result : busted all of my money . didn't know when exactly time to stop.

5% of your stack is quite a lot. On a bad streak you can burn through a good part of your stack in seconds depending on the game. It is best to lower it so you can go for longer.


And what stops you from going on the website when that friend is not around? Also, it is not a good guarantee as a big bet can be made without them realizing it.

You have the self control to ask a friend to keep guard, but not to follow a good money management system? I would take a good look to how you are gambling.

I make a rigid management of my betting stack. I never go all in with all the stack, because i don't like to risk it all.
My usual bet is about 5% of all the stack

i like that idea XD but you can sometime controle your self and shutdown your laptop yourself if you are angry so that will give you a chance to not losing all you have :p

Ask someone to stop you when you go mad , it's work to me. Everytime i do gamble i always accompanied someone, and before start play ask him/her to turn off your PC/laptop when you looks in greed or will act stupid.

I have posted multiple times that you need to stick to your strategy and that this method may help to keep your emotions in check.

If you are able to follow a strategy, you are much less likely to be overcome by greed and stupidity. But ofcourse, you have to do it yourself. You need to want to stick to a strategy.

of course, most gamblers will forget all of the above once they're overcome by their greed and stupidity. two very important factors that I can't find anywhere on the above post.  

When browsing the threads around here I very often see people losing their entire stash of hard earned bitcoin on bets that were possibly not the best ones to make. In the past I used to play poker, and when studying strategies, the first thing that is basically hammered into you is bankroll management . After a little browsing I figured the same goes for sports betting and probably any type of gambling games.

Bankroll management:

The thing about bankroll manegement is that when you adhere to it, the risk of losing your entire stash becomes very small. It helps you choose the size of your bets and can help to keep your emotions in check on a winning or losing streak. In short, you have a playing strategy.

The first thing you have to do is determine the amount of bitcoin your can afford to lose. Let's say you have 1 bitcoin laying around for gambling. You don't want to lose that bitcoin in one sitting and preferably make some extra bitcoin from it right? So be smart about it!

To prevent you from making emotional bets you determine a strategy and stick to it! For most games it is advisable to never bet more than 1-2% of your bankroll. In this case it means to never bet more than 0.01-0.02 bitcoin on any single bet. After winning or losing 20% of your initial stack (1.2 or 0.8 bitcoin), you readjust the bet size to 1-2% of that value. This way, you are in control of your bankroll without needing to adjust the bet size every game you play.

The second important thing is not to vary your bet size in a single session . This can turn any winning session into a losing one VERY quickly. Imagine you would bet 0.1 bitcoin on the first bet and 0.01 bitcoin on the second and third bet. If you win the second and third on, but lose the first one, you are still behind even though you won more games than you lost. If you had bet the same 0.01 on all three bets, you would have been ahead!

Thirdly, make a plan for withdrawing and depositing into your gambling bankroll . Since the bitcoin on this bankroll are not needed and you can miss it (the principle of a gambling bankroll!), you should never HAVE to withdraw for any expenses. Since you don't want to risk bigger and bigger amounts endlessly if you are on a winning streak, it may be smart to withdraw an amount every once in a while. The amount and when to do this is up to you, but remember, the bigger your bankroll, the bigger your bets can be while keeping a strict strategy. As for deposits, only deposit what you can miss and set a maximum to it! If you are on a sig campaign, you could use your earnings for this. If you have leftover money that you don't have any use for now or in the future, you could use this to fund the bankroll. It is also smart to deposit (as long as you can miss it!) when your bankroll gets too small to make decently sized bets. If you lost 90% of your initial bankroll, your bets will be tiny. You may want to fill up in that case.

I hope some stricter bankroll management can help some of you and prevent you from going bust all the time. In the long run you will enjoy the gambling more as you have more control over what you do.

On a final note, remember to stick to your strategy.