Money Management

Learn sports betting strategies and discuss key factors to consider when placing a bet.
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lewcla
Posts: 7
Joined: Wed Apr 18, 2012 6:32 pm

Hi guys, cracking resource this forum :)

If anybody is able to point me in the right direction, I'd be most grateful of any input.

I have 3 football strategies (WIN, STRONG and DRAW).
The stats are as follows:

Win Strike Rate 56.72%
Strong Strike Rate 88.24%
Draw Strike Rate 52.16%

Prices are minimum breakeven and (actual averaged):

Win 1.76 (1.88)
Strong 1.13 (2.01)
Draw 1.92 (3.41)

I'm happy that I have an edge in each strategy, but I'm still unsure about how to maximise my stakes - eg flat 1% per trade just doesn't feel right, considering the 'strong' and 'draw' strategies clearly have a significant edge over the 'win'.

Perhaps 1% per 'win' trade, and then 3% per 'strong' and 'draw' trade.........but even then I'm just plucking numbers out of thin air.

With a bank of £xxxx, how does one apportion stakes to each strategy, to maximise profits?

Cheers and best wishes,
Lewis (lewcla)
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marksmeets302
Posts: 527
Joined: Thu Dec 10, 2009 4:37 pm

Have a look at the kelly criterion https://en.wikipedia.org/wiki/Kelly_criterion

There's a whole wonderful world behind this.
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

You're right to ask the question - money management is one of the prime areas for people's failure in this game, as losses become eye watering, and that in turn leads to the catastrophic mistake of chasing losers or leaving trades to go 'In Play'
lewcla
Posts: 7
Joined: Wed Apr 18, 2012 6:32 pm

Thanks gents, appreciate the notes.
Fractional Kelly seems to be the optimum way to go.

I guess it's quite hard to manage, with a variable strike rate and Odds offered.

Best,
Lewis
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marksmeets302
Posts: 527
Joined: Thu Dec 10, 2009 4:37 pm

my guess is you'll max out very quickly. The amount of money you can put through on most betfair markets is very limited. At least you'll know now how to reach that saturation point the quickest way!

One of the best things Kelly teaches you is not to overbet; it is far more destructive than betting too little. Another one is that optimal betting means you'll spend most of the time in horrible drawdowns. For me that was totally counter-intuitive.
convoysur-2
Posts: 1110
Joined: Thu Jan 12, 2012 10:00 am

Hi LADS .
Anyone know where i can get a kelly criterion LAY spreadsheet ? i know the staking machine but i dont want to log on and load files every time i want to look at something,
Or can anyone make one ? ill pay of course,
Thanks in advance for reply,
Marc
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Just do a google search, the calculation is quite simple so I'd have thought they'd be loads of free excel sheets out there, assessing your 'edge' is the hard part.

https://en.wikipedia.org/wiki/Kelly_criterion
convoysur-2
Posts: 1110
Joined: Thu Jan 12, 2012 10:00 am

spreadbetting wrote:
Thu Apr 20, 2017 4:20 pm
Just do a google search, the calculation is quite simple so I'd have thought they'd be loads of free excel sheets out there, assessing your 'edge' is the hard part.

https://en.wikipedia.org/wiki/Kelly_criterion
I have the edge is 4.48% ,,strike rate is 94.4% archie score is 11.8,,all the hard work is done,
there are plenty of kelly things online about formulas .but its the lay version im after and cant get it.even if someone gave me the formula i couldent make the sheet,im only at basic excel .ive never done formulas,
Marc
Anna List
Posts: 157
Joined: Wed Mar 01, 2017 11:49 am

convoysur-2 wrote:
Thu Apr 20, 2017 6:18 pm
spreadbetting wrote:
Thu Apr 20, 2017 4:20 pm
Just do a google search, the calculation is quite simple so I'd have thought they'd be loads of free excel sheets out there, assessing your 'edge' is the hard part.

https://en.wikipedia.org/wiki/Kelly_criterion
I have the edge is 4.48% ,,strike rate is 94.4% archie score is 11.8,,all the hard work is done,
there are plenty of kelly things online about formulas .but its the lay version im after and cant get it.even if someone gave me the formula i couldent make the sheet,im only at basic excel .ive never done formulas,
Marc
Marc

I have developed a money management system over a period of 14 years.

It's real easy to follow, once you understand the basic logic behind it. I guess that you could even modify it to meet the needs of you and your system/method. It is well supported by logic, testing over many a year and common sense.

PM me if interested.
convoysur-2
Posts: 1110
Joined: Thu Jan 12, 2012 10:00 am

Hi Anna list,
Please send me PM ,im trying to pm you but it wont send,i dont know why,
Thanks
Marc
Anna List
Posts: 157
Joined: Wed Mar 01, 2017 11:49 am

convoysur-2 wrote:
Thu Apr 27, 2017 12:15 pm
Hi Anna list,
Please send me PM ,im trying to pm you but it wont send,i dont know why,
Thanks
Marc
Hi Marc

Just PMd you with my email address.

Anna
jung
Posts: 1
Joined: Tue Sep 19, 2017 4:47 pm

Anna List wrote:
Thu Apr 27, 2017 12:28 pm
convoysur-2 wrote:
Thu Apr 27, 2017 12:15 pm
Hi Anna list,
Please send me PM ,im trying to pm you but it wont send,i dont know why,
Thanks
Marc
Hi Marc

Just PMd you with my email address.

Anna
Hello Anna,

Would you mind sending it to me too?
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marksmeets302
Posts: 527
Joined: Thu Dec 10, 2009 4:37 pm

Anna List has left the building
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