Sport betting: Miller’s financial management
A famous American bettor J. Miller invented one of financial strategies of bets on sports events in bookmaker offices. Where to bet, where to make bets on sport? We will solve that, but thi topic about Miller’s betting strategy. Miller wrote a very captivating and educational book “Professional bettor”. If you study this book in details and sensibly, you will regard bets on sports differently. In his work, the author didn’t only explain thoroughly strategy of games in bookmaker offices, but he also shows the bettor himself from third parties, he shows his behavior, his way of thinking.
Proceeding to study Miller’s strategy, first of all you need to know such notions as profit margin, money line and bets on equal odds. As such odds as 1.85-1.91 are the most likely to win in a match, the American bettor’s strategy is based on these exact odds. Taking into account such bets, percentage of winning matches has to be not less than 52.85%, because otherwise you will be in the negative at the end of the bet.
The fundamental principles of Miller’s strategy:
– You should assign not more than 1-2% of your initial bankroll on one bet, but only initially. As soon as you earn 25% of the bankroll, you need to re-calculate your bet, but taking into account the same percent. For example, you have 100$. You start to bet 2 dollars every time, without changes. As soon as your balance sheet in the bookmaker office is 125, you need to count 2% from 125 dollars, so you need to bet 2.5 dollars every time and do it until the moment when your bankroll is up by 25 per cent again, this time 25% of 125 dollars. And so on.
According to Miller’s statement, if you bet more than two per cent of initial bankroll, with the course of time it will lead to decreasing of your bankroll, up until its total elimination.
Miller completely refutes validity of choice of strategies of bets on sports events, in which you need to change bet’s size, that is to increase or decrease it. And that’s because you can’t be in winning or losing series now, at the moment. All these series exist only in reality. And if you could determine score in a certain match, then any bettor would instantly make a choice in favor of a bet or its cancellation.
With proper use of betting strategies in bookmaker offices, a bettor’s profit will be 100% of the initial bankroll in case if 56% of all matches he started betting on will be guessed.
Thereby, this betting strategy is oriented towards long terms. That is, using it you will not win half of the initial bankroll at once, you profit from bets will increase gradually, but approximately during one year you can get 76% of the initial bankroll of profit. The only disadvantage here is a small percent of a bet. In order to get good increment of the bankroll you need to use a significant sum of money, several thousand dollars. That is, for a beginner in betting with his 100 dollars on bankroll it would be better to think of other strategies to start with.