Settle up with the Bookie

[itg_sports]

Next time it happens I think I am going to film it.

Its pretty uneventful really but I know a bunch of you guys don't deal with locals so I'll give you a taste. I like it personally because you can bet on credit and if you find a good guy like I have you never have any problems getting your money.

My settle up is $300 and I am sitting at -59 right now. I haven't settled up in over 2 months. I have bounced between -80 and +150 during that time period. When I get to +$300 I stop whether its Monday or Sunday.

I just haven't gone on a run either way win or lose. When I figure out how to tail the #ITGteam in the most efficient way I know I am going to clean up.

I'll let you guys in on it when I figure it out lol.

[Beyond the Bets]

(05-07-2012 06:08 PM)itg_sports Wrote:  My settle up is $300 and I am sitting at -59 right now. I haven't settled up in over 2 months. I have bounced between -80 and +150 during that time period. When I get to +$300 I stop whether its Monday or Sunday.

I'm changing the subject, but this is precisely why I advise people NOT to bet with a bookie. It's not conducive to winning.

You end up spending too much attention worried about what you're up or down in a one-week sample. Most people don't want to take money out of pocket and will chase their losses just to avoid it.

Others, like you, want to ensure a "winning week," so instead of making a late-week value play that could generate MORE profit — you end up "playing it safe" to ensure that you end up making some money.

[JetsMetsRangers]

BTB nailed it on the head. I use a bookie and have lost a lot of $$$ at the end of weeks trying to chase my losses cause I felt bad about going to the bank and withdrawing cash to pay the guy. I only ended up losing more.

[ericvanden2010]

What sites does your bookie use? My bookie uses scoresandodds.com but may be making a change.

[Beyond the Bets]

This article might be particularly relevant to the discussion.

* * *

The best advice is sometimes the simplest advice. So, I am going to share with you something that I think a lot of recreational bettors struggle to understand.

If you place wagers with a local bookie and are betting with out-of-pocket money, then you probably aren’t going to be a long-term winner. In other words, if you are betting with money you need — money that would otherwise be deposited into savings, or money that would go toward a car payment, or a cell phone bill, or whatever — then you are at a tremendous disadvantage.

Every successful bettor has an established bankroll or money that has been set aside for betting purposes. If you don’t have one, then you shouldn’t be betting. Period.

The worst thing you can do is bet a game that you hope to win while thinking about the consequences of a loss. So, let’s say you are down $250 on the week and want to place a bet on tonight’s Steelers-49ers game. You look into your wallet and see that you have $400 in it. A portion of that money, you tell yourself, is to go toward Christmas presents. Another portion of it — let’s say $75 of it — should be used to pay the cell phone bill.

“Hmm,” you say to yourself. “I want to bet $100, but I better bet $50 instead to be safe.”

If you do this, you are letting situation and circumstance dictate your plays. It’s difficult enough to pick winners as it is, but when outside factors such as cell phone bills have a say in your bet or your bet size, then you’re setting yourself up for failure.

LOCAL OR OFFSHORE?

Anytime somebody asks me if I recommend betting offshore or through a local, I almost always suggest that they use an offshore. There are two main reasons for this:

1. By playing offshore, you must deposit money, and that money becomes your established bankroll. If you have, say, $2,500 in your 5Dimes account, you know full well that the money won’t be going toward bills or rent. It is there for betting purposes. That allows you to focus on the task at hand — winning more money.

2. Most locals, at least ones that I have dealt with, mandate that you pay (or get paid) once every week. If we agree that sports betting is a long-term process, then this weekly exchange of money is not in your best interests. Nobody wants to empty out the wallet to pay the bookie. If you are down late in the week, you are more likely to chase your losses to avoid paying.

The old saying goes, “Scared money, doesn’t make money.”

I think there’s some truth to that.

[JetsMetsRangers]

Great article BTB.

[itg_sports]

With the lack of regulations in this industry I will pick betting on credit as my 1st priority any day.

Even this morning there was another story on Deadspin about SJP funneling bettors to a bookie who required money up front and then stiffed them.

People constantly have issues with getting payouts from even the most reputable off shore books.

Any payout I have ever received from my bookie has been on the dot, the following week.

That is the same for everybody I know who bets with him as well. I think one week he payed out on Friday instead of Tuesday or Wednesday.

The key is setting the money aside. I used to have a quote up that said "Never gamble with your rent money but more importantly never pay your rent with your gambling money." By discouraging people from gambling with a bookie on credit one makes the assumption that they don't have the discipline to handle their bankroll properly. How is this going to be any different if it is deposited into an offshore. Just because it is locked up doesn't mean it will be handled any better.

No matter where you bet, or who you bet with you have to have discipline

I also have accounts with 5dimes, BOL, and Bmaker so if I lock in my payline with the local I will just make bets with one of the other 3. The process never has to stop or slow down.

[itg_sports]

And one more thing...getting a wire transfer, bank check, or western union check will never, ever, ever compare to getting an envelope with cash.

[louiemdj]

(05-08-2012 12:27 PM)itg_sports Wrote:  And one more thing...getting a wire transfer, bank check, or western union check will never, ever, ever compare to getting an envelope with cash.

Or giving away an envelope filled with your hard earned cash.

[SkyBlues42]

(05-08-2012 12:38 PM)louiemdj Wrote:  

(05-08-2012 12:27 PM)itg_sports Wrote:  And one more thing...getting a wire transfer, bank check, or western union check will never, ever, ever compare to getting an envelope with cash.

Or giving away an envelope filled with your hard earned cash.

-- very good point.

[itg_sports]

I guess paying out using a credit card could make it seem less real.

[Beyond the Bets]

(05-08-2012 12:26 PM)itg_sports Wrote:  Even this morning there was another story on Deadspin about SJP funneling bettors to a bookie who required money up front and then stiffed them.

Um, yeah. Because the bookie's name was Nilesh Prasad.

[louiemdj]

Not that I know from experience or anything, but the average losing week with the bookie is always 2-3x's+ what the average winning week is.

Like ITG said, he stops when he is up 300 which is most likely causing him not to maximize his profits when he has a good week, and the bad weeks usually cause the average person to press and chase which almost always results in disaster.

That being said, I still will use a local and just use all my previous experiences as expensive lessons to be more profitable in the future.

[SkyBlues42]

Simple: betting through a bookie requires the bettor to be more disciplined.