New User - Updating Bankroll to minimize variance?

Hey Guys, new user here. Recently I have got into value betting with a bankroll of £1000 and placing lots of bets. However I’m kinda confused when to update my bankroll and what to put as ‘current bankroll’. I semi-understand the ‘adjust for open bets’ button however I am not sure how often to update the current bankroll and the calculation to do so; currently I have been using this - Current Bankroll = Total Bankroll - Open bets + Cumulative Proft. I’m a bit confused on whether to add cumulative profit to the equation or not. Additionally when I update the bankroll often i.e. several times a day (note that ‘adjust for open bets’ is on) the suggested stake changes massively( from like £8 to £3), but when I update it once daily it does not.

Can anyone tell me if what I am doing is correct or not?

For reference these are the settings I’m working with…

Kelly Criterion is 30% and Max Stake is 1.5%

I’m currently up just under 10% with 181 bets (yes, I know that isn’t many). Is this variance normal or a bit risky?

Any help Appreciated :slightly_smiling_face:

Hi GSW, welcome to the community.

Hi @GSW! Have you read the FAQ - Adjusting your bankroll while betting to reduce variance?

Hi, yes I have but I still don’t understand a. whether to include cumulative profit and b. how often to update my bankroll i.e. after every bet, after 10 bets, every day etc. (considering ‘adjust for open bets’ is turned on.

Bankroll should be your starting bank + your curent profit. If you started at £1k and your £100 in profit, your bankroll would be £1100. Having a higher bankroll in settings will lead to higher stakes being suggested.
The caveat to this is, If you have ‘adjust for open bets’ ticked the system will remove the money tied up in open bets from your available bankroll before calculating the stakes for future bets. So if you have £500 in pending bets your next bet stake will be calculated based on a £600 bankroll instead of £1100 so the advised stake will be much lower.

In summary: higher or lower total bankroll will affect the maximum bet size.
Adjust for Open bets will adjust your bet size based on how many open bets you have to protect you from losing everything.

Personally I have my Bankroll set much lower than my current profit. I started at £1000 and have it set to £4000 currently but my profit is closer to £7000 I started off updating my bankroll when it moved significatly above a level eg 1500 once I reached 2500. Because this is just a ‘virtual’ bankroll and not all of my money I don’t adjust for open bets meaning my bet size is always max £100 even with 100 open bets but onn a bad run I could in theory lose my entire bankroll.


That’s the kind of info that I’m looking for

Thanks for the help. So if I have £1000 bankroll and profit £100, yet I have £500 in open bets would I update my bankroll as £1100 or £600 (£1100 minus the £600 in open bets)?

This was a fantastic reply, helped me too :+1:

If ‘adjust for open bets’ is on then you’d set it to 1100. If not then you’d still set it to 1100 but with the knowledge that you could theoretically lose more than your entire bankroll if you keep putting more bets on.

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