• Dave Schwartz
    46
    I play out of a $2,000 bankroll.

    Session
    A "session" is $300.

    My sessions are number 100, 200, 300, etc. within a given period of time. (If I adjust the approach very much, I will start a new numbering sequence. i.e. back at 100 again.)

    The Goal of a Session is...
    ... simply put, to win $300 before I lose $300. But it is actually a little more complex than that.

    First, my base bet for the session is 1/10 of the starting bankroll. Thus, it will be $30.


    Within the session, I have "Games."
    The games are number within a session in the last 2 digits. Thus, in session #300, my first bet would be in Game# 301.

    The game is won whenever I am profitable for the game.
    Thus, if I bet 2 horses in a race, I split the $30-wager between them. If I bet $30 and return $35, then the game is WON.

    The $5 profit is extracted and set aside. Thus, I now have a side fund of $5. (This was actually my wife's idea. She calls it "scraping profit.")

    So, at this point I have:
    bankroll=$300
    Scrapings=$5

    Since I did a "scrape" the game is over. I will move on to game #302.

    The game is lost any time I lose the $300 bankroll.
    If I lose the game, the session is over.

    As an example, I was once playing a session where I had scraped off $297, and then lost the $300. My actual net loss in the session was only $3. (of course, with rebates, I was actually profitable, but I don't count those.)

    Example:

                                  Game      Total
    Game     Bet      Return    Result    Scraped
    701       30       40.10       +10       10
    
    702       30           -       -30
    702       30           -       -60
    702       30       45.00       -45
    702       30      180.00      +105      110
    
    703       30      110.60       +70      180
    
    704       30           -       -30      
    704       30           -       -60      
    704       30           -       -90
    704       30           -      -120
    704       30      210.00       +60      250
    
    705       30      125.00       +95      345
    Session over
    
    Net result= +$345
    

    Imagine if that session had gone differently at session 704.

                                  Game      Total
    Game     Bet      Return    Result    Scraped
    701       30       40.10       +10       10
    
    702       30           -       -30
    702       30           -       -60
    702       30       45.00       -45
    702       30      180.00      +105      110
    
    703       30      110.60       +70      180
    
    704       30           -       -30      
    704       30           -       -60      
    704       30           -       -90
    704       30           -      -120
    704       30           -      -150
    704       30      125.00       -55
    704       30           -       -85      
    704       30           -      -115
    704       30           -      -145
    704       30           -      -175
    704       30           -      -205
    704       30           -      -235
    704       30           -      -265
    704       30           -      -295
    Do not have enough to make another bet.
    
    Session over
    
    Net result: -300 + 180 = -120
    

    So, to clarify my own quote...
    As an example, for several years, my session win rate has been 73% at 1.28:1 and my loss rate (obviously 27%) at 0.89. IOW, I when I win, my $300 session, I win $384, and when I lose, it is -$267.
    The first example (my net was +345) resulted in winning at odds of 1.15:1 (i.e. 345 / 300).

    The second example (my net loss was -120) resulted in odds of only 0.40:1 (i.e. 120 / 300).

    Together I won 50% with a net profit of +225 (+345 - 120 = 225).

    REALITY
    In reality, if I win the 1st session, I parlay the $600 back, attempting to get it to $1,200. That means my actual goal is to win a parlay that pays at least 3/1 (not counting rebates).

    In theory, I should win 73% x 73% = 53% of the time. My sample size on parlays is small. It has been around 48%.

    In the 1st example above, I would have begun a new session (#800) with $600, and attempt to get it past $1,200.

    Now, recall that after session #700, I was $345 ahead, and am going into session #800 with $600.

    The $45 extra does not count as "scraping" in the new session, but reality is that even if I lose the entire $600 without a single scrape, I am really only netting -555.

    Also, I do not bet flat during a losing game. I use a system for increasing the bet after a win when I am behind.
  • Tony Kofalt
    5
    Darn you Dave, just when I'm confident of my approach you introduce something new to consider.

    My approach is pretty simple.
    5% of bankroll in play per session.
    Bet until the session funds are lost or doubled
    I utilize a modest betting progression
    Most of the wagers I make are P3's, P4's or P5's. They are just my preference.
    Without a doubt, session play is the best tool in my handicapping toolbox
  • Dave Schwartz
    46


    Isn't that the truth?

    Now that you mention it, I'd say that ALL the professional players that I know have wagering approaches based upon "sessions."

    I actually use a progression as well. It is the Forex one Dick Schmidt taught me. Not as good as HMI, but way easier. Call me some time and I will tell you about it.
  • Kalle
    0
    I have never quite understood this "session" play. Why not just play 0,015 % from the $2000 and adjust the bets accordingly? That would be the same $30 than 10 % from $300. Seems like whole lot of work "for nothing". What is the edge with session play vs having just one big BR?

    I think from a psychological stand-point, it will lower your stress because you are only risking these "mini-bankrolls". That is a huge thing obviously because we are not robots without any emotions.

    Hmmm... this might also be a good way to "teach yourself" how to bet big without choking. I remember reading somewhere that even the legendary Dick Schmidt used to be a $10-20 bettor until he decided to start a $200 mini-BR and bet 5 % from it no matter what. And after couple of weeks running hot he was making $500 bets. No longer was he afraid to make big bets.

    I guess I just figured out two things why this session-play concept might be useful :)  Anyway I will still post this and get Dave's opinions.
  • Dave Schwartz
    46


    Since this website is about to be archived, it is not the best place to answer this question. Please ask the question in Talking Handicapping with Dave Schwartz on Facebook.
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