Discussion Forum

Miller's betting system
(financial management)

If You are still not familiar with J.R.Miller then visit www.professionalgambler.com to know more. In short - Miller is one of the most famous american cappers, i.e. sport gamblers.

So, first of all I'd like to warn you that all the calculations are based on odd 1.91 and the winning % should be not less than 52.38% to make profit. There are many systems (Matingale, Kelly etc.) to get the sum you might put in particular bet, but they're still about making the winning percent higher and not about reaching the loseless poing. So we consider flat-betting (each bet 5% from bank) as the most logical system.

The most unlogical systems proposes to raise or lower bets when you're on a such called "winning/loosing row". That's because if you're on a winning streak, and logicaly will win, then you must bet all the money on such an event , and if you're on a loosing streak then why to put money on a loose. Anyway looseless is much more important that winning/loosing streaks. If your winning percent is about 56% (for odds 1.91) then after making >200 bets 17% of total time you will be winning less that 50% of all bets. In other words even if you win 50% of all then after making 200 bets of 5% each you will be loosing 45% of total bank (200*5%-100*5%*1.91=45%). So, Miller says that bets higher than 2% of total bank will probably lead to financial disaster.

You may wonder how to make profit winning total of 56% bets (this % was mentioned above), but don't forget about finance turnover, i.e. Miller makes 1000 bets a year, 1% from total bank each, in a year it's 1%*1000=1000%. So the bank turns over 10 times. Consider the winning 56%, we have a 7.6$ from every invested 100$. And that's a profit of 76% a year. Let's leave the sum of each bet and the overal amouth of bank for the next article.

And now in general. Miller makes every bet of 1% from initial bank (consider it 10000$) till time it raised on 25%. After that the amouth of money put in a single bet is recalculated according to the the bank sum. So, if initially 1%=100$, after recalculating it will be 12500*1%=125$. Then raising another 25% another recalculation. Such a financial method will make profit of 100% from initial bank if winning percentage = 56%.