Getting Rich Slowly: Week 3
Woodford Reserve fully poured we are ready to tackle the 3rd edition of Getting Rich Slowly. Some people aren’t huge fans of this week but it’s ones like this, when everybody else is on autopilot, that we can really increase our bankrolls. Sadly, there are no freerolls this week (not entirely surprised) on either FanDuel or DraftKings so we will continue on our “points into 10k” quest! Sorry for the delay in posting, had some personal matters to attend to last night- Baby twoputt will be here in just a few short weeks!
Recap and Results
As many of you know by now, last week was a great one for the whole TourLevel team, myself included. We were able to turn our freeplays into the cash we need to start building our bankroll! For the sake of tracking going forward- we will post results here off the top before moving into the week that lies ahead. Last week we started off with $5 in entry fees on DK and $10 on FD- all of which were financed by rewards points. In the event that you are new to DFS and don’t have any rewards points, these are also the minimum deposits on each website- often attainable by simply signing up through a referral code. Using $5 on each site, I employed an 80/20 Cash/GPP mix and, with the help of Scottimac, was VERY successful in cash games, going a clean 7-1. I have a personal vendetta against Bubba Watson so, conveniently, he was the player that I removed from the making the cut article, replaced by a solid performance from Brian Harman. After employing a very contrarian style in GPPs- we were shut out on Draftkings but were able to triple up our $1 entry to $3 on FanDuel. During this portion of the challenge we put WAY more of our bankroll (on a percentage basis) at risk than we should be but the game minimums somewhat force our hand here. Starting last week with the equivalent of $15, we were able to increase our overall bankroll to $22 ($8DK, $14FD). Moving forward, due to the lower entry fees and the quarter arcade on DK, most of our GPP exposure will be on that site while the cash games will likely come over on FD. On to the Quicken Loans!
Bankroll Management-without it you WILL fail
In an ideal world, you would never have more than 3% of your overall bankroll in play each week. That number will shock some of you- but what it really gives you the freedom to do is be more contrarian in your GPP plays. You must release energy in order to gain energy. This concept is actually based in chemistry and essential to human survival- yet totally counterintuitive to our primal minds. Think about it, hunting–to obtain food, or critically thinking– to innovate. In my day job, I see many people act irrationally in the financial markets because of this exact line of thinking. It is in our very nature to follow the herd—we are afraid of putting out the energy in fear that it will never come back so we cling to what remains despite the fact that it is less than what we had AND less than what we will have by exerting energy. The herd is warm and fuzzy. The path less traveled is cold and lonesome, but it often leads to the most bounty.
“Overall Bankroll” can mean many things to many people. I like to think of it as, “what am I willing to lose in one year”. Whether you deposit that entire number or not, it is important that you keep it in some arbitrary place, like an excel spreadsheet (or an article in a public forum), so you can effectively track your progress. Obviously if our initial $15 is your “overall bankroll”, playing .45 isn’t a feasible option based on contest sizes but try not to play more than 33% of your bankroll in a given week to allow for some variance.
The simplest way to mitigate that variance is by skewing your play towards lower volatility cash games. Before I set out on this journey I was playing about a 50/50 split between Cash and GPPs primarily because I was looking for the big cash- a life changing sum of money. I have a job that I enjoy that pays the bills but a five ( six or even seven!) figure pay day would have been something that changed something I did or had. I was willing to bleed the small amounts to gain the chance at the upside. In other words, I was willing to embrace the volatility. GPPs reward you for taking risks. If you don’t take any risks, don’t expect to gain any of the rewards.
Let’s put some guideposts around this from a bankroll management standpoint. If you are putting more than 33% of your bankroll at risk in a given week, your split should be 100/0 (cash/GPP), 20-33%, splits should be 90/10, 10-20% at 80/20, 5-10% at 70/30 and less than 5% you can do whatever you damn well please but I would recommend no more than 50/50. Remember that if you have the option- you should be doing H2H for your cash games if at all possible. There is quite a bit of literature on this but I will also be covering it in the column next week.
Quicken Loans Strategy
With our bankroll sitting at $22, we will put $5 dollars at risk this week which is about 22% of our bankroll. Again, with the minimum entry amounts and a smaller bankroll, we can’t afford to be entirely precise on the percentages. With 22% of our bankroll at work, a $4/$1 split wouldn’t be far from the 80/20 split target when 20% of our bankroll is at risk. Not perfect, but were backed into a bit of a corner this early in the game. The game breakdown will be as follows:
- (4) .25 GPP entries on DraftKings
- (1) $1 H2H on Draftkings
- (3) $1 H2H on FanDuel
This will not only meet our Cash/GPP split targets but will also balance the amount of action on each site more rationally. Be sure to check out “Making the Cut” or look for my Cash Core on twitter @twoputtbogey on Wednesday. For GPP plays make sure to read Jason’s article that comes out on Wednesday and be sure to pay attention to ownership percentages- put the energy and risk out there!
We’re off to a great start and the first few steps hopefully lead to more success. Tweet me (@twoputtbogey) if you are following along on the journey or have any questions specific to strategy/lineups. Thanks again for reading!