When do you cash out?

[scott8]

I realize that some may never have this problem, but at what point do you cash out and then to how much?
Do you ever up your units if you have a good run or is this just receipe for ultimate disaster?
For instance if you started with 1k (in your sportsbook account) and you considered 100 to be one unit, do you cash at 5k, 10k, or what?
Curious as to the different ways to handle success.
One of my more advid sports bettor friends, for instance, likes to build up a roll and then go for the kill.
Not sure that is for me.
Thanks.

[tech]

I reinvest any profits that I make. Not much different than a brokerage account in that regard. As long as I don't need the money and am making a return on it, I leave it invested.

[ttleistdci]

In poker, I usually cash out when I double my initial investment. So if I start with $100, get up to $200, I'll cash out the initial $100 so I'm pretty much playing with the other people's money (is there any better way to do it?). That way, if I have a real bad run, the worst I can do is break even.

[Waterproof]

10% of your roll seems like a high unit. If you are playing $100 bets I would have a minimum of 2k in the account. 5% units is the highest I would play with if your are trying not to bust.

Do you need the money? If not, I would reinvest so that you could slowly build the size of your bets based on your bankroll. I would also spread it around through a couple of books to take advantages of different lines and bonuses.

If you ever need the money or you hit a level where you are comfortable with your unit size (I said "comfortable with your unit size"), then I would start pulling money out.

How I did it starting out:

[ QUOTE ]
Every bet is for the same amount, to risk one unit.
A unit is determined to be approximately 5% of your wagering bankroll.
Unit sizes are calculated on the 15th and 30th of every month. The unit size is calculated by dividing your working bankroll by 20 and then rounding down to the nearest dollar. The new calculated unit is used throughout the end of the period before a new unit size is created. - http://www.howtogamble.net/money_management.htm

[/ QUOTE ]

If you're a winner and playing for the longterm, this is a good way to go.

[Waterproof]

Additionally, 5% units add greater swings to your bankroll than the recommended 1 or 2%. I no longer use 5% units, but I would still use them today if I was just starting out.