POT
 

Hello

Can someone who's more mathmatically inclined please give me a working example on Profit on Turnover, by that I mean if Iwant to earn $1000 per week what will I need to be turning over?

I've been deep into the bowels of the archives and remember someone posting something similar but cannot seem to find it, although i did find other interesting ideas on POT.

Thanks in advance
Nanook..

NANOOK,
This could turn into an interesting thread, but my own opinion, what you have asked is impossible. It depends on your strike rate, the average odds of your selections that salute etc etc.
Maybe a mathematical genius on the forum can help you.

Nonook,
Don't think I rate as a mathematical genius, but POT is simply the ratio of your profit compared with how much you have bet to get that profit, usually expressed as a percentage.
Example - you have wagered a total of $100 in bets and you have returned $120. Your profit is $20 on an outlay of $100. 20 divided by 100 = 0.2, multiply by 100 to get percentage = 20%. You POT is 20%

HTH.

Kenchar is correct, an answer to your specific question is not possible in the way you've asked it. If your POT was 1% you would need to turn over $100,000 /week to get your $1000 profit. If your POT was 20% you would need to turnover $5000 / week to get your $1000 profit.

& if your pot is more than 10%, its time for a reality check :)

Davez could you explain why you would need a reality check if pot is more than 10%, is that an accepted and realistic fiqure pros use to make a living out of this game?

Shoto your last paragraph helped join the dots for me. Thanks Kenchar as well. So if my S/rate is 25% and my average pot is 8% and my drawdown is 138 units what knowlege can one extrapolate from these fiqures if anything at all..?

Cheers
Nanook

Nanook,
your 1 winner in 4 gets you 108 back for every 100 outlayed. So 25 on each with one winner means you got an average bet of 83/25 about the winner, or odds of about 4.33 in the new or a bit over 13/4 in the old.

Not sure what your drawdown means, except perhaps you are using a proressive staking plan.
At a 25% hit rate, you can expect (over 10,000 trials), a 100% chance of striking a run of outs of 19, a 50% chance of 28 outs, a 10% chance of 35 outs and 0 chance of 62 outs.

Better check my maths though as I am careless with numbers.

If one has a constant 8% POT & you would like to earn $1000 a week, your turnover would have to be $12500 a week.

This is calculated by taking $1000 divided by 8 , then push the percentage key on the calculator = $12,500

Hi Nanook
 

Just a bit for you.

I work my POT at the end of each day, you cant work out POT when you win, when you loose but at the end of a "session" be it day/week/month/year.

I personally wait till close of play each day, either look on the paper columns or in TAB bet column which tells you how much youve spent and how many bets youve had (the only good thing about NSW TAB), add up ALL BETS, then add ALL WINS (if any) and as the others say on reply to your question, the differance between BETS OUT AND WINS IN IS PROFIT, DIVIDE PROFIT AMOUNT$ BY BETS OUT AMOUNT IN $ and wallahhh, POT in %. At the end of each month i add up the 30 days or so and get a total then divide that by 30, average POT.

IE,
Yesterday,
BET OUT 910 units
RETURN 1137

PROFIT 227 units
Therefore 227/910=24 %POT
So as Bhagwan says, to make 1000 units POT you need to spend 10,000 units at 10 % profit, so it depends on many things !

Hope ive helped
Cheers Dingoboy

NANOOK
 

duno about 10% being "acceptable", however for me & the very few that i know that TRY to take this game seriously, acheiving anything more than around 10% for any substantial lenght of time just doesnt/hasnt happened.

i am sure there will be a few around who swear they can & do acheive better returns, well good on them, i havent given up trying to do better but i am not going to bang my head against the proverbial trying to.

& hey, if you can return 5c for every $1.00 outlaid, bahamas here we come! well, maybe next year....

Before i get knocked
 

Sorry i just read my post to you nanook,

So i dont get knocked by anyone and no one in particular, and not that it matters anyway, but the figures i gave you are only an example for you to work from from my betting yesterday, just yesterday, average POT is 12 %.

See ya
Dingo