5 ms·

I have friends who are very into this and it is something I simply cannot understand. No one I know has ever won money in the long run, they all lose. Usually w

by n0us 11y ago

I have friends who are very into this and it is something I simply cannot understand. No one I know has ever won money in the long run, they all lose. Usually when you ask "How much have you won?" they will tell you "Oh, about $x" but what they mean is not how much they are up net in the long haul. They will get on a streak and keep betting until they are up about 1000 or so, then start losing and keep betting until they have to put more money in the account. That doesn't count as a loss to them though, they add that 1000 to the total. These people are both in denial to themselves and others about how much they have lost, its like they don't understand the concept that when you lose the money you won, you aren't "winning" at all. There are some of them who understand that they are losing but they don't care, they say that they bet because it makes sports more interesting, and these people seem to have the habit in a reasonable amount of control. The other's don't seem to realize it's never going to be "the next bet" that lets them cash out.

TillE 11y ago
I made about €250 from €20 with a series of bets relating to Euro 2012, and that's where I stopped. The only remaining slight interest I have in betting is possible automated "exploits". For example, some bookies will give you 1.01 odds in live betting even when the outcome is almost certain. So with a little luck and a clever algorithm, you could increase your money by 1% each time, making several bets per day. Unfortunately, they'd ban you pretty quickly. They ban anyone who wins too much. My bwin account was locked shortly after I cashed out.
- joosters 11y ago
  Laying 1.01 shots can be a very profitable business, as far too many people think a near-certainty is the same as a certainty. You won't last long backing all of them. If you want to try it, sign up with Betfair and share your money with the world :-)
- shocks 11y ago
  Bookies and betting exchanges will take commission too. This kind of betting is not particularly lucrative. Better systems involve looking for unusually high odds by comparing across exchanges/bookies, backing/laying, waiting for them to swing back into favour, and backing/laying to lock in a profit regardless of the outcome. You can back/lay to minimise your losses if the odds don't swing as much as you thought. Other systems involve backing all possible outcomes (Team X wins, Team X loses, and draw - for example) across multiple bookies such that you guarantee a profit. A good way to start and dip your toes in the water is matched betting. Place bets at bookies and LAY the same outcome at an exchange - do it right and the net loss will be a few pennies/cents. Use this technique to syphon money out of bookies offering free bets for new accounts. How much you make is limited, but I made a few thousand doing this at university. edit: Matched betting isn't useful only for free bets mind. You can use this techinque to take advantage of some promotions too. One story that comes to mind is a friend who matched bet on horses. The offer was that if you bet £X for Y horse to come in 1st and the horse actually came in 2nd - you get a £X free bet up to a limit of £350. He did four or five times that day. Two times his horse came second. The other times, since the bet was matched, he only made a small loss (less than £5).
- phillc73 11y ago
  Just seen this on Twitter: @BetfairRacing: After taking an early lead Marmalad traded at 1.01 for over £18K before getting get beaten on the line by Brasted. http://t.co/ht4mo7suyj http://t.co/ht4mo7suyj
task_queue 11y ago
It's popularized (il)legal gambling, you don't understand it because you aren't justifying an addiction to yourself.
- deleted 11y ago
  [deleted]
jusben1369 11y ago
BTW you've pretty much explained the thought process of everyone who gambles at anything regularly.
- cowpig 11y ago
  To me this just mirrors what people would write about drinking in the prohibition era[1]. There are some people for whom gambling is a profitable profession (I was one such person), some for whom gambling is a reasonable recreational activity, some for whom it is a life-crushing addiction, and there are many shades in between. And prohibition only makes things worse for all the actors. Professionals and amateurs alike have to play on sketchy sites that fund criminals to make their living, and people end up being exploited by the lack of regulation similar to how you might die of alcohol poisoning from moonshine you drank in a speak-easy in the 20s[2]. [1] https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_candidates/The_Drunkard%27s_Progress#/media/File:The_Drunkard%27s_Progress_-_Color.jpg https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_can... [2] Here's one example where a poker site stole millions of dollars from its players. There were many such cases: https://en.wikipedia.org/wiki/Cereus_Poker_Network https://en.wikipedia.org/wiki/Cereus_Poker_Network
- phillc73 11y ago
  I don't think he has. You've equated regular gambling with losing. Casino games, against the house, and computerised "slots" are gambling games which can't be beaten long term. Sports gambling is very different, and can be beaten. There are many, many sports bettors and traders who make steady, serious income from their bets. This is true especially when using betting exchanges, where one is betting against other people, rather than a single bookmaker. Individual bookmakers are notorious for closing winning punters' accounts. On the betting exchange, the house just take their commission from all your winnings. The successful trader factors into their strategies the platform commission. The key for successful sports betting is the concept of value. The bettor needs to find prices which are incorrect, and over what they believe the true odds should be. If the strategy is correct, continually placing value bets will lead to long term profit. http://formbet.co.uk/value-betting-101/ http://formbet.co.uk/value-betting-101/ http://formbet.co.uk/saturday-review-6k-banked/ http://formbet.co.uk/saturday-review-6k-banked/
Touche 11y ago
Sports gambling's primary purpose is not to make money. It's not the stock market. There are professional gamblers who make steady and good income but for the majority it's about the fun of having some juice on a game you're watching. Like all forms of gambling there are those who take it too far and it becomes a problem in their life, but for the majority it's just lottery ticket they play every week while they watch games with their friends.

by n0us 11y ago

TillE 11y ago

I made about €250 from €20 with a series of bets relating to Euro 2012, and that's where I stopped. The only remaining slight interest I have in betting is possible automated "exploits". For example, some bookies will give you 1.01 odds in live betting even when the outcome is almost certain. So with a little luck and a clever algorithm, you could increase your money by 1% each time, making several bets per day. Unfortunately, they'd ban you pretty quickly. They ban anyone who wins too much. My bwin account was locked shortly after I cashed out.

joosters 11y ago
Laying 1.01 shots can be a very profitable business, as far too many people think a near-certainty is the same as a certainty. You won't last long backing all of them. If you want to try it, sign up with Betfair and share your money with the world :-)
shocks 11y ago
Bookies and betting exchanges will take commission too. This kind of betting is not particularly lucrative. Better systems involve looking for unusually high odds by comparing across exchanges/bookies, backing/laying, waiting for them to swing back into favour, and backing/laying to lock in a profit regardless of the outcome. You can back/lay to minimise your losses if the odds don't swing as much as you thought. Other systems involve backing all possible outcomes (Team X wins, Team X loses, and draw - for example) across multiple bookies such that you guarantee a profit. A good way to start and dip your toes in the water is matched betting. Place bets at bookies and LAY the same outcome at an exchange - do it right and the net loss will be a few pennies/cents. Use this technique to syphon money out of bookies offering free bets for new accounts. How much you make is limited, but I made a few thousand doing this at university. edit: Matched betting isn't useful only for free bets mind. You can use this techinque to take advantage of some promotions too. One story that comes to mind is a friend who matched bet on horses. The offer was that if you bet £X for Y horse to come in 1st and the horse actually came in 2nd - you get a £X free bet up to a limit of £350. He did four or five times that day. Two times his horse came second. The other times, since the bet was matched, he only made a small loss (less than £5).
phillc73 11y ago
Just seen this on Twitter: @BetfairRacing: After taking an early lead Marmalad traded at 1.01 for over £18K before getting get beaten on the line by Brasted. http://t.co/ht4mo7suyj http://t.co/ht4mo7suyj

task_queue 11y ago

It's popularized (il)legal gambling, you don't understand it because you aren't justifying an addiction to yourself.

deleted 11y ago
[deleted]

jusben1369 11y ago

BTW you've pretty much explained the thought process of everyone who gambles at anything regularly.

cowpig 11y ago
To me this just mirrors what people would write about drinking in the prohibition era[1]. There are some people for whom gambling is a profitable profession (I was one such person), some for whom gambling is a reasonable recreational activity, some for whom it is a life-crushing addiction, and there are many shades in between. And prohibition only makes things worse for all the actors. Professionals and amateurs alike have to play on sketchy sites that fund criminals to make their living, and people end up being exploited by the lack of regulation similar to how you might die of alcohol poisoning from moonshine you drank in a speak-easy in the 20s[2]. [1] https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_candidates/The_Drunkard%27s_Progress#/media/File:The_Drunkard%27s_Progress_-_Color.jpg https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_can... [2] Here's one example where a poker site stole millions of dollars from its players. There were many such cases: https://en.wikipedia.org/wiki/Cereus_Poker_Network https://en.wikipedia.org/wiki/Cereus_Poker_Network
phillc73 11y ago
I don't think he has. You've equated regular gambling with losing. Casino games, against the house, and computerised "slots" are gambling games which can't be beaten long term. Sports gambling is very different, and can be beaten. There are many, many sports bettors and traders who make steady, serious income from their bets. This is true especially when using betting exchanges, where one is betting against other people, rather than a single bookmaker. Individual bookmakers are notorious for closing winning punters' accounts. On the betting exchange, the house just take their commission from all your winnings. The successful trader factors into their strategies the platform commission. The key for successful sports betting is the concept of value. The bettor needs to find prices which are incorrect, and over what they believe the true odds should be. If the strategy is correct, continually placing value bets will lead to long term profit. http://formbet.co.uk/value-betting-101/ http://formbet.co.uk/value-betting-101/ http://formbet.co.uk/saturday-review-6k-banked/ http://formbet.co.uk/saturday-review-6k-banked/

Touche 11y ago

Sports gambling's primary purpose is not to make money. It's not the stock market. There are professional gamblers who make steady and good income but for the majority it's about the fun of having some juice on a game you're watching. Like all forms of gambling there are those who take it too far and it becomes a problem in their life, but for the majority it's just lottery ticket they play every week while they watch games with their friends.