Is it that people are bad at math?
Just plain dumb?
You are going to lose, always. Always. Always.
Just plain dumb?
You are going to lose, always. Always. Always.
Someone Explain the Attraction of Losing Money in Sports Betting
- Thread starter JRHawk2003
- Start date
Most people lose.
Some people do very well.
The problem is, everybody thinks they are going to be one of the winners.
Some people do very well.
The problem is, everybody thinks they are going to be one of the winners.
A tiny fraction of people get lucky.
99.9% of people lose.
Basically have to win 55% of your bets to break even.
Having said that. It's fun. It's like any other form of entertainment that costs money. If you go into it knowing that in the long term you're going to lose and you can afford that expense, then have at it. No different than blowing hundreds on a concert or thousands on a vacation.
Why do people spend money on the things they enjoy? I mean it seems self evident.
There are people who win more frequently than that. The problem is, when you consistently win it’s tough to find action. And if you’re really really good, they will limit how much you can bet and then when you do they will immediately shift the line.
Direct your inquiry to Michael Jordan or Phil Mickelson. They can help you...
Gambling must not release any dopamine for me. I get bored rather quickly in the limited few times I go to a casino…
- Sep 13, 2002
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I have strict rules for my sports gambling.
Every autumn at the first week of college football, I put $200 in my DraftKings account. That is the nest egg to be used from that date until the NCAA Tournament National Championship game, at which time I withdraw the money left or accrued until the following football season.
I have done this for 3 years. Year 1 I started with $200 and ended with $122 - not a good year betting, but lots of fun was had along the way. Year 2, I ended with $212 - so pretty much a wash - but hey, at least I didn't lose! Thus far this year I am $22 ahead so far, meaning for the three-year period, I am still around $50 down.
My wife thinks this is the stupidest hobby of all time and I am inclined to agree with her. That said, the extra oomph of interest you get having even a mere $5 riding on a parlay makes the games more fun to watch for me, so that's why I do it.
I feel like I am learning to be a better gambler as well, as evidenced by my (small) improvements year-to-year.
Every autumn at the first week of college football, I put $200 in my DraftKings account. That is the nest egg to be used from that date until the NCAA Tournament National Championship game, at which time I withdraw the money left or accrued until the following football season.
I have done this for 3 years. Year 1 I started with $200 and ended with $122 - not a good year betting, but lots of fun was had along the way. Year 2, I ended with $212 - so pretty much a wash - but hey, at least I didn't lose! Thus far this year I am $22 ahead so far, meaning for the three-year period, I am still around $50 down.
My wife thinks this is the stupidest hobby of all time and I am inclined to agree with her. That said, the extra oomph of interest you get having even a mere $5 riding on a parlay makes the games more fun to watch for me, so that's why I do it.
I feel like I am learning to be a better gambler as well, as evidenced by my (small) improvements year-to-year.
Casinos are a different animal. Betting on the two worst NFL teams can turn a meaningless game into a huge event in your home. As I said, entertainment.
this is not the case in sports betting. Casino yes. I would agree in the long run unless you are doing a tremendous amount of research you are losing.
It's paying for entertainment (for most responsible gamblers). Same as paying for a fantasy football league or going to a concert.
I think it could be fun if you bet small amounts based on knowledge gained from following the sport...
Always a winner for the year if you just bet the under on Iowa games. Thanks Brian….you’ll be missed.
I never bet much. It just gives me a team to root for in games where I wouldn't necessarily care which team wins. Makes watching those games more enjoyable for me.
Losing money is fun? Different strokes for different folks I guess.
I mean, I can see attacking point spreads using a regression analysis looking at over/unders. I would think that after 40 games you can get reasonable trends in overs and unders.
Counting cards is legal.
OP has obviously never won $1000 on a $10, 8-way parlay.
I put $100 in probably 5 years ago. I have cashed out my guess is $2K. I’m sitting at $1250 or so between my two apps. I’ve never had to add more money. But I usually just do $5-15 bets and try to be smart. I rarely go for a big home run bet. I just look for small profit at the end of the day
This is the way that it was for me. "Was", because I'm now in TX and sports betting isn't legal here, so I cashed out and I'll have to wait until that changes. I did it for fun - my bets were pretty much all in the $5-$20 range.
I pulled my "activity statement" for Feb 2023 - Jan 2024:
Total amount deposited: $320
Total number of bets: 155
Total number of bets won: 55
Amount withdrawn: $656
I only won about 1/3 of the bets I placed, but a lot of the losses were the smaller amounts placed on long-shot parlays, and the biggest win was a $5 that paid $500 for the Rangers winning the WS. Even without that win, I'd have lost ~$150 in a year. For the amount of entertainment that I got from it, I think it still would've been a pretty good deal.
I know a lot of people play a lot more than I do, and place much larger bets. To each their own. I never wanted it to be anything more than a way to have some fun with the games that were on., and to give me something to mess around with. It was good for that.
Casinos, yes (other than poker which you can win)
Sports betting no.
You can make money on sports betting and fantasy sports.
For me, not on NFL. I tracked it and couldn’t break even. I stopped playing NFL a few years back.
On golf, I am significantly up. I’ve won a decent size GPP and finished 3rd in another GPP.
Far less sharps on fantasy golf. Lots of old farts betting on the older “name” golfers - Tiger, Phil or popular golfers that they don’t see as being in a slump - like Justin Thomas.
I’ve seen ownership numbers for world Top 25 players of 2- 3% because people don’t realize that Sepp Straka and Ryan Fox are that f’ing good. Lots of leverage on fields.
Sports betting no.
You can make money on sports betting and fantasy sports.
For me, not on NFL. I tracked it and couldn’t break even. I stopped playing NFL a few years back.
On golf, I am significantly up. I’ve won a decent size GPP and finished 3rd in another GPP.
Far less sharps on fantasy golf. Lots of old farts betting on the older “name” golfers - Tiger, Phil or popular golfers that they don’t see as being in a slump - like Justin Thomas.
I’ve seen ownership numbers for world Top 25 players of 2- 3% because people don’t realize that Sepp Straka and Ryan Fox are that f’ing good. Lots of leverage on fields.
^^^^^
Otherwise, no one in Iowa would care when it the Panthers vs Falcons.
I’m not. But I’m responsible and it’s fun. There are plenty of other ways to lose money having fun, too.
I should have been mentioned that my total has been helped by a $61,000 Pick 6 in horseracing, several other 5 figure hits, a few poker tourney wins and a few fantasy wins that were nice. But that counts and it's exactly why you do it.
Everyone who bets regularly already thinks they're a winner. They remember the time a $5 bet won them $100 and forget the 100 times a $5 bet won zip.
I remember being in Las Vegas for the first time when I was in middle school. I was with my dad and he noticed how impressed I was with the hotels and spectacle as we were walking on the Strip. He said something like, “You know what pays for all of this, right? It’s not from people winning in these casinos.” Point taken, pop. I enjoy betting on sports with friends and family from time-to-time, but as far as signing up online and delving into real gambling, I doubt I ever will.
A guy I grew up with is what you could call a "burn out". We were friends in middle school then he started doing heavy drugs in 8th grade but still somehow managed to graduate high school, and then just didn't do much after that besides work at pizza places. A couple years ago he posted on Facebook that he was leaving Facebook, quitting his job at Papa Murphys, and going to have a career in "sports betting."
I'm going to go out on a limb and guess he's probably living with his parents right now/csb
I'm going to go out on a limb and guess he's probably living with his parents right now/csb
I am always amazed at the number of people that claim to have a system for winning at slot machines or they know someone that always wins at slots. Gamblers that don't understand odds and gambling...lol
Correct. ^^ If you keep betting, the odds will almost for sure catch up to you. But if you can limit yourself and pick your spots, it is possible to win.
But,,,just like you said, everyone thinks that they are the exception.
Pay attention to those you know who partake. They'll always tell you about their winnings but rarely if ever talk about their losing.
I’d rather bet a few dollars on something and be lose it than many other activities people spend money on.
