do you gamble in sports for: entertainment/profit/ or both?

[dc]

For me, sports wagering is part of my overall financial investment strategy...the same reason I invest in real estate, stocks, mutual funds and/or my 401k. The ultimate goal is wealth maximization over the long haul.

I try to use the same careful risk/return analysis and expectations that I do in my other investments...why should it be any different?.

That is, I don't go looking to make a killing in penny stocks or the latest and greatest IPO to come along (although, on rare occasions I have done so), just like I don't go putting up huge "take out a second mortgage and bet the farm" type wagers (although, on rare occasions I have done so here as well).

The parallels between those in the stock market and those that gamble are well known and often written and talked about. A good friend of mine, who is a stock broker, pointed out to me years ago (pre-internet days) that he hardly made any money at all from his clients who invested in the market...no, he made his money to buy his huge house, Jaguar, and cabin cruiser from the *traders* in the market.

I've always kept that in mind and it's served me well in all forms of investing that I do.

-dc

Just my two centavos for what they're worth.

 

[TDP]

PROFIT................

 

[DOGS THAT BARK]

This past week has made me realize that I am 100% entertainment with no chance of profit if I weigh in the factor of the $ value of time.
With no sports this week spent time usually spent on sports capping and internet about 20 hrs a week average,on business related activities and came to conclusion that considering the amount I wager if I hit 100% I would still be losing money if that time was spent on business instead.
But as they say all work and no play -----

 

[topspinner]

I gamble for entertainment, a hell of lot more fun when you win though

 

[Cartman88]

DTB,

That is a very good point you have raised.

For the average punter if you consider the time spent capping in relation to $$$ made then any profit is generally quite minimal.

I guess the entertainment factor is bigger than I thought but the profit is nice also !!

 

[phoenix566]

DTB,

Nice call bringing this topic back up. A good way for us to get back to what we do best. The same realization came to me this past week, but then again I pretty sure I've known this about myself all along.....

Welcome back everyone.

phx

 

[greg]

gamble? i prefer investing, i dont gamble in the conventional sense, bingo, pulltabs, lotto, casino action . Lets call it highrisk, high potential and a somewhat exciting investment vehicle,+ capping is a brain exercise.

 

[kcwolf]

Entertainment: 0%
Business: 100%

 

[RAYMOND_1975]

I wager on sports purely for the business aspects of it. I have been doing it for over half of my life. Took 3 bucks from my Jr. High Principal on Neb OU in 1988. I realized I could get easy money for my handicapping and somewhat clairvoyant gift. Yes, we are all a little bit, depends on how in touch with it you are. I will post a topic more on that later.

Furthermore when I want entertainment I masturbate. (What does it take to get laid these days???)

'nuff said.

~Ray

 

[DOGS THAT BARK]

Saw an interesting documentary on Vegas highrollers this weekend that featured a Greek guy,forgot his name,that had beat Binions out of either 11 or 22 million,again I can't remember exact figure,only to give it all back and go busted.In closing interview he stated somewhat errogantly that he would probably retain the title of biggest gambler to hit Vegas for quite some time.While many other adjectives came to mind beside biggest gambler,I could not help from being intrigued by the thought process of this individual.At what point do you kick back and claim your winnings.Evidently this fellow had no amount and the only thing seperating him disaster was time.

 

[Nittany17]

Profit only ... I actually hate to wager on games I am watching cause it takes away from the enjoyment in my opinion. If I did not profit, no way in hell I gamble. It's like a part time JOB to supplement income.

 

[Jackal]

I am a little taken back by the number of for "profit" answers. Very difficult to achieve over the long run people. There are very few that can do it and by the numbers here, it is scary as it looks as if 90% are trying for profit. A better question would be how many are making a profit (but then you would have a good majority saying I am, I am). If you are losing money and statistics tell us, the vast majority are, you are gambling for entertainment value only. AND only HOPING for profit.

 

[buckeye]

Sports: 90% entertainment 10% profit
Casino: 99.99% entertainment

Jackal is correct, IMO, many seem to be deluding themselves that they are winning so much they do it just for profit. Scalpers and middlers do it for profit with fewer risks, but anyone handicapping is bucking huge odds to think they are that good! Some are, but most just THINK they are! I look at it as a hobby that can provide a few bucks here and there.

DOGS is also correct that if it is just about $, there are much more profitable ways to spend the time, for most of us. I have discussions with part time card counters on this subject as well. They make so little, if any, and refrain from much of what makes playing BJ fun for me ( talking with dealers and players and even pitstiffs, rooting for others, drinking on occassion, etc. ), that it seems silly to me to do it as a "part time job" just eaking out a small profit and being paranoid of getting barred.

For me, the profit part comes in on how much I bet. I bet much more on sports that I have demonstrated past success at, like coll hoops and golf, and much less on sports I can't cap well on - most anything else. I am not willing to risk much, i.e. lose much, on those sports I suck at handicapping. I don't want to lose at all, but I don't delude myself that I am good enough, or spend enough time, to become rich off of it or could even make a good living if I did spend more time.

The other aspect that many have talked about is "being right", I think it is correct for many of us. I rarely play sports I don't know, like NASCAR or soccer or hockey etc. When I do, it is to cherry pick off someone I respect as a capper and it IS JUST FOR PROFIT. But, in most cases, I lose interest as I don't watch the sport or know anything about it and the time spent line-shopping etc. seems more like WORK and not a hobby. For instance, evidently many have been smashing Formula 1 this year at this site. I don't know when the lines go up, where the best books are, etc. on that sport. SO to cherry pick would take time away from the capping of sports I like, and potentially mean even more outs than my already large # for the sports I like to play. I only want to spend so much time at this, and like watching games and doing other things. So I forego what may be a profitable sport to bet, in exchange for enjoyment on those I already know and like. Even knowing a little helps you think of it as a competition and you want to be "right" about who you picked, not just find someone else who is right more often than not. I use others opinions to learn from and bounce my capping against. That's why analysis is much more interesting to me than just picks. To learn how to be right more often, and how those that are right do it, is a better use of time than just seeing that Joe has been hitting 65%, without knowing that his dog makes his picks and he is just on a short run winning streak. That's why I respect Nolan and Stanley so much, for their analysis as much as for their expertise in picking and demonstrated documented success.

GL

 

[pepin46]

do some of us have problems admitting the truth? i think we do. (i don't, i am one sick dude)

i have met many, many, many people at the dog tracks who are winners 9 out of 10 times. bullsh...!!

they tell you that they won 800.- true, they cashed an 800.- ticket, but maybe won 100 bucks that day. the day they win (cashed) 300, maybe they lost 300, and so on. but as far as ignorant friends and relatives, the man is an absolute genius (except maybe the wife who sees how money disappears despite the claimed winnings)

this is no different from the alcoholic who gets upset if you insinuate he is. he is only a casual drinker who wakes up with a dring in his hand. or the people who swallow prescription drugs like there is no tomorrow. drug addicts? are you kidding?


pep

 

[buckeye]

Absolutely pep. Gamblers tend to be some of the lyingest mothers you'll meet. It is worst at the tables in Vegas. Everyone is "about even" when their spouse asks how they are doing. Meanwhile, I've sat and watched them empty their wallet and hit the money machine to boot.

I am guilty in a different way. I have lost every single bet I've ever made, just ask Uncle Sam! I also don't want to be hit up too much for tips by cw's and dealers, or suspected of being too good by pitstiffs. So if I do get a stack, I make sure the "tip whores" know that it is only a very small dent in the HUGE LOSSES on the trip ( even if I am lucky enough to be ahead at that point ). I tip enough, I don't need them trying to say they deserve 10% or the like.

The last thing I'd do is brag about always winning, like some do. I talk to people about LV all the time. Invariably they have a friend or neighbor or relative or even they themselves claim that they ALWAYS wins in LV or AC. But then they end up not knowing basic strategy, or playing some game that has a huge vig, and I know they are full of chit! No one is that lucky, NO ONE! A winning trip or two by a bonehead I may buy, particularly if they hit a decent slot jackpot, but consistently coming home up, playing horribly and bad vig games is IMPOSSIBLE! Knowing how to win at poker, or knowing how to count cards, or even having a good weekend of fb betting I might buy, but that's NEVER the claim. It's always craps or BJ ( seat of the pants ) or roulette or slots. They just love to brag and lie, plain and simple. I believe many sports bettors are the same way. They lie to themselves and others. If less than 2% actually win, then how can it be that no one claims to lose?

GL2All