|The Lounge | Champions | The Wire | Schedule | Audio | Arcade | The Top Ten | Historical | Email | Video|
There Is No Such Thing As The Gambling Olympics!
I often become bewildered when I hear of people bragging, because they have high strike rates and/or high profit-on-turnover figures (POT). You know the 'my strike rate on the Soccer is 73%' or 'my POT on the gallops is 90%'.
Yes, OK, congratulations. Give yourself a pat on the back; you are making money. Well, actually, if your strike rate on the Soccer was 73%, this certainly does not guarantee that you are showing a profit. After all, the goal is to back plenty of winners, isn't it? Well, yes and no.
Is the goal to simply make money, or is it to make as much money as we can, given our current resources (time, starting bank, knowledge, etc.)? I realize that it sounds like I am being a little greedy, but come on, admit it, we all want great, big, fat, consistent profits from our betting, don't we?
I truly believe, that many punters think, that this punting game is a competition, where plaques, certificates and smiley faces are awarded to those with the best win strike rates and profit on turnover figures.
Yes, before you wipe your writing pad out to type me a letter of disgust at my arrogance, I admit that I am being a little hard-lined on this one.
I mean, really, WHO CARES if you have a POT of 30%, 60% or even more?
WHO CARES how many winning teams you backed, or how many horses you backed, which were first past the post?
It seems to me, that many punters seem to turn a blind eye to one and only real measure of how well you performed . . .
How Much Money Did You Make?
Maybe I am the odd one out, but every time I hear somebody spruiking, that they make an excessive POT of say 20% or more, the first thought that pops into my head is certainly not, 'Gee, that bloke really must know what he is doing, what a legend!', but more along the lines of;
How Much Money COULD He Have Made?
If you achieve high POT figures, you are telling me three things:
1. You have had, maybe, a couple of dozen bets at most,
2. You are way too selective with your selections, but most importantly,
3. You are not making as much money as you could be.
Whenever I try to explain this to a punter down at the pub, they think I am totally insane.
"What Do You Bloody Mean That I Could Be Doing Better? You Tell Me How Many Other Punters Can Achieve 90% POT?"
Generally, that is what I hear, when I open my mouth about this subject. Look, missing a good bet is as bad as making a bad bet. There is little excuse for either. We all do both, but hopefully we don't make that same mistakes twice.
For those who disagree, I ask the following:
Tell me why I should turn my back on a positive expectation bet, regardless of the return? Maybe I should not make the bet, because I may damage my strike rate, or may lower my POT, and as a result, won't sound as good when I brag to my mates. RUBBISH! There is no such thing as the gambling Olympics; you are not going to get an award for having the best POT figures or strike rates. I shall repeat this once more.
The Aim Of The Game Is To MAKE MONEY.
If you are achieving an average return on each bet of more than 20% or 30%, I believe you need to rework your approach, and do a little work to get that POT back down a little by making the smaller positive expectation bets. Yes, bring your POT down! How many good bets do you think you are missing, if you wait all year, and make only 12 bets, but you have 80% POT? You are making money on those 12 bets only. OK, fair enough, you may make those bets quite large in relation to your bankroll, but bear in mind, you may be able to make two, three, ten or even more times the amount you are making now by taking those smaller edges.
The article . . .'The difference between your edge and your expectation'at www.puntingace.com follows on from this concept. Reading this one article may make $1,000's of dollars of difference to your bottom line over the course of a year.
Remember, it is not how many winners you back, but how much money you make. Leave the bragging and high turnover figures to the 'heroes'.
Australians Matt Elliott and Jess Kirley of http://www.puntingace.com , have been investing together professionally on sports for over 3 years now. They take a very mathematical approach to their betting, and liken it more trading a commosity like stocks than actual gambling. They continue to lead the industry with innovative approaches to sports betting and their reputation among their peers is a testinmony to that. Visit http://www.puntingace.com to discover how you too can turn your hobby of betting into a profitable endeavour.
Thomas Sweetz: Will gambling continue to provide governments with tax revenue? - Allentown Morning Call
Poker Table Position
Poker seating and the position one has at the table is one of the most important and least talked about aspects of poker. It's especially relative to the Texas Hold'Em poker game because it is positional in nature.
Online Casino - What Is It?
Entertaining industry conquerors more and more space of our lives. Any inventions in any technical sphere of life attract those who are involved in entertainment business.
Compulsive Gamblers Guilt Affects Their Gambling Addiction Recovery
When a compulsive gambler is in recovery, feeling guilty is one of the toughest areas to resolve for some people. When a gambler finally makes the conscious decision to stop gambling, reality sets in for the first time in a long time.
There is no longer a need to fly all the way out to Las Vegas or Atlantic City to play craps. In fact, you can play your favorite casino games, including craps in the comfort of your home.
Texas Holdem Poker Tournament Strategy - Online Poker Tells
Are You Using These? Are They Being Used Against You?Let's have a closer look at online poker tells in online games like Texas Holdem. These online tells differ quite a bit from traditional ones, as we'll soon see.
The Secret of Protecting Your Pass Line Bet
Free Online Card Games -- Getting Ready for Las Vegas
Free online card games that can be played over the Internet are great for practice to increase your skills or to just have fun with. Being able to take advantage of playing free card games on your computer like poker and video poker can even prepare you for making cash in the future.
Maximizing Your Blackjack Earnings Without Counting Cards
Blackjack has some of the best odds in the casino. The house's advantage is about ˝ of 1%.
No Limit Texas Hold'em Poker
Most online casinos offer three different types on Texas Hold'em Poker, namely No Limit Texas Holdem poker , Limit holdem Poker and Pot Limit holdem poker.The only differences in these three types of poker are the restrictions placed on betting.
Gambling Addiction Affects More Then Just The Compulsive Gambler
At one point in time our society believed that gambling addiction only affected the gambler. However new information now available and those directly affected realized that gambling detrimental to the economic, political, social and physical well being of individuals, the community and the nation.
Play Online Baccarat Game
Baccarat - the game of the rich and famous - the game of high-flyers, Hollywood stars and oil barons!Until recently, only the highest class casinos offered baccarat, and only their richest clients could afford the table minimums. No wonder the name conjours up an image of glamour and expensive cigars, diamonds and vintage cognac!The good news is that you no longer have to be a multi-millionaire to savor the excitement of baccarat - with online casinos you can play online baccarat game anytime, anywhere!Baccarat has fascinated high-class gamblers for centuries.
Playing Live Casino Poker for the First Time - What You Should Know!
The type of game and the stakes you are going to play for are the two first decisions you have to make before entering a live casino poker game.The minimum buy-ins in most live poker rooms are ten times the minimum bet, but a general rule of thumb is to never bring less than forty times the minimum bet to the table.
2 Great Methods To Free Online Poker
What's one of the most common dreams for a an online poker player? It's playing good online poker for free. You can play the poker games you like the most and don't spend a cent.
World Series of Poker Mania
The popularity of the World Series of Poker gained tremendousmomentum from The Travel Channel's World Poker Tour showings. Although the event had been showing for a number of years on ESPN, when new technologies such as the table camera were used,television watchers began getting involved in the hands as they were being played.
Shorthanded Poker, an Untapped Gold Mine
Feuled by seemingly nonstop television coverage and internet access in nearly every house, internet Texas Hold 'em is exploding. There are dozens of online poker rooms, with over 75,000 players often playing at the most popular site, Party Poker.
Senior Citizen's Gambling Addiction On The Rise
Over the past few months there has been a significant increase in the number of seniors who have taken up gambling as a new form of entertainment. Through this exposure a larger percentage then expected have become addicted to gambling.
The Healthy Gambler
In our day and age gambling is very popular. The problem is that many still see it as being wrong.
What is the True Winning Percentage of a Professional Soccer-punter?
Many people believe professional-level sports bettors win at least 60% of their bets. It's understandable that people think that, but it's just not true.
The Truth About Roulette Systems and How to Win!
The Truth about Roulette Systems and How to Win!Casinos have an edge and they make money, FACT. Players bet on Roulette and the game has a built in edge in the casinos favour.
Horse Racing Betting, The Risk Free Way
You may or may not of heard of all this talk about been a change to horse racing betting where you can bet on horse races risk free.Yes that's right, Risk Free!Now this isn't some bogus system that gives you one horse that is guaranteed to win, it isn't even like normal gambling.
Section Site Map - Submit News - Feedback - Comments - Advertise with Us
Copyright © 2006 Luminati Inc. All rights reserved.