Bookmark Website  | Free Registration  | The Team
The Lounge  | Champions  | The Wire |  Schedule |  Audio  |  Arcade  |  The Top Ten  |  Historical  |  Email  |  Video

When Should You Hang Up Your Betting Boots for the Day?


Quit as soon as you are in front for the day?

Set a stop loss and quit betting for the day if you reach that point?

Set a profit target and quit as soon as you reach that goal?

If your first few bets lose, then you should quit because you luck isn't with you today?

If you win your first few bets then you should quit because you have already used your luck for the day and from now on you must have bad luck? Sound familiar? I am sure you have heard them all before. Self confessed gambling experts usually will advocate one of the above, or a slight variation of one of the above. They say that this one decision is just as important as the game they are playing or the skills they possess in the game.

Which is correct? Well, if you are a serious long-term player, there is only one answer (well, to be honest, maybe two).

Quit Betting For the Day if You No Longer Have an Edge.

I want you to read this one line, out loud 10 times, as it is that important.

This is the only reason you should stop betting (providing of course, that you hold an edge). I am not plucking this idea off the top of my head. No, this is a mathematically proven fact! I don't care how much money you have either won, or lost, on any particular day. If you have good bankroll management and your judgment is not affected by a winning or losing run (which it shouldn't be, once you become experienced), then I would suggest that you continue to bet. It is that simple. You should not view your betting as separate sessions where you calculate your profit or loss. No . . .

You must view your gambling as one continuous session, which NEVER ends.

This is the reason it would make no sense to quit just because you are ahead or behind. This is reality. As long as you have an edge, tell me why would you stop betting? OK, we all have to sleep, eat and live our lives. I believe this is the only other reason as to why you would consider calling it quits for the day. Also, if you are mentally fatigued, it doesn't make good business sense to continue your betting either.

In saying this, I certainly can understand how punters perceptions may lead them into false beliefs. After all, how many times have you been a few hundred in front at the TAB, casino or track, only to leave with your tail between your legs and twenty cents in your pocket? On the way home you think to yourself, 'I knew I should have stopped when I was ahead'. How did you know? Keep in mind I am assuming that you hold a long-term edge on your game of choice.

If you don't hold an edge, then yes, you should quit while you are ahead, or to go one step further, you should be playing with small stakes for a bit of fun only.

However, providing you hold an edge on the game, are still mentally alert, have not become emotional (become over confident or are reeling from a loss), and would like to make some money, then you should continue to play your game regardless of recent results.

Providing you continue to make positive expectation bets, tell me why you would stop, if you lost a couple of bets in a row, or if you struck a winner with your first bet? (I am assuming you have established a betting bank that you can afford to lose.)

The only benefit I can see in stopping, when you have either won or lost a certain amount, would be to boost your confidence. To stop betting for the day, when you are showing a profit, may help to boost your confidence. In reality, you are reducing the amount that you will make in the long-term (because your turnover is not as great), but maybe your confidence and enjoyment derived from gambling may rise. In this case, stopping after a couple of good wins may be the way to go for you personally.

If you don't have an edge, and you are serious about making money from gambling, you should develop your gambling skills so as you can create an edge. Find out more about your 'Edge' int he article, 'The Difference Between Your Edge and Your Expectation' at http://www.puntingace.com/hints/

However, if you are gambling purely for the enjoyment, then setting stop losses, either at a winning point or losing point, is the best way to play. This way, by reducing turnover, and thus not losing as much in the long-term, is smart play.

Australians Matt Elliott & 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.


MORE RESOURCES:

State should hold its horses on casino gambling
Glens Falls Post-Star
Moody's Investment Services recently downgraded the gambling industry from “stable” to “negative.” Eleven of the 15 states that have casino gambling have shown year over year declines in revenues. Moody's predicts revenues reported by states will ...



Dog racing dying with spread of casino gambling
GamingTodaySlotsToday
But, that was before the spread of casino gambling. Now, casinos are feeling the impact of over-abundance while most dog tracks have been shuttered. Lack of attendance and a growing concern over the treatment and health of the animals caused most ...

and more »


NBCNews.com

Editorial: Chasing the fool's gold of casino gambling
SILive.com
This Tuesday, Oct. 12, 2010 file photo shows the Trump Plaza Hotel Casino in Atlantic City, N.J. The owners of the Trump Plaza casino in Atlantic City say they expect to shut it down in mid-September. Trump Entertainment Resorts tells The Associated ...
Casino Expansion Proposal Riding On North-South Political DealNJ Spotlight
Opinion: Atlantic City casino shake-out could be devastating to troubled cityNJ.com
Atlantic City: Casinos, gambling and the economyDigiNews
Washington Post -New York Times -World Socialist Web Site
all 265 news articles »


Genting bets on New York casino gambling
MiamiHerald.com
Malaysian gaming giant Genting Group — stymied so far in its bid to bring casino gambling to Miami — is pushing hard in New York, where it is competing to win casino licenses under a 2013 law that cleared the way for full-fledged gambling in the state.

and more »


Longmeadow Town Manager Stephen Crane says repeal of casino gambling ...
MassLive.com
LONGMEADOW — Longmeadow Town Manager Stephen Crane, in response to a question on the matter, has offered his thoughts on the effect of the Massachusetts' Supreme Judicial Court's recent decision to allow state voters to decide the legality of ...



Boston Globe

Casino gambling, sick time, bottle bill and gas tax questions make ...
MassLive.com
BOSTON — Questions on casino gambling, mandatory sick leave, the bottle bill and a gas tax increase will all go before Massachusetts voters in November. Secretary of State William Galvin announced Thursday that the questions will go on the ballot in ...
Galvin announces order of ballot questionsTurn to 10
Ballot question backers face one more deadlineBoston Herald
4 Ballot Questions Before Mass. VotersNew England Public Radio

all 50 news articles »


NorthJersey.com

Sweeney says NJ voters could decide whether to expand casino gambling ...
The Star-Ledger
TRENTON — State Senate President Stephen Sweeney said there could be a referendum on the ballot next November asking New Jersey voters to expand casino gambling to the northern part of the state, according to a report by The Record. Sweeney ...
NJ Senate president open to north Jersey casinosDailyrecord.com
New Jersey Gamblers Would Go to New York Casinos, Says Poll Casino.orgCasino.Org News

all 31 news articles »


Council OKs new payment schedule for casino's gambling-tax debt
Longview Daily News
Cadillac Island Casino will pay its back taxes at a slower rate after the Longview City Council on Thursday night agreed to restructure its debt payments. The casino owes $260,000 in gambling taxes and had been making monthly payments of more than ...



Boston Globe

Sweetheart Deal: Casino Gambling, East Boston, And Mohegan Sun
WGBH NEWS
So, call me jealous since I live in the Back Bay and not Eastie, but I don't get why it's such a great thing that Mayor Marty Walsh has shaken down Mohegan Sun for $18 million a year to hand over to just one neighborhood for “improvements” when frankly ...
Boston scores lucrative deal with Mohegan in Revere casino bidBoston Herald
Sources: Boston has verbal agreement for 'host-like' surrounding community ...MassLive.com
Walsh: Casino deal at hand with MoheganNECN

all 92 news articles »


Sonoma Fire Agencies Use Graton Casino's Gambling Profits To Build New Station
CBS Local
SONOMA COUNTY (CBS SF) — Struggling Sonoma County fire agencies will begin to reap the profits from Rohnert Parks' Graton Resort and Casino in a new deal that will provide greater emergency services. The deal was struck as part of a crime mitigation ...
Fire departments reap casino rewardsPetaluma Argus Courier

all 4 news articles »

Google News


Advertisement



Section Site Map - Submit News - Feedback - Comments - Advertise with Us

Copyright 2006 Luminati Inc. All rights reserved.