|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.
David Ralston 'open' to debate on casino gambling, but won't endorse it - Atlanta Journal Constitution (blog)
Fantasy Football Offers Gamblers a Unique Kind of Fun
If you are a gambler, and you enjoy sports, chances are you've bet on football at some time in your life. If you love football, and you have never played fantasy football, you'll want to check into this fun and unique way to gamble on your favorite sport that doesn't involve a bookie.
Gambling Stories 101
A win at a gambling table can be fun narrating. The gambling is being popularized by word-of-mouth technique as there are many who have such success stories to share with the aspirants.
Tips to Win at Poker
The following are guidelines only and although they are intended to help you win more often we cannot offer any guarantee. These guidelines are mainly for pot-limit draw poker (when the maximum raise is the amount of money in the pot):1.
Your POSITION Of Power In Holdem
In Hold'em poker, the importance of your position in relation to the dealer can not be stressed enough. The reason for learning position is that the later your position is the more information you will have about the other players.
Texas Hold em Poker Basics
Texas Hold em Poker (also know as Holdem Poker) is a card game which you'll take a few minutes to learn but many years to master. As a beginner you'll want to learn the Texas Hold em Poker basics - the rules, hands rankings and types of texas hold em poker.
How to Succeed in the Poker Freerolls Part 2
How to Succeed in the Poker Freerolls Part 1 looked mostly at what cards to play and when to play them, in Part 2 we take a look at other factors that you need to be aware of in order to succeed in the freerolls.7.
The Healthy Gambler
In our day and age gambling is very popular. The problem is that many still see it as being wrong.
Video Poker - Best Strategy
The table below gives a basic drawing strategy for a Jacks or Better machine (the best kind). There is a perfect draw for every possible combination of cards dealt to you, but that strategy is far too complicated for this article and for the casual player.
The History of Roulette
The term "Roulette" is derived from a French word meaning small wheel. The origin of Roulette is not very clear.
Casinos Popping Up Leads To Negative Impact on Economy
Casinos and other forms of gambling are popping up in almost every state. Every other day you hear of a new Indian Tribe that is looking for recognition.
Poker Tournament Freerolls Payout in Seven Figures
Poker tournaments freerolls are free poker tournaments that are hosted daily by the best online poker rooms. Poker tournament freerolls are often just called freerolls.
Las Vegas Interesting Facts
Many have had their days of glory in the state of Nevada. But these three step out of the crowd, as they gave the name of the game.
Modern casino slots are controlled by computer chips and software, and the win percentages are preprogrammed into the software.Casino slots have Random Number Generators (RNG) which are continually generating combinations, even when the machine is not being played.
Blackjack for Beginners
'Blackjack' is one of the oldest games played in United States of America. Generally it is believed that the game got its name from the manner in which it is played.
The Secret of Multiple Odds Tables
Halftime Betting for Football
There are several different ways bettors use the halftime wager, but for the most part, they use it more as a hedge bet. No matter how you want to bet a halftime bet, it is just another fun way to bet.
The Secret of Grinding Out a Profit
Types of Poker Players
Most poker players fall into one of four categories, and once you're experienced enough, you'll be able to place your opponents into particular groups very quickly. This is a detailed definition of the different types of poker players you'll find.
10 Tips That Will Give You Unfair Advantage At The Poker Table When Playing Texas Holdem Poker
Playing poker and winning is a very difficult task to do, you can lose most of the times specially if you don't know the little dirty psychology secrets that anybody playing poker for real has to understand.1.
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.
Section Site Map - Submit News - Feedback - Comments - Advertise with Us
Copyright © 2006 Luminati Inc. All rights reserved.