BINGO
For me, this thread has been a study in just how many people who gamble have absolutely no idea what they are doing, and when presented with step by step proof of the folly, they deny it and make anecdotal claims like "I am up 34 units...." without ever thinking that if they didnt hedge they would be able to say "I am up 40 units..."
This moron is so proud he is up, but constantly fails to realize he would be up MORE if he didnt hedge. I cant scream it any louder.
And people wonder why the house always wins....
Way to avoid this:
they deny it and make anecdotal claims like "I am up 34 units...." without ever thinking that if they didnt hedge they would be able to say "I am up 40 units..."
C. The rest, would be at least 85% of all potential sports wagerers. They don't particularly care about the math of it, they just want to win. They will bet on anything and everything at any terrible price, just because they want to bet and they think they can win. They don't care to see that the odds are against them, and they can document their losses, and still think " this is my week", "i'm gonna make a run". They are constantly chasing their tail, and you can show them the math and the hole they dig themselves, and they will steal your shovel to get started. For them, to offset some losses, and get a guaranteed win, is rare, so they put a higher price tag on ANY win. Their financial state is constantly changing, which is why you can tell them that they're stealing from themselves and they tell you that they don't care.
Hedging
I guess it's closer to 95%. totalguy, i wonder if these guys read it put that way, and STILL disagree. I was scrolling down to try and use an analogy myself, but if someone were to read all the facts presented here, and still disagree, well then you're right, they shouldn't be gambling
Way to avoid this:
they deny it and make anecdotal claims like "I am up 34 units...." without ever thinking that if they didnt hedge they would be able to say "I am up 40 units..."
...or I would be able to say, "How come I've lost the last game of a parlay 1,209,566 times in a row? Why didn't that last team hit 50% like it was 'SUPPOSED' to do."
Option 1: Bet a 4 team parlay at 10-1. Bet 100, win 1,000.
Option 2: Bet a 3 team parlay at 6-1, bet all proceeds straight up on Monday team. Bet 100, win 1,336.
Option 2 makes you MUCH more money (1,336 vs 1,000) on your 100 dollar bet. This is a no brainer.
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