Gambling

Low risk play as there's only about a 5% chance rates will go up.
So you'll most likely just get your stake back.

If you're really confident it will go down, 0.25% down is paying $5 and 0.5% down is paying $41

 

I've never met any successful professional gamblers but I've met plenty of delusional people with gambling problems who thought they were professional gamblers with a temporarily broken 'system'. I reckon there's also a strong correlation with drug and alcohol problems because it's all connected to poor impulse control; it's unfortunate for the victims that they get sucked into it.

 

Isn't property investing a gamble? Albeit a well researched gamble.

I've watched friends put entire paycheques through pokies on payday. That was enough deterrence for me.

 

A client of mine seems to get by quite well.

Tony Bloom

Mugs and Millionaires: Inside the Murky World of Professional Football Gambling.

http://bleacherreport.com/articles/...murky-world-of-professional-football-gambling


Also in a past life I spent 8 years as a bookmaker.

 

Sounds a bit like you overbet your bankroll.
i.e. increased your stakes too fast.
Money management is vital for long term longevity.

 

OTP ?
Never...Guaranteed win, depending on who you ask

 

I bet a small amount every Saturday. Only major thoroughbred races, never Stony Creek maidens or whatever.

I follow times system .
Basically only back a horse if it has ran close to the track record time recently ( Randwick 1200 m record is about 1 min 8 sec)
Other factors like weights, fitness also come into it.

 

I have a school mate who paid his house off in 8 years by professionally gambling.

Most via arbitrage, but some on straight out odds betting.

pinkboy

 

Saturday night Lotto. That's about it for me.

 

Same. The week of occasional fantasy about how your life would change is enough for me.

 

Lol! Agreed. Gotta be in it to win it. Even 250k would be enough.

 

I know a bloke that's cashed just over $2mil over the last 5 years of online poker. I imagine the hours pumped into it would be huge though. He's currently transferring over to IRL poker and doing well last win was around $100k i believe.

I dont have the brain power or the patience for gambling, have a dable every now and again but just a few bucks.

 

It's a bit like people who (apparently) are millionaires from day-trading or foreign exchange trading with this really amazing software that tells them when to buy and sell; they're not always doing as well as they're telling you. And sometimes their mega-success story turns out to be a pitch for a pyramid selling scam for their 'system'.

 

I have a fool proof way of winning on gambling.

Ask me which team ive put my money on. And bet on the opposite team

Guaranteed to win!... im serious

 

The people that have a system and actually make a living off gambling are not going to boast about it.

It's always the ones losing or getting lucky at the pub that are going to brag to their mates about it.

The "best" ones are people that play pokies..." I only put in $10 and pulled out $300"

The machine is programmed for you to lose idiot!

My dad has been gambling on horses for over 35 years and is very knowledgable in the local races. He has known trainers, jockeys, bookies for years and has owned horses that have won 300k prize money, sold a horse for 150k and has built up a reputation that people know him as a professional gambler. And to those people he is.

But on the otherside i have seen how hard it is for him to consistently win year in year out. It's literally a roller coaster.

There are days he is betting and picks upto 6 2nd places finishes where difference in winnings is thousands.The stress he goes through is unreal.

I don't like being in the same room as him when hes watching the odds fluctuate on his laptop and he's yelling at the screen as 2 horses go back in forth across the line.

He seems to do his best when he is more of a consistent type gambler such as trying to win $2000-$3000 per week rather than trying to win $10000 off a single race

I don't know what the average win/loss is per year. There are months where he just can't win at all for some reason/break even. But then others where he can drum up 50-60k in no time at all.

He admits he has gambling problem as in he gets a frill from winning. Then again who doesn't. There is no better feeling then winning/making money. It's no different than buying a house that is BMV. Or creating equity.

He has told me maybe his life of gambling is a good example for me not to gamble and if he was smarter he would have bought houses for 20-30k when he was younger and would be a lot richer today

 

Thanks for that interesting story. I know lots of people who get occasional pleasure from following the neddys and there's nothing wrong with that - but as you observe there are also people like your dad around to whom it becomes life-consuming and a big problem.

I actually had one in my family - my late grandmother loved nothing better than getting dollied up and going to the races with the housekeeping money. It was a really unfortunate thing for my hard working grandfather to come home and find the fridge completely empty! Grandma actually had jobs in her lifetime too - really good jobs where she made lots of $$$ but unfortunately that only meant she lost more money on horses - by owning them too and that's the biggest money pit of them all.

 

Here's an interesting observation;

*We now have a saturation on the teev here in Aus; of betting site ads ....every sports event covered on the teev is mindbogglingly annoying with their intensity and volume (thankyou god for Foxtel Footy and IQ!)
*There are Casinos in Vegas which are sooo large they have their own postcode (I've stayed at Caesar's Palace).
*Clubs and pubs put in Pokies (how do folks sit for hours playing these mindless things?).

Why do you suppose all this is?

They are not there to help you win....they are there to make themselves money.

It is very expensive to advertise on the teev - it needs to be a very profitable, and decent size business to be able to take those timeslots.

But hey; go for it, folks.

 

My dad wouldn't do it until he was broke or had no food. He has always been an excellent provider. He is not super rich. He has his own home paid off and a couple more ips paid off almost completely.

The gambling more affects his mood than anything else

It is still an addiction though

 

Yeah I'm a massive AFL fan and bet on every game every weekend, $50 budget per weekend. $5 per game =$45 plus $5 on a multi with short price odds to try and get the $50 initial outlay back,

Over the 2015 season I would definitely be up, and I'm not just saying that haha.

For example last weekend I won $355 from a $5 multi bet on the Adelaide Bulldogs game.

I'm to scared to put on big bets though, much prefer putting bets in a multi for little outlay for big return.