Gambling and Risk Assessment
Wednesday, July 24th, 2013
Many of us have spent hours on betting sites or made a couple of sports bets on a whim. And it does make for an exciting way to make some extra money. But have you ever considered that sport betting could be a steady monthly income for you, aside from your salary?
However, when exposed to frequent betting and gambling in general, there are a few things to remember which will help you understand the system and lose as little as possible.
The general principal of betting lies in probability – the probability that horse A will outrun horse B, or the probability of football team A being beaten by football team B. And the simple answer is that while some things may be improbable, nothing is impossible.
Having taken certainty out of the picture, what we’re left with is educated guesses, so what we need to be aware of is how much we’re betting, and what the potential effects of losing are.
It goes without saying that the greater the bet is, the greater the possible profit – but also the greater the potential loss. And if you have £100 pounds to bet and you place £20 on each bet, it only takes 5 for you to be bankrupted. Placing lower wagers may lead to lower profits if that turns out to be the case, but will nonetheless offer you more times to try. It’s estimated that low bettors ultimately leave with a greater profit than high bettors, not because they make a particularly sizeable profit, but because high bettors lose their money comparatively quickly. As an article from Football-Data.co.uk puts it:
Risk takers will win more in the short term, but must accept the greater prospect of severe misfortune. Risk avoiders must embrace a slower rate of return, but can potentially look forward to a longer betting “career”. Whilst there is really no right or wrong way to bet, it may be argued that proactive risk management offers greater long-term security for a fixed odds sports bettor.
If the prospect of organising and co-ordinating a sweep makes you anxious, or if you just want an easy way to get in on the action, why not take a look at Panda Sweeps? All you need to do is enter the email address of everyone who is playing in your sweep into the random selector, and Panda Sweeps will email everyone their selection. Whether you and your friends or colleagues want to have a punt on the Grand National, Premiership Football or Formula One you can organise the whole thing in less than five minutes. Best of all, it’s completely free!
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