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How Much Action Is Too Much? October 2009
by
Scott Spreitzer
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throughout the season right here where you only pay after you
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This is one of the biggest questions sports
wagerers have to ask. It’s arguably the single biggest
contributor to the high losses suffered by the public in
general.
They play too many games. In fact, many keep betting until they
make sure they lose!
How is that possible? It’s kind of like the “Peter Principal” in
business. You’ve probably heard about that. People get promoted
up to the spot where they’re in over their heads. Nobody wants
to stand pat in a job they’ve mastered. Employers want to try to
get their best people in the most important jobs. Ironically,
that leads to a phenomenon where many workers are moved one spot
too high. They were qualified to succeed one step below, but
they “found” the level where they were in over their heads.
Sports gamblers do that all the time. If they’re winning with
their favorite 3-5 picks every day, they start to play a few
extras because things are going well. If they manage a winning
record with their best 5-7 picks every day, they press on
further. They also press up the amounts because success is
giving them more confidence. But, at 10-12 plays per day,
disaster! They start losing games they didn’t used to even bet.
And, they’re losing at bigger amounts because of the prior
confidence.
Suddenly, a winning bettor is down for the year. They found the
level where they were in over their heads.
What’s worse, sports gamblers refuse to “demote” themselves back
to what was working! Instead of saying, “Well, I’ve been playing
too many games, I need to cut back down.” They say, “I’m a
winner! My earlier record proves it. I can make this work!”
Sportsbooks succeed largely because of human nature. And the
knack winners have for turning themselves into losers.
What a bettor needs to do is to think very carefully about the
best action level for their own particular style. I’ve found
during my years in Vegas that it’s really different for
everybody. There are guys who would be best served by just
betting their top 1-2 opinions every day. If they are really big
on something, it’s got a good chance to to win. The stuff they
just “like” isn’t worth the energy. But with others,
particularly professional “advantage” players, more action is
better because it grinds out a large profit over time. They can
hit 54-55% over 100 plays, or 1,000 plays, or 10 years. That’s
better than the break-even point with the 11/10 vigorish. If you
can hit a winning percentage over a large number of plays,
you’re costing yourself money by not betting.
Start logging your opinions each game day in college and pro
football (and in basketball when it starts next month if you
like handicapping the hoops). Either rank your games from 1-20,
or put them in categories such as "five,” “three,” “one,” and
“leave alone.” Make this a habit so you’re doing it all the time
every betting day. Don’t get discouraged if you find out you’re
not as smart as you thought. That’s actually a lesson most
gamblers need to learn! Be excited about the chance to truly
find where your strengths lie.
If you’re like most people:
You’ll find out the games you “love” (fives) aren’t really that
much better than the others in terms of week-to-week
performance. You’ve been betting too much on these, making them
have way too big an impact on your bankroll. A few of you will
have a great percentage on these. Most won’t.
You’ll find that you “like” (threes) too many games. There’s a
tricky difference between “like,” and “lean.” Most gamblers need
to get a firmer grip on that.
You’ll find that you “like” or “love” a lot more games after a
good day than you do after a bad day. This tells you that you’re
not really thinking about the matchups and angles that are in
play coming up. You’re being overly influenced by what just
happened. This is a very bad sign for handicappers. The
influences that will determine who wins and covers Sunday’s
Ravens/Vikings game are completely unrelated to whether or not
you won Saturday’s Southern Cal/Notre Dame game. The Ravens and
Vikings couldn’t care less about you! Base you’re opinions on
the upcoming games themselves, not on your mood swings.
This exercise will help you develop a keen sense for how to
properly rate your games, and where your cutoff point needs to
be. That by itself will put you on the winning side of the
equation. Then you’ll be taking the sportsbooks money when the
games are over instead of pouting because they’ve got your's.
Maybe you’ll find out you need to be conservative, and just
focus on your very strongest opinions. Or, you just might get
confirmation that you have what it takes to be a true advantage
player in Las Vegas!
Be sure to get all of Scott's
Guaranteed Football Picks
throughout the season right here where you only pay after you
win!
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