Many have read the heart rending stories of what this latest gambling craze has done to people. The wrecking of individuals,families and businesses. Well, this is all true. But how does this come to being?
The main thing is people get excited and think gambling can be a source of constant income. Truth is it cannot. The way gambling is set up is such that the odds are heavily stacked against you. This is how bookies ensure you always hand over your money:
- Mathematically speaking the odds of the bookie are always 50%. Whatever bet you place whether single or multi, 1k or 50k, to the bookie you either win and he loses or you lose and he wins. 50/50. However, you on the other hand will almost always have lower chances of beating the bookie. In a single bet 1X2 your chances of a win are reduced to 33.33% . You may mitigate this by placing bets on two outcome events only like gg or over/under but the bookie has another way of getting you. They payout is always smaller than the potential loss at odds of less than two. You can never double your money on this.
- Combinations. Multibets are a sure way of giving out your money to bookies. Yes the potential payout seems high and attractive due to compounding. But the chances of getting a multibet right is almost always below 10%. Why? For those of you who remember a bit of mathematics, you will remember the topic of combinations and permutations. You can use that knowledge and get the n! or n factorial if you like. A single bet of a soccer match will have three possible outcomes or a 1/3 chance of a win. A multibet of 2 soccer matches will give you a whooping nine possible outcomes or a 1/9 chance of winning. Do you see how steeply that chance escalates. Thats only an 11% chance of a win. Now imagine a 3,4 or 5 match multibet. Your chance of winning reduces to less than 1% while that of the bookie is 99%. He practically has your money.
- Information. Yes, you may say the chances above are underated. I mean you’ve won so many times on a multibet yet im here claiming that your chances of winning are at less than 1%. Information on teams and players really does boost your chances of winning. For example you are almost always sure that Real Madrid or PSG will beat an opponent. Thats an edge right there, right. But what does the bookie do. He ensures that on matches where you have good positive info he lowers the payout so much that you are forced to combine the bet with other matches with good payouts but little information to make a decent return. There again goes your chances. The bookie will also put so many matches that he knows you have little or no information on the teams or players and are therefore betting blindly or relying on some wild and unreliable prediction tips websites. Note that those kinds of matches always have good payouts to attract you.
- Uncertainity and luck. Despite all the information you may have, remember a match is always highly unpredictable. There occurs injuries, red cards, penalties. A big chunk still remains good ol luck. And life experience has taught us you can never be too lucky.
So there you have it folks. Gambling is pretty much unreliable and the chance of losing all your money is guaranteed. So is there a chance to engage in sports gambling, get returns and have some fun. Sure, but only if you follow a few rules: - ONLY gamble for fun. Stake only a fraction of the extra money you have. Never stake money that has other uses like rent, savings, loan etc. Only a fraction of your surplus. The less the better.
- Avoid multibets at all costs.
- Place bets on matches that you have good credible information on the league, teams and players
- Limit your gambling to as few times as possible say only during weekends when you are relaxing. Remember you are doing it for fun.
- You can try the jackpot once in a while. Its cheap and the payout is worth it. However ONLY do this if you love football and usually follows matches progress. DO NOT stress yourself analyzing 13 games that you have no interest in.
- Use gambling proceeds for fun. Go out, drink, eat. Have fun. Reward yourself for you good luck.
P.S You will notice that you do not see a lot of people who were initially excited with sports betting. Thats because they learnt the hard way thats its not a sustainable money earner but rather will deplete your savings pretty fast.