Sports betting: how much knowledge is too much - page 6.

3meek

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Quote from: Questat on September 22, 2020, 07:00:01 AM

Quote from: Eureka_07 on September 22, 2020, 05:54:11 AM

Quote from: Wexnident on September 22, 2020, 01:55:41 AM

Quote from: Betwrong on September 18, 2020, 10:21:24 AM

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

When it comes to sports betting, I don't think you'll need to be a programmer in order to succeed, the chance of winning cannot be analyze solely based on the numbers (stats) because there are a lot of factors that has to be considered, like the weather and the injuries, and other matters that can't be calculated with numbers.

In fact, everything in this world can be calculated using numbers, but because of our low mental ability, we can't take into account all factors...
This can be classified as fantastic, but it is well reflected in one of my favorite movies "Rain Man"... Wink

Questat

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Quote from: Eureka_07 on September 22, 2020, 05:54:11 AM

Quote from: Wexnident on September 22, 2020, 01:55:41 AM

Quote from: Betwrong on September 18, 2020, 10:21:24 AM

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

When it comes to sports betting, I don't think you'll need to be a programmer in order to succeed, the chance of winning cannot be analyze solely based on the numbers (stats) because there are a lot of factors that has to be considered, like the weather and the injuries, and other matters that can't be calculated with numbers.

Eureka_07

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Quote from: Wexnident on September 22, 2020, 01:55:41 AM

Quote from: Betwrong on September 18, 2020, 10:21:24 AM

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

Betwrong

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I stand with Ukraine.

Quote from: Wexnident on September 22, 2020, 01:55:41 AM

Quote from: Betwrong on September 18, 2020, 10:21:24 AM

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

So, we agree on the main point here: luck plays much lesser role in a knowledge-based work than in sports betting, although sports betting is also, at least partially, a knowledge-based work.

Now let me explain what I mean by saying that even in coding luck is a factor. Of course I don't mean that someone can wright a good code with the help of luck. If you have little knowledge, the probability of creating something worthy by just fiddling around the codes is zero. BUT, if you are a good coder, you can still be affected by bad luck, in a sense that finding a good job can take much more time than needed on average.

Rosilito

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Quote from: Wexnident on September 22, 2020, 01:55:41 AM

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

Definitely! And you ought to make whatever logic you applied on those codes works/function, in the first place. Besides, you must laid out everything you'll need before writing a program though -- understanding the problem itself, plan, and whatnot to achieve the target result as precise as possible, and pretty much the same goes with other jobs out there except gambling Grin

. Besides, being a gambler isn't a job, to begin with, it would be better off not to treat such activity be similar to one another. Gambling is for entertainment alone, winning consistently is another.

Wexnident

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Quote from: Betwrong on September 18, 2020, 10:21:24 AM

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

tippytoes

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Quote from: Mahanton on September 21, 2020, 03:55:30 PM

Quote from: South Park on September 21, 2020, 03:32:45 PM

Quote from: JohnBitCo on September 18, 2020, 06:01:24 AM

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

Being impulsive would really be a problem as a gambler not only on making you to do careless acts or decisions which would really worst the situation even more.
The enjoyment and thrill do you really seek thats why you do play either on sports betting or luck based ones.Knowledge on games is really important for some
reason or a particular game but for some then just like others said it isnt really that much needed because you can just put your bet then simply roll and
wait for the result not on watching sports which you would really need to wait and witness on how your bet goes.

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it. But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

Mahanton

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Quote from: South Park on September 21, 2020, 03:32:45 PM

Quote from: JohnBitCo on September 18, 2020, 06:01:24 AM

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

Being impulsive would really be a problem as a gambler not only on making you to do careless acts or decisions which would really worst the situation even more.
The enjoyment and thrill do you really seek thats why you do play either on sports betting or luck based ones.Knowledge on games is really important for some
reason or a particular game but for some then just like others said it isnt really that much needed because you can just put your bet then simply roll and
wait for the result not on watching sports which you would really need to wait and witness on how your bet goes.

teosanru

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Quote from: kryptqnick on August 22, 2020, 06:08:33 AM

I've been experimenting with betting on sports, and for now I don't see a difference between when I'm making an educated bet and just betting blindly looking only at the odds. It hasn't been long, however, so I'll keep experimenting.
My question is about a related matter. When I've asked in a different thread what is required to become a good bettor, many have mentioned that knowing the games, the teams and things like that is essential. But I'm sure there's a certain limit to this flow of information, and when this limit is reached, it's not useful and is even potentially harmful for making the decision. If a person is betting on a soccer match and reads about every match of every person on every team, plus weather forecast, plus research on home advantage etc., the amount of information can be overwhelming and probably not that important or useful to bet on the outcome a particular match. What do you think: is there a rule that would help not to drown in information but only focus on what is helpful? Or is it 'the more, the better' in your opinion?

Actually sports is a pretty adventurous game to gamble upon. Knowledge of the sport is pretty necessary but sometimes sports is much more than that it's just about the individuals performing that day and trust me you can't predict how is an individual going to perform on a given day. All these factors do create a slight advantage for a side but that advantage is generally adjusted in the gambling odds. If it were so easy to just have the right information about the sports and gamble correctly why would sports fixing exist? It exists because people have realized that only one thing which can change the result of a game are the individuals. So I would recommend you to have an average knowledge regarding the sport but have keen knowledge about the players who are playing and accordingly place a bet.

South Park

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Quote from: JohnBitCo on September 18, 2020, 06:01:24 AM

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

Betwrong

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Quote from: Questat on September 17, 2020, 07:37:34 AM

Quote from: Betwrong on September 17, 2020, 05:24:16 AM

~

That's definitely my point, but unlike you, I won't quit, we have different principle in gambling.
If I am making money, why would I stop? This is a skilled based game and I have already seen the result, so why resist to continue making money?

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

Pamadar

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Quote from: imstillthebest on September 17, 2020, 07:52:08 PM

Quote from: Lanatsa on September 17, 2020, 07:23:36 PM

Quote from: Pamadar on September 17, 2020, 01:03:16 AM

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

Better to anticipate as there's always bad night and since you are inside gambling then you need
to take it into account that it will happened.
Give yourself a break instead of attempting to keep trying your luck,
forget the day and try to comeback strong the next
following.

Kasabus

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Quote from: JohnBitCo on September 18, 2020, 06:01:24 AM

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

Correct, this is sports betting where your aim is to win in the long run, it's not like a lottery or games with high reward where you can stop whenever you win big, this is sports, the more wins than loses you have will make you successful and if you keep having positive record, you might consider this as your job or investment being a professional sports betting, and talking about professionalism, there is no room for people who are weak in controlling their emotion.

JohnBitCo

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Quote from: imstillthebest on September 17, 2020, 07:52:08 PM

Quote from: Lanatsa on September 17, 2020, 07:23:36 PM

Quote from: Pamadar on September 17, 2020, 01:03:16 AM

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

Ucy

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Quote from: tyz on September 16, 2020, 05:11:40 AM

Quote from: Ucy on September 16, 2020, 05:04:38 AM

Ofcourse! Almost thesame rate in Crypto trading in order to be considered a successful trader... People would sometimes say it is impossible to be a successful trader, but when you do your learning and research (talent also helps), you discover it's not that difficult to be profitable. So I can relate with the experience.

* I'm not really that interested in sport-betting yet. I will probably try betting in other areas i won't abandon easily due to unprofitablity or lack of interest.

Yes, I need to add that the win rate alone does not tell much. That's why I stress balance/money management so much to be successfull.

To explain, I take the following example:

Bet A won # Stake 1mBTC # Odds 1.5 # Profit 0.5 mBTC
Bet B won # Stake 1mBTC # Odds 1.3 # Profit 0.3 mBTC
Bet C lost # Stake 1mBTC # Odds 2.1 # Profit -1.0 mBTC

There you have a win rate of 66%. Wow, amazing! But your overall profit is -0.2mBTC.

Ofcourse.
So, in that case, what matters is the overall profits, and not a single profit on multiple bets. It looks a bit challenging though. I guess it's better to focus on bets one is very sure of winning (with good research/info) and increase the stake for bets. That could ease the risk of not being profitable overall

maydna

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Quote from: imstillthebest on September 17, 2020, 07:52:08 PM

Quote from: Lanatsa on September 17, 2020, 07:23:36 PM

Quote from: Pamadar on September 17, 2020, 01:03:16 AM

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

Frustrations will become the biggest problem for the gambler who chase the winning. People who lose much money will feel frustrated, and they will be desperate to think about winning the games. If they can't control themselves, the feeling will become bigger, and once it blows up, they can ruin their lives and make other people in danger. Playing gambling doesn't need to be serious because gambling is just for fun, and you need to treat gambling as a fun thing in your free time. If you are trying to serious in gambling without having control, you can lose the money in a short time.

And not just in sports betting that can make you frustrated, it's happened to all gambling games. So if you feel that you can't gather any information about the game, perhaps, you need to leave it and search for the other match. But yes, knowledge will be an important thing to win in sports betting.

imstillthebest

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Quote from: Lanatsa on September 17, 2020, 07:23:36 PM

Quote from: Pamadar on September 17, 2020, 01:03:16 AM

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

Lanatsa

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Quote from: Pamadar on September 17, 2020, 01:03:16 AM

Quote from: Viscore on September 16, 2020, 04:52:41 AM

Knowledge is somewhat an advantage to choose whos probably win but I don't think there is a method to help increase our chances to win. Because for me, I usually considered the odds especially when both players or teams are good, and I notice that the result is just 50/50.

In sports betting, not all of these things will help you out from losing, it surely it got you sometimes. You might win today and you might also lose in the next bet. We all not be a lucky person all the time.

Not every time but with knowledge you are giving yourself a much better chance.

Choosing the games and the players or teams are much easier if you have a good knowledge with the games that you
are participating, you are also giving yourself much lesser worries unless shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

Having knowledge is much more better rather than on playing without any information or doesn't have any idea on what games you've been dealing.Knowledge is required and its not
really that bad for you to have much because it will always be residing on your part to be on that advantageous one.

bitbunnny

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Quote from: Pamadar on September 17, 2020, 01:03:16 AM

Quote from: Viscore on September 16, 2020, 04:52:41 AM

Knowledge is somewhat an advantage to choose whos probably win but I don't think there is a method to help increase our chances to win. Because for me, I usually considered the odds especially when both players or teams are good, and I notice that the result is just 50/50.

In sports betting, not all of these things will help you out from losing, it surely it got you sometimes. You might win today and you might also lose in the next bet. We all not be a lucky person all the time.

Not every time but with knowledge you are giving yourself a much better chance.

Choosing the games and the players or teams are much easier if you have a good knowledge with the games that you
are participating, you are also giving yourself much lesser worries unless shits happened and frustrates you up.

Yes, knowledge gives you better chances and self confidence and that is good. In sports betting you can always use your knowledge in good way but unfortunately you can't rely only on that.
With some knowledge you also have the feeling that you risk less but sometimes that can be misleading and that will not help you winning all the time.

South Park

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I am terrible at Fantasy Football!!!

Quote from: tyz on September 15, 2020, 02:30:26 AM

Quote from: kryptqnick on August 22, 2020, 06:08:33 AM

I've been experimenting with betting on sports, and for now I don't see a difference between when I'm making an educated bet and just betting blindly looking only at the odds. It hasn't been long, however, so I'll keep experimenting.

I can only speak of myself. I know a lot about football/soccer because it is a sport that fascinates me, so I bet 99% of my money on football games and no other sports. I have been consistently profitable for a long time (winning 55-60% of my bets). If I happen to bet on other interesting sports (e.g. recent NFL games), I always have a win rate of less than 50%. So I cannot confirm that knowledge does not make a difference. But to be profitable you also need good money and balance management. So knowledge in combination with good money management is the key to success.

This is another good point and it is something that happens in trading as well, it is very common to find people that actually have winning strategies and yet they are long term losers, and we need to wonder why? And the reason for this is their poor money management skills, you could accurately predict who is going to win or lose a game but if you bet too much money on each single bet a negative streak can be enough to wipe out your account.

Topic: Sports betting: how much knowledge is too much - page 6. (Read 3821 times)