Topic: Why do 90% of Bettors Lose in Sports Betting in the Long-term? - page 6. (Read 2137 times)

It would be difficult for you to make a profit if you can't control yourself, being tempted in every look inside sports house will push you to keep on betting, some may win and some may lost but the catch and the very difficult side of it is when you can't resist the lust and desire that you've got. Your appetite to please the needs of betting will always whisper in your ears.

Most of the time, sports bettors lost as they keep on betting instead of finding value bets they will just bet to please what inside them to the point that they already losing a decent amount of money.

Yes, that is why it is called sports betting for a reason and in this type of gambling, you will not be basing all of your bets on your luck in that given day because it's not the only factor that will increase your chances of winning as analyzation and reading some recent datums are also required in this area. Betting without a single knowledge of how the game is played will just give you a negative outcome. Also, there is no need to be hasty in this field just because you want to gamble, schedules are posted for a reason as well and in this instance, it will give you more space not to get addicted in the industry.

...

this topic is quite subjective, so you can just approximate the numbers here. hard to make a general statement on this as the stats is hard to collate, in my opinion. so like for example, the 3-5% of sports bettors that are successful may not be the right percentage but it tells us that the number is really small. in the long run, gamblers will indeed lose if they won't stop as house edge is always in play. this is why casinos and bookies want you to play as long as you want, because later on, you will only stop once your bankroll is empty.

It would be difficult for you to make a profit if you can't control yourself, being tempted in every look inside sports house will push you to keep on betting, some may win and some may lost but the catch and the very difficult side of it is when you can't resist the lust and desire that you've got. Your appetite to please the needs of betting will always whisper in your ears.

Most of the time, sports bettors lost as they keep on betting instead of finding value bets they will just bet to please what inside them to the point that they already losing a decent amount of money.

this topic is quite subjective, so you can just approximate the numbers here. hard to make a general statement on this as the stats is hard to collate, in my opinion. so like for example, the 3-5% of sports bettors that are successful may not be the right percentage but it tells us that the number is really small. in the long run, gamblers will indeed lose if they won't stop as house edge is always in play. this is why casinos and bookies want you to play as long as you want, because later on, you will only stop once your bankroll is empty.

In relation to the topic, has anyone actually seen any sources for that 90% figure (of bettors losing long-term)?
I tried to find it but hit a wall. There are few articles claiming that only 3%-5% of sports bettors are successful, which sounds about right, but they're not citing any specific sources but are only referring to "different studies".

If anyone has seen any actual study and could provide a link, that would be great.

Even though many people that bet on sportbet are not that knowledgeable, there are people that are still making huge profits from betting. There are people that had gain the knowledge and pattern of betting and having a consistent winning and they don't waste time making money from sport bet. Sport bet is very easy to make profits but some persons had used greed to scatter there possibility of making winnings which is one of the problems of gamblers.

 If we know that winning is not something that we need to force or fight at all means for us to make money from gambling, we all going to start making winnings gradually without pressure.

Yes, that is why it is called sports betting for a reason and in this type of gambling, you will not be basing all of your bets on your luck in that given day because it's not the only factor that will increase your chances of winning as analyzation and reading some recent datums are also required in this area. Betting without a single knowledge of how the game is played will just give you a negative outcome. Also, there is no need to be hasty in this field just because you want to gamble, schedules are posted for a reason as well and in this instance, it will give you more space not to get addicted in the industry.

In relation to the topic, has anyone actually seen any sources for that 90% figure (of bettors losing long-term)?
I tried to find it but hit a wall. There are few articles claiming that only 3%-5% of sports bettors are successful, which sounds about right, but they're not citing any specific sources but are only referring to "different studies".

If anyone has seen any actual study and could provide a link, that would be great.

In relation to the topic, has anyone actually seen any sources for that 90% figure (of bettors losing long-term)?
I tried to find it but hit a wall. There are few articles claiming that only 3%-5% of sports bettors are successful, which sounds about right, but they're not citing any specific sources but are only referring to "different studies".

If anyone has seen any actual study and could provide a link, that would be great.

^This was also in my mind which I think was right.
Having a solid understanding of the teams or leagues we bet on significantly reduces the chances of losing money. The fact is while luck plays a role, it should not be the sole basis for our bets. Avoiding hasty guesses and relying on substantial knowledge is crucial. Betting on strong teams with a high likelihood of winning in official matches provides a more certain path to potential earnings compared to betting on friendly matches. Being a knowledgable decision based on sound analysis can lead to better outcomes in sports betting.

Indeed, this is quite reasonable to be one of the causes of losing in betting on sports and it is important that general knowledge for the team or league that we know will make it easier for us to make money. Maybe the origin of this guess is not fully justified but instead the failure rate is far greater than the level of luck and because of this things should be avoided. Apart from that, betting on a big team that we believe can win easily will be far more able to make money with certainty, of course in this case it is a bet for an official match, not a friendly match.

Understanding the concept of fair odds is a pivotal step towards grasping why the vast majority of bettors continually face losses in the realm of sports betting.

Let’s start with a simple coin toss, where each side holds a 50% chance (or 0.5) of landing face-up. The fair odds here would be 1/0.5 = 2.

Now, consider a six-sided dice roll. Each face possesses a 16.67% chance (or 0.1667) of landing face-up. The fair odds, in this case, would amount to 1/0.1667 = 6. If you bet on five out of the six faces, you secure an impressive 83.33% chance (or 0.8333) of winning. The fair odds for this scenario equate to 1/0.8333 = 1.2. In other words, if you place a $1 bet on five out of the six faces and win, you’ll receive $1.2.

At this point, you might be tempted to think that betting on favorites with low odds would ensure long-term success. However, that’s not the case.

Let’s delve into some calculations:

Expected Value (EV) in statistics is a predicted value of a variable. It is calculated as the sum of all possible values, each multiplied by the probability of its occurrence. In the context of sports betting, EV represents the long-term average payoff from an event. If the EV is positive (+EV), the bet holds the potential for profitability in the long run. Conversely, if the EV is negative (-EV), the bet is likely to result in losses over time.

EV = (Fair Win Probability) x (Profit) - (Fair Loss Probability) x (Loss)

Consider an operator that charges a commission for the dice roll game, causing the favorite to have odds of 1.17 and the underdog odds of 5.85.

What would happen if you bet on the favorite in the long run?

You’d end up facing losses. Let’s calculate:

EV = 0.8333 x ($0.17) – 0.1667 x ($1) = -$0.025

In this case, for every $1 bet, you’d lose $0.025.

The result would be the same if you bet on the underdog with odds 5.85:

EV = 0.1667 x ($4.85) – 0.8333 x ($1) = -$0.025

It doesn’t matter whether you bet on low odds or high odds; in the long run, you’ll lose money.

Now, imagine a tennis match where two players are evenly matched, each holding a 50% chance of winning. The fair odds for both players would be 2.0. However, bookmakers offer lower odds, such as 1.9 for each player. This discrepancy represents the bookmakers’ commission.

Let’s calculate the EV with odds of 1.9:

EV = 0.5 x ($0.9) - 0,5 x ($1) = -$0.05

Winning has a cost, and one of them is consistency and familiarity with the gaming system. For me, I am familiar with the challenging teams that surround the league on which I wager, which is the English Premier League. Although it's a tough league, certain things can guarantee to happen. Manchester City cannot lose ten games in a season, and their chances of winning every game are likely to be 80%. As you can see, the majority of my gambling targets are aimed directly at the cityzens, and I'm confident that each game wager in favor of Manchester City has an 80% success rate, higher than any other club in the league, with these simple strategy, making money from gambling quite easy.

You said it right. They think that by continuing to play, they still have a chance to win, especially if they can use more capital because the wins they will get are big. But they should do some self-reflection before betting on sports to see if they are making the profits they want. If not, they must stop immediately before it's too late because the gambling business is fast, so if you decide late, it will be difficult for you to make a profit.

Betting on an unknown team from an unknown league is the easiest way to lose money. I agree with your opinion because I think betting money on such a team is nothing more than guesswork in the dark. They wished for luck without having a database to analyze, so in the end their victory was purely down to luck.

I tend to recommend them play the slots instead of spending money without having fun on unknown teams and leagues. They couldn't win many bets that way, but if they had a database and did some analysis then of course the winning percentage would increase.

Betting on an unknown team from an unknown league is the easiest way to lose money. I agree with your opinion because I think betting money on such a team is nothing more than guesswork in the dark. They wished for luck without having a database to analyze, so in the end their victory was purely down to luck.

~snip~