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RE: Gambling Psychology | Dealing With the Ups and Downs
Great points! I personally know people who play poker for a living and one "cost" that does not get factored in nearly enough is the mental health costs of gambling for a living. It might not show up as a number, but being constantly stressed is a high cost that no one should want to pay.
I love how much work you put into your bankroll system and it shows with how thorough and detailed it is. You give an exact, tangible system that people could implement profitably. I'd highly recommend everyone check it out
Indeed, "There are very few people that are equipped financially and psychologically to handle the ups and downs of gambling for a living".
Nearly all long term profitable sports bettors I know use very similar bankroll management.
The main issue for small casual players is that it's actually quite boring, which defeats their purpose. You need to have a lot to win a little instead of having a little to win a lot. This gives the books a huge edge as it's only a matter of time before anyone who plays without proper bankroll management will get wiped out even if they take bets with an expected profit.
Yea I completely agree. The casino has a big edge in that regard. They have an infinite bankroll and cant tilt. A lot of my friends will place their first bet way bigger than they should. Thanks again for your great bankroll management piece