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Why majority of gamblers still remain so broke and poor.
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[QUOTE="cashisking149, post: 264715, member: 48802"] One word - overround. Most gamblers fail to consider the impact of value in their gambling. Focus is often put on tips and sentiment or in the case of casinos, false hope built on runs of good variance. All of this means nothing without the maths being on your side. Look at a 50/50 sports bet. The odds for this SHOULD be evens on both outcomes or decimal odds of 2.00. But they rarely are. You might find odds like 1.90/1.90. If you divide the chance of an event happening (100%) by the odds (1.9) you will see that the implied percentage of your 50/50 is in fact 52..63% and therefore the chance of either outcome or overround is 105.26%. This means the house edge is 5.26%. You stake is worth that much less as soon as you place it. By undervaluing the actual mathematical odds, they create an edge. If, however, a bookie gets its pricing wrong and offered you 2.10/2.10 on the coin toss then you stand to make money over time as the overround is now 95.23%. YOU have an edge of 4.77%. In casinos this edge is reflected the opposite way as a RTP or return to player. In many cases slot games are around 95%. This infers that for every £1/$1 you stake you will get a return of £0.95/$0.95 and so over time you will bust. You may gets wins along the way or a run of good variance but mathematically over enough time you WILL lose. But sometimes when bookies offer free spins on certain slots or games AND the rollover requirements are favourable, the TP is over £1/$1 and those are positive EV (estimated value). Do those offers over time and you WILL make money. The downside to all this? Bookies and casinos HATE their edge being taken from them via mathematical loopholes and will quickly ban or limit your staking if they catch you doing this. It is possible to continue to make money will large numbers of accounts but doing this long term is difficult and therefore more of a smash and grab. [/QUOTE]
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Why majority of gamblers still remain so broke and poor.
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