Lost money gambling

Original post by SloaneRanger

Get an education in gambling it might be more productive then what you are learning. Here are just a few links.....

http://www.dailyrecord.co.uk/news/uk-world-news/professional-gambler-tony-ansell-ive-1083670

http://news.bbc.co.uk/1/hi/magazine/4482273.stm

http://www.telegraph.co.uk/sport/horseracing/5453310/Patrick-Veitch-Tormentor-of-the-bookies.html

I'll stick to stocks, bonds and index funds thank you. You always hear about the successful phew and little about the many who loose it all. Also as someone whos not a particular sports fanatic this doesnt really help anyway.

Reply 443

Original post by rjm101

I'll stick to stocks, bonds and index funds thank you. You always hear about the successful phew and little about the many who loose it all. Also as someone whos not a particular sports fanatic this doesnt really help anyway.

Same as stocks, bonds and dealing in index..... unless you have huge amounts to tie up.....and your paying CGT/Stamp Duty.....its real pain in the ass to send a tax return... with a threat of a fine if you dont do it properly...together with chasing up chasing up certificates.....when setting up a trading account its more headache then a betting account. Telling you for fact, I run CMC for financial spread betting, the amount of paper they send is ridiculous and the margins and scope for profit with it. Is far less and your staking more.....the main thing is your betting on regulated markets.....in both sports and financial betting so you know if you win. Your gonna get paid, if your talented enough you can do both....it still involves the same principles of discipline.

Reply 444

Original post by SloaneRanger

Same as stocks, bonds and dealing in index..... unless you have huge amounts to tie up.....and your paying CGT/Stamp Duty.....its real pain in the ass to send a tax return... with a threat of a fine if you dont do it properly...together with chasing up chasing up certificates.....when setting up a trading account its more headache then a betting account. Telling you for fact, I run CMC for financial spread betting, the amount of paper they send is ridiculous and the margins and scope for profit with it. Is far less and your staking more.....the main thing is your betting on regulated markets.....in both sports and financial betting so you know if you win. Your gonna get paid, if your talented enough you can do both....it still involves the same principles of discipline.

Setting up a trading account was easy for me however granted I already had an account with the firm. I only have to worry about CGT once my earnings fall above 6k. Some wont like it but I actually like that my money is tied up. It's as if I no longer have it and so I cant spend it on pointless things. This shouldn't be a problem if your not investing more than you should be.

In general, I prefer the whole finance model over gambling because most things work towards investors favours rather than against it. Also, the long term holding strategy is low maintenance and gives you relatively good chance that the stock will gradually increase over time.

In general, these professional gamblers make out that they have a secret method that people are probably willing to pay for. Where as top holding companies will gladly issue out stock recommendations because it all works in the companies favour. Gambling is designed with the intention to screw you over which is something you always have to be careful about.

Reply 445

Original post by rjm101

Setting up a trading account was easy for me however granted I already had an account with the firm. I only have to worry about CGT once my earnings fall above 6k. Some wont like it but I actually like that my money is tied up. It's as if I no longer have it and so I cant spend it on pointless things. This shouldn't be a problem if your not investing more than you should be.

In general, I prefer the whole finance model over gambling because most things work towards investors favours rather than against it. Also, the long term holding strategy is low maintenance and gives you relatively good chance that the stock will gradually increase over time.

In general, these professional gamblers make out that they have a secret method that people are probably willing to pay for. Where as top holding companies will gladly issue out stock recommendations because it all works in the companies favour. Gambling is designed with the intention to screw you over which is something you always have to be careful about.

Stock recommendation can vary significantly its no difference to reading the racing post, which i personally wouldn't anyway....just look at how Goldman Sachs are saying buy Nike shares - 28/03/2013, then you have other companies say sell them.

Reply 446

Original post by SloaneRanger

Stock recommendation can vary significantly its no difference to reading the racing post, which i personally wouldn't anyway....just look at how Goldman Sachs are saying buy Nike shares - 28/03/2013, then you have other companies say sell them.

I take stock recommendations as simply just that. I treat them more as a list of stocks that I need to take a look at and from there I will make my own judgement. Following recommendations blindly isnt going to end well.

Reply 447

Original post by rjm101

I take stock recommendations as simply just that. I treat them more as a list of stocks that I need to take a look at and from there I will make my own judgement. Following recommendations blindly isnt going to end well.

Having said what you mentioned above about recommendations etc, when you sign up for a trading account, the questions they ask you about financial connections to prevent insider trading etc.... declarations, like seeing if you work in the Financial Services, employer, position, even working as an MPA, i don't touch investments, they still want to know exact details.....you dont get that with a betting account.... to much regulation.... just to make coin. A betting account all the ask you, are you over 18!

Reply 448

Original post by SloaneRanger

Having said what you mentioned above about recommendations etc, when you sign up for a trading account, the questions they ask you about financial connections to prevent insider trading etc.... declarations, like seeing if you work in the Financial Services, employer, position, even working as an MPA, i don't touch investments, they still want to know exact details.....you dont get that with a betting account.... to much regulation.... just to make coin. A betting account all the ask you, are you over 18!

Simple questions really, the process took me less than 5 minutes. The initial process is worth it. I care more about the system within trading and betting rather than the nitty gritty. At the end of the day because investors goals and corporations goals are both aligned both are striving for the same thing which is ultimately more growth and larger profits and governments do their best to aid this whereas bookies want you to loose. Gambling is an all or nothing approach where as with trading if my predictions have not followed through I can still retrieve some of my money or even just ride it out and continue to hold providing the corporation has not gone bankrupt of course.

Also, you could take a moral stance to this as well. My investing is helping to fuel the economy generating new jobs as the company continues to grow through the help of investors, granted some corporations will pocket most of the cash whilst others like Amazon will put it all back into their growth strategy.

(edited 11 years ago)

Reply 449

manga

9

My dad always taught me this lesson about gambling:

If you go to a restaurant and spend money, you will get full and stop.

When you gamble, you never get full.

This was posted from The Student Room's iPhone/iPad App

Reply 450

Original post by manga

My dad always taught me this lesson about gambling:

If you go to a restaurant and spend money, you will get full and stop.

When you gamble, you never get full.

This was posted from The Student Room's iPhone/iPad App

Same can be said about going shopping.....

Reply 451

pane123

16

Original post by rjm101

Simple questions really, the process took me less than 5 minutes. The initial process is worth it. I care more about the system within trading and betting rather than the nitty gritty. At the end of the day because investors goals and corporations goals are both aligned both are striving for the same thing which is ultimately more growth and larger profits and governments do their best to aid this whereas bookies want you to loose. Gambling is an all or nothing approach where as with trading if my predictions have not followed through I can still retrieve some of my money or even just ride it out and continue to hold providing the corporation has not gone bankrupt of course.

Also, you could take a moral stance to this as well. My investing is helping to fuel the economy generating new jobs as the company continues to grow through the help of investors, granted some corporations will pocket most of the cash whilst others like Amazon will put it all back into their growth strategy.

I'm not sure why you decided to post in this thread when you don't have any interest in or knowledge about gambling.

It's not remotely all or nothing; we can trade out when we think we have got it wrong. Gambling also provides a huge number of jobs, but your point about taking a moral stance is absurd.

Reply 452

Original post by pane123

I'm not sure why you decided to post in this thread when you don't have any interest in or knowledge about gambling.

It's not remotely all or nothing; we can trade out when we think we have got it wrong. Gambling also provides a huge number of jobs, but your point about taking a moral stance is absurd.

Its so funny, you know so many of his index trading etc...falls under the regulation of the gambling commission, i was laughing so hard yesterday.....and under the gambling act 2005.... its so cute people don't think, before they open there mouths.

Reply 453

http://www.gamblersanonymous.org.uk/

Reply 454

The Troll Toll

3

Original post by fat_hobbit

The problem with tennis is that the odds are normally very poor if there is a clear favourite.

1/6 etc

It doesn't matter how bad the odds are, you can still find value if they don't reflect true probabilities.

Reply 455

pane123

16

Original post by The Troll Toll

It doesn't matter how bad the odds are, you can still find value if they don't reflect true probabilities.

Have fun explaining this. I have tried.

Reply 456

Original post by pane123

Have fun explaining this. I have tried.

LOL

Reply 457

The Troll Toll

3

lol I don't even do sports betting and I understand it. Honestly the only bet I've ever laid on a sporting event was 1/1 that the first kick off of the superbowl would be a touchback. That's serious value, but my friend only gave me £1 worth of action and didn't bet with me again after my victory dance.

Reply 458

fat_hobbit

2

Some basketball tips - lost money but won a lot from it too:

1) if the winning team is 22 points up, put money on the point spread for the losing team.

It is very rare after looking at results, the team is going to beat another NBA team by 22 points. +22.5. Most I have seen is 20-22 points.

The Knicks are a high scoring team. But they typically drop points on the second period once they start resting their key players. JR Smith, Anthony. Defensively they are not all that - I don't expect them to beat Miami heat tomorrow. I would bet on this match because the odds will be good.

The losing team will also start trying hard to stay in the game.

2) look at form. Tonight I won 110 on the Miami heat. They beat San Antonio spurs yet when it came to placing the bet on , it was basically +9 points (11/10) in favor of Miami at the start of the match. The odds did not reflect how good the team is. Given that ray Allen, Chris bosh and chris Andersen were playing.

3) if it is a tight game , by that the winning team struggles to get a double digit points advantage over the losing team. Put your money on the losing teams point spread - ideally 6.5+.

Tonight I lost money on the Chicago bulls against the pistons because I put my money on the bulls to win by -5.5, when it was clear that the pistons were fighting hard to stay in the game. Stupid decision - I lost 30 quid carelessly (later made it back)

*) tight games like above, bet small on the points spread.
*) hedge if things are going badly.

4) forget period betting - I keep getting it wrong. Too erratic.

Football:

- clean sheets (caution: ****ed me up many times), I find that I usually win on these if the opponent has a man sent off . Look for red cards dealt in the first half.

- look for games where the goal is scored early, and put money on the win, odds are normally favorable

(edited 11 years ago)

Reply 459