Author Topic: I confess, I'm a degenerate gambler  (Read 1541 times)

rob in cal

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I confess, I'm a degenerate gambler
« on: October 18, 2018, 10:31:38 AM »
   I enjoy betting on outcomes, whether political (elections) or sporting events, and over the last few months have started making a lot of bets on soccer. I like soccer betting because there are so many games, so many leagues that online bookmakers offer lines on.  So far I'm doing much better on political betting thru the predictit site than my soccer betting. Where does MMM fit in all this?  To limit my losses, I make micro wagers, like fifty cents per bet, on each outcome (except politics where I'm more confident), and pretend that there are a few more zeros involved. Thus my losses are tiny, as are my total accounts, so in the end, no one really gets hurt by all this. I would be frightened to be betting huge sums on events.  The stock market is exciting enough for big sums.

talltexan

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Re: I confess, I'm a degenerate gambler
« Reply #1 on: October 18, 2018, 11:25:51 AM »
This sounds like a Hobby.

MMM would ask what you are creating. In several posts, he's been pretty clear that being creative is the highest state in which we can live. Does this hobby involve creativity? Do you have a formal system that you are perfecting or fine-tuning? do you watch the events on which you have a wager?


EnjoyIt

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Re: I confess, I'm a degenerate gambler
« Reply #2 on: October 18, 2018, 11:43:18 AM »
There is a thin line between having fun and addiction.  Obviously 50 cents isn't going to make or break you but losing 50 cents a day over 10 years while that 50 cents increases over those years will really add up.  Some questions for you:

Do you ever exceed 50 cents or do you see yourself exceeding 50 cents over the months and years as you perceive yourself to get better at sports betting? 
What happens if you stop betting all together?
What is your goal from these micro bets?

The only issue I have with your betting is how often you do it.  I can understand betting on something every so often or joining a fantasy league and paying the dues in the begging of the year. If it is not a problem, like you, I would be concerned that it has an easy potential to become a problem.

Bruinguy

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Re: I confess, I'm a degenerate gambler
« Reply #3 on: October 18, 2018, 12:33:28 PM »

mak1277

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Re: I confess, I'm a degenerate gambler
« Reply #4 on: October 18, 2018, 01:16:05 PM »
You must avoid hedonic adaptation in gambling at all costs.  I used to gamble a pretty fair amount in my 20s...online poker, sports betting, other casino games.  At the time I could only afford to bet small (under $100) amounts on things.  Today, a $100 bet wouldn't interest me at all because I wouldn't even notice winning or losing $100.  For me, it's only exciting if it thrills to win or hurts to lose.  Otherwise it's just a waste.  So I don't gamble much at all anymore.

mizzourah2006

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Re: I confess, I'm a degenerate gambler
« Reply #5 on: October 18, 2018, 01:35:19 PM »
I'm big into daily fantasy gambling, but like you micro wagers. I've actually made quite a bit of money comparatively speaking on my initial investment. I invested $35 at the beginning of the last NFL season and right now my accounts have $282 in them. I just enjoy playing, especially against friends as it becomes a competition. I also enjoy it more than traditional fantasy because you get to be strategic about the team you put in play every week and you don't get hurt by a devastating injury for longer than 1 week.

rob in cal

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Re: I confess, I'm a degenerate gambler
« Reply #6 on: October 18, 2018, 03:39:57 PM »
  Yeah, for me its just a hobby, and in fact I am trying to see if there are market inefficiencies in betting lines, and also political sentiment.  My rule is that if I'm really that good, my betting accounts will grow over time and then I'd just increase my bets proportionally, and if my accounts drain down, so be it, in that case consider it a fun hobby. Right now I'm more or less treading water, and yes if I was consistently losing I'd unplug the experiment, or just bet on paper. I find it helps keep my mind sharp, to assess team records, trends, probabilities etc.

swampwiz

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Re: I confess, I'm a degenerate gambler
« Reply #7 on: October 18, 2018, 04:58:54 PM »
I remember when "gaming" became legal in my area, going with some work colleagues to count cards playing blackjack, and having the dealer deal from the bottom of the deck when I had a $100 bet when the count was "hot".  That completely soured me with gaming.

I can also remember being in Reno (was skiing in nearby Lake Tahoe) putting down a $5 bet for a point-spread NFL card that would have paid $14K.  I nailed the 12 Sunday day games but lost the Sunday & Monday night games.

I'd say that as long as a Moustacher understands that any money pissed away in gambling is like any money pissed away and not saved, it's OK.  Of course, it does work to the detriment of the whole Moustacher philosophy.  That said, I now do my gambling on Wall Street, LOL.

Much Fishing to Do

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Re: I confess, I'm a degenerate gambler
« Reply #8 on: October 19, 2018, 06:33:35 AM »
I think in the end either you end up betting enough money to make it interesting (i.e. the win of the money is enough to have a stimulating effect on you, the loss of the money matters) or there's no reason to bet the money.

If in the end its about the hobby interest/entertainment of doing this (I think a lot of people get a lot of entertainment out of fantasy leagues in sports they enjoy watching anyway that involve no betting) then that can be achieved without betting anything.  There are plenty of online opportunities to have both your long and short term "winning" tracked against others, and the excitement of a possible large payout can even be there in some of them at no risk if you finish at the very top (e.g. a march madness bracket on ESPN.com).

I guess what I'm saying is why not avoid all potential downsides and play for free, if putting money at risk is necessary to make it interesting I'd think that's a good sign you may end up betting more and more.

mastrr

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Re: I confess, I'm a degenerate gambler
« Reply #9 on: October 19, 2018, 04:30:38 PM »
The actual losses you will take are much less important than the underlying control that that gambling has on you.  How can you be sure that the addiction get worse or you allow this type of compulsion in other areas of you life?

Developing the virtue of temperance is important.  And if you are a person of faith, this is a grace that that our lord can help with.