TheMoneyPrinter | Don't Be A Loser

TheMoneyPrinter Don't Be A Loser: "Professional sports gamblers, by comparison, rarely sustain a long term winning percentage higher than 57 or 58 percent, and it's often as low as 54 or 56 percent. People find that hard to believe, and they understandably get even more skeptical when told that, for a genuine professional sports gambler, a long term winning expectation of 60% or more is actually too high and a winning rate of 65% mathematically almost impossible to reach. I know that it sounds crazy at first, but as crazy as it may seem there is a simple explanation: If a bettor has five bets on a given day, risking $107 to win $100 on each bet, and wins three of them, that's a great winning ratio of 60% and a net profit for the day of 86 dollars. (The bettor wins $300 and loses $214) If another bettor has fourteen bets on that same day, risking
$107 to win $100 on each one, and wins eight of them, that's a much poorer winning percentage of only 57%, but almost twice as much profit for the day of $158 (The bettor wins $800 and loses $642).
The second bettor was not necessarily less skilled at picking winners than the first bettor. The second bettor may simply have chosen to apply all his advantages, including those which had less than a 60% chance of winning in the first place.
If the ultimate goal is to make money, it is obvious which of those two bettors was more successful. The real goal is, of course, to make money. The measure of success of a sports handicapper is not his percentage of winning bets, but the amount of profit he made over any given period of time. Although there are, indeed, propositions that offer more than a 60% expectation of winning, such propositions are relatively few and far between, and are only a very small part of the overall picture."