“Greed – for lack of a better word – is good” – Gordon Gecko, Wall Street.
In the movie “Wall Street” Gordon Gecko was the greedy, scheming corporate raider who basically got what he deserved in the end – making for a satisfying finale to the movie. But whatever you think of the Wall street movie and this particular character, he certainly had one thing about him that was awesome: he was results driven. He didn’t “engage in fantasy but instead economic reality”, and that is what made him a success, even if by undesirable means.
This post is about reality also, the reality of making profits from risking money in professional sports markets. Like corporate raiding, engaging in fantasy will get you killed betting sports as well.
The reality is that sports investing and winning is not easy. The thousands of punters logging into their online sportsbooks each weekend here in Australia or – calling up their bookie to place a bet – each have this exact same result they want to attain. Results. Making money. (We are assuming here but I think it’s a safe assumption to make.)
Where this verges away from reality is that another safe assumption to make is that vast percentages of a bookmaker’s turnover ends up as the corporate bookmaker’s profits, and government taxes. So clearly a huge percentage of players are also losing punters.
It’s hard to believe that with so many feeding deposits into their accounts, that the penny wouldn’t drop – that they should either work to hone a profitable approach or quit altogether. I’m sure some would quote the “betting is entertainment” line, but I don’t know if you could really find losing all that entertaining after a while.
In fact, there are a million and one betting approaches out there that you could use to “skin the sports betting cat” so to speak (and we have one too), but there is only one correct method – the one that makes you money in the form of reliable long term profits.
That is all that matters. Reality is served up as that final number at the end of a year.
If you do indeed have a rising balance, congratulations and keep doing whatever it is you are doing. If your approach centres around the color of Joffa’s underpants then good luck to you, just keep winning.
Greed is good. Measure profit, however small as it represents something is working. Everything else is just details.