How many times have we compared investing in the stock market to sports betting? I'm sure many of your friends still have the notion that gambling is stupid or even sinister. In reality it can be rather harmless and enjoyable.
People gamble everyday. How do I know this? Adam Silver (NBA Commissioner), says theres over $400 billion dollars a year being illegally wagered through illegal bookies and offshore accounts. He believes that it will be better to bring the businesses out into the open and carefully regulate it, like Nevada.
On average, about $1,700 is being wagered by every American adult every year or roughly 2% of our American economy. If you have ever worked for a corporation you will notice some management teams using fantasy sports pools and etc to bring team comradery. I believe with the recent acceptence of gambling by sport networks like ESPN and FoxSports1 it will help provide information more information about the industry. Being more informed about anything or everything will usually makes us more accepting of it.
We are subconsciously evaluating risk every day, minute and second. The way we go about evaulating risks can determine if we are successful or not in life. Let's look into how sports betting and investing evaluate risks. Both sports bettors and investors both have to decide how much of their money is to be risked daily. Typically stock traders are risking 2-5% of their capital base on any particular trade. Professional sports bettors are also following a money managment system themselves thats very similar.
Where sports betting has the edge in is in the amount of information that is easily acessible to everyone with access to the Internet. Although we do have access to company earnings, financial rations and etc, what do we really know about a company now these days? Especially if you don't even work there! Perfect example would be Bernard Madoff's ponzie scheme.
Sports betting websites like Covers.com, VegasInsider.com and Oddsharks.com have great information on trends/stats and even tips on helping your sports handicapping. There's so much information out here now there you are even fully capable of following opening and closing odds at majority of the offshore sports books out there. Implenting this information in your sports handicappings will greatly increase your chances of being successful and in essence, make money.
When trying to prosper with sports betting undertand that picking winners is only half of the equation. Without following any sort of money management system you are leaving yourself vulnerable. If you ever have questions about bankroll management don't be afraid to ask.
"Treat it like a business and it will pay you like one." -Someone Rich