As a sports betting fan, either through your regular online sports betting or perhaps through the now growing daily fantasy sports betting you must have seen it yourself. There is just so much interest in the many variants of sports betting that nowadays even officials (as in those in charge) are being forced to take notice.
Naturally, the hope is that this growing popularity of sports betting will be the proverbial last straw. The last straw that finally ushers in a new era of legalized online gambling and online sports betting.
This all came about with a recent statement put out by Adam Silver. In case you don’t recall that name, Adam Silver is in fact the commissioner of the National Basketball Association (NBA). According to Silver, the NBA has already worked up some numbers and arrived at a startling conclusion. Based on the most recent estimates, the NBA conservatively estimates that upwards of $400 Billion is wagered through underground (read illegal) sports betting venues. Yes, that is billion with a big ‘B’.
You might have noticed that over the last few months the state of New Jersey has been waging an all out war with the feds over setting up online sports betting for their residents. Recall that New Jersey has been at the forefront of legalized online casino action all along. Adding in online sports betting is obviously the next step. If for no other reason than the massive sums of money that is being thrown around.
You can see this for yourself when you take a look at the numbers released by Club CalNeva. CalNeva is a Las Vegas based trend analysis firm. According to CalNeva pegged a whopping $1.3 Billion in additional revenue for state coffers should New Jersey implement online sports betting.
So that’s ons side of the story. But the other side is just as, if even more enticing. This according to Adam Silver. Silver makes a compelling case that by legitimizing legalized online sports betting action there would be increased interest from sports fans. Silver was quoted as saying: “Everybody knows here if you have a gentleman’s bet or a small wager on any kind of sports action, it makes you that much more engaged.”
You might have noticed a new trend as of late with professional sports. This is the tell tale signs of a bored fan. However, should the sports fan have a ‘stake’ in the game, then there is a new and heightened interest.
Bottom line is simply this: online sports betting in all its variations is alive and well. The only thing missing is the acceptance and stamp of legitimacy by governing authorities. Perhaps that time is getting closer even now.
Real money in this case means what you have left over at the end of the year, the month, the week, whatever metric you use to gauge your betting success. You are measuring your betting results aren’t you? It goes without saying but perhaps it would be useful to say it one more time as a reminder. What gets measured, gets improved (as long as you adjust your strategies based on some sort of analysis).
The opposite of that is of course not bothering to measure your betting success. In that case, simply understand that means you are more of a recreational bettor. Nothing wrong with that to be sure, but if you are one of those who are ready to up your game so to speak, you already know you have to track your results.
Anyway, so as you have most likely noticed there are seemingly dozens, if not hundreds of so called betting strategies out there. But if you look into this a little bit deeper you may be surprised. You can see this for yourself in a a relatively new work put out by a professional BlackJack player named Ed Thorp.
Now truth be told, Ed Thorp was in fact what is known as a “card counter”. As a matter of fact, Thorp was so wildly successful with his card counting techniques that his tactics were instrumental at the largest casinos out in Las Vegas to implement multiple card decks and what in no uncertain terms turned out to be an outright war on the technique of card counting.
So that is your backstory which is put there solely so you can understand the nuances of what you are about to learn from Thorp. You see, in both of the two books that he has written on the subject, Thorp explains the truth about his success. According to him, he actually placed the majority of his success on a staking formula put out by mathematician John Kelly Jr.
According to Thorp, the stats stack up this way in terms of betting success. First up, the wagering strategy only ever adds up to maybe one third to one quarter of your success. On the other hand, the staking strategy itself, accounts for two thirds to three quarters of your ultimate success.
Well, there you go. Straight from the horse’s mouth so to speak. From someone who really has been there and done that, at the end of the day your long term success comes down to betting strategy after all.