Sports betting: how much knowledge is too much

[Ucy]

Ofcourse! Almost thesame rate in Crypto trading in order to be considered a successful trader... People would sometimes say it is impossible to be a successful trader, but when you do your learning and research (talent also helps), you discover it's not that difficult to be profitable. So I can relate with the experience. 

* I'm not really that interested in sport-betting yet. I will probably try betting in other areas i won't abandon easily due to unprofitablity or lack of interest.

Yes, I need to add that the win rate alone does not tell much. That's why I stress balance/money management so much to be successfull.

To explain, I take the following example:

Bet A won # Stake 1mBTC # Odds 1.5 # Profit 0.5 mBTC
Bet B won # Stake 1mBTC # Odds 1.3 # Profit 0.3 mBTC
Bet C lost # Stake 1mBTC # Odds 2.1 # Profit -1.0 mBTC

There you have a win rate of 66%. Wow, amazing! But your overall profit is -0.2mBTC.

Ofcourse.
So, in that case, what matters is the overall profits, and not a single profit on multiple bets. It looks a bit challenging though. I guess it's better to focus on bets one is very sure of winning (with good research/info) and increase the stake for bets. That could ease the risk of not being profitable overall

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[JohnBitCo]

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

  i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

[Kasabus]

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

Correct, this is sports betting where your aim is to win in the long run, it's not like a lottery or games with high reward where you can stop whenever you win big, this is sports, the more wins than loses you have will make you successful and if you keep having positive record, you might consider this as your job or investment being a professional sports betting, and talking about professionalism, there is no room for people who are weak in controlling their emotion.

[Pamadar]

shits happened and frustrates you up.

Frustrations is always been part of the game yet we know that results or outcomes aren't guaranteed that's why when there are games that we are quite sure that we do win but there are instances
that things do changes up in result to sudden lose instead and that really sucks but its part of the game.

frustration doesnt come out in the game but we people are creating it . there are people that can control them self and no frustrations coming out from them . at the end of the day , what your playing is gambling so dont act like you do know everything because expectation can lead to frustruations .

  i dont like when i loose and become frustrated at the same time , thats why i try to be chill when gambling and i already expect the unexpected if ever it comes .

Better to anticipate as there's always bad night and since you are inside gambling then you need
to take it into account that it will  happened.
Give yourself a break instead of attempting to keep trying your luck,
forget the day and try to comeback strong the next
following.

[Betwrong]

~

That's definitely my point, but unlike you, I won't quit, we have different principle in gambling.
If I am making money, why would I stop? This is a skilled based game and I have already seen the result, so why resist to continue making money?

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

[South Park]

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

[teosanru]

I've been experimenting with betting on sports, and for now I don't see a difference between when I'm making an educated bet and just betting blindly looking only at the odds. It hasn't been long, however, so I'll keep experimenting.
My question is about a related matter. When I've asked in a different thread what is required to become a good bettor, many have mentioned that knowing the games, the teams and things like that is essential. But I'm sure there's a certain limit to this flow of information, and when this limit is reached, it's not useful and is even potentially harmful for making the decision. If a person is betting on a soccer match and reads about every match of every person on every team, plus weather forecast, plus research on home advantage etc., the amount of information can be overwhelming and probably not that important or useful to bet on the outcome a particular match. What do you think: is there a rule that would help not to drown in information but only focus on what is helpful? Or is it 'the more, the better' in your opinion?

Actually sports is a pretty adventurous game to gamble upon. Knowledge of the sport is pretty necessary but sometimes sports is much more than that it's just about the individuals performing that day and trust me you can't predict how is an individual going to perform on a given day. All these factors do create a slight advantage for a side but that advantage is generally adjusted in the gambling odds. If it were so easy to just have the right information about the sports and gamble correctly why would sports fixing exist? It exists because people have realized that only one thing which can change the result of a game are the individuals. So I would recommend you to have an average knowledge regarding the sport but have keen knowledge about the players who are playing and accordingly place a bet.

[Mahanton]

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

Being impulsive would really be a problem as a gambler not only on making you to do careless acts or decisions which would really worst the situation even more.
The enjoyment and thrill do you really seek thats why you do play either on sports betting or luck based ones.Knowledge on games is really important for some
reason or a particular game but for some then just like others said it isnt really that much needed because you can just put your bet then simply roll and
wait for the result not on watching sports which you would really need to wait and witness on how your bet goes.

[tippytoes]

If you become frustrated from the loss in gambling then it will hurt you a lot. First your mood will not be good and you will not think from your mind while playing gambling. Secondly and more importantly when you are frustrated, you will try to recover your loss urgently and put more money in gambling without thinking. This may make you lose more.

People cannot let themselves be frustrated by the lack of results when they gamble, I know it can be hard especially in sports betting in which you are waiting for another score to fulfil your bet but that is just the way the game works, it is important to not let this bother us because if it does you run the risk of making a mistake in the future and bet too much in a game trying to recover your money and while this will work from time to time the chances you will lose due to your altered emotions is very high.

Being impulsive would really be a problem as a gambler not only on making you to do careless acts or decisions which would really worst the situation even more.
The enjoyment and thrill do you really seek thats why you do play either on sports betting or luck based ones.Knowledge on games is really important for some
reason or a particular game but for some then just like others said it isnt really that much needed because you can just put your bet then simply roll and
wait for the result not on watching sports which you would really need to wait and witness on how your bet goes.

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it. But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

[Wexnident]

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

[Rosilito]

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

Definitely! And you ought to make whatever logic you applied on those codes works/function, in the first place. Besides, you must laid out everything you'll need before writing a program though -- understanding the problem itself, plan, and whatnot to achieve the target result as precise as possible, and pretty much the same goes with other jobs out there except gambling  . Besides, being a gambler isn't a job, to begin with, it would be better off not to treat such activity be similar to one another. Gambling is for entertainment alone, winning consistently is another.

[Betwrong]

I think there is a difference between applying your skills to making money as a coder or engineer, and trying to do the same as a gambler. Although luck is a factor everywhere, even in coding, the percentages differ big time. Imo, only 1%-2% depends on luck in a normal profession, meaning you might fail in 1 or 2 in a hundred of your works, while in sports betting, it's hard to achieve such rate of success.

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work, then that is indeed luck but it shouldn't be normally applied since coding requires knowledge and that can't really betray you, or for any other knowledge-based work out there. Sports betting has knowledge used as well, yes, but the difference is you're basically judging others instead of yourself, which makes it a lot more difficult to actually achieve a result. It's like the difference between knowing how to create your own house vs asking someone who knows how to create a house, the former being you know what to do, the latter being you can only leave it up to someone you "THINK" can do it.

So, we agree on the main point here: luck plays much lesser role in a knowledge-based work than in sports betting, although sports betting is also, at least partially, a knowledge-based work.

Now let me explain what I mean by saying that even in coding luck is a factor. Of course I don't mean that someone can wright a good code with the help of luck. If you have little knowledge, the probability of creating something worthy by just fiddling around the codes is zero. BUT, if you are a good coder, you can still be affected by bad luck, in a sense that finding a good job can take much more time than needed on average.

[Eureka_07]

<snip>

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work<snip>

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

[Questat]

<snip>

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work<snip>

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

When it comes to sports betting, I don't think you'll need to be a programmer in order to succeed, the chance of winning cannot be analyze solely based on the numbers (stats) because there are a lot of factors that has to be considered, like the weather and the injuries, and other matters that can't be calculated with numbers.

[3meek]

<snip>

I doubt you could consider luck in coding? That is unless you're just fiddling around the codes and somehow managed to make it work<snip>

Yeah, that should be what he is reffering in luck in terms of coding. When a programmer is working with the codes, there should be a skeleton behind it.
There's always a logic behind if it has functionalies. To becoming succesful on this kind of work, knowledge is very important, you can't start doing it without any background.
If do it without any fundamental knowledges then it is most likely that you will not achieve your aim on that particular set of codes.
Way too different from those lucks that you can get from playing on casinos, which are very randomly obtained.

When it comes to sports betting, I don't think you'll need to be a programmer in order to succeed, the chance of winning cannot be analyze solely based on the numbers (stats) because there are a lot of factors that has to be considered, like the weather and the injuries, and other matters that can't be calculated with numbers.

In fact, everything in this world can be calculated using numbers, but because of our low mental ability, we can't take into account all factors...
This can be classified as fantastic, but it is well reflected in one of my favorite movies "Rain Man"...

[South Park]

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it. But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

Even if you begin your sport gambling journey as someone that bets to have some fun and nothing more most people have a natural desire to win and if you happen to lose many times in a row you are going to be mad about this outcome and then try to remedy it, this simple change in your posture means that you are no longer gambling to get some fun now you want to win and it is at this time when you will begin to look for information to try to improve the accuracy of your bets, something that we know is not easy at all.

[Natalim]

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it. But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

Even if you begin your sport gambling journey as someone that bets to have some fun and nothing more most people have a natural desire to win and if you happen to lose many times in a row you are going to be mad about this outcome and then try to remedy it, this simple change in your posture means that you are no longer gambling to get some fun now you want to win and it is at this time when you will begin to look for information to try to improve the accuracy of your bets, something that we know is not easy at all.

It's normal to be mad, we are just humans but what's important is we are able to control our emotion and that's what we should do if we are taking sports betting seriously. The money we risk is important, therefore we should treat it seriously and all we aim is to win, being emotional would destroy proper thinking, so let's set aside our emotion if we are in a journey.

Some people even have a good bankroll, maybe those who are just playing for fun have not tried it yet.

What I'm talking as big is a bankroll that would last longer using a fix percentage per bet only, not that you lose then replenish, not that way.

[Ucy]

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

Meaning they are mainly relying on luck. This makes sport-betting(specially football betting... which many agree is skill-based) to be luck-based to them and skill-based to those who are successful/good sport-bettors.  Won't be surprised if same thing is obtainable in some or many games we think are luck-based

[finaleshot2016]

But that is if you just want to pass the time and enjoy your bet, there's no need to seriously think which bet will have high probability of winning. But for most sports bettors, the more they know the game, the team, the persons involved, the higher is their chance to pick a good bet. But for others who is just an occasional bettor, just select what your instincts is telling you, no need to overthink about it But let's admit it, even if we are not so serious with our bet, we are hoping that we will win after the game.

Meaning they are mainly relying on luck. This makes sport-betting(specially football betting... which many agree is skill-based) to be luck-based to them and skill-based to those who are successful/good sport-bettors.  Won't be surprised if same thing is obtainable in some or many games we think are luck-based

Well, for me that looks for entertainment and thrill, I'll try to stick on that method where I think and consider those factors that tippytoes mentioned such as information about the team and many more. That's the purpose why I'm playing gambling because I want to experience winning and at the same time entertainment.

Why don't we use our minds and luck to have more chances of winning and not let lose of money due to gambling?

[Betwrong]

~
When it comes to sports betting, I don't think you'll need to be a programmer in order to succeed, the chance of winning cannot be analyze solely based on the numbers (stats) because there are a lot of factors that has to be considered, like the weather and the injuries, and other matters that can't be calculated with numbers.

That's right, but let's return to the OP's question. Is it possible that knowing all those facts makes you to overcomplicate and overthink things, and to make a wrong bet in the end, a bet that is worse than one placed at random? 

I personally think that someone who knows as much as possible, although may lose sometimes due to bad luck, definitely has an advantage in the long run.