The Main Task of a Smart Gambler

[Julien_Olynpic]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

[Nrcewker]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd.

In gambling we are bound to make mistakes but what is important is learning from those mistakes and becoming a smarter gambler. I dont follow the policy of betting for or against the crowd. Neither do I make decisions based on the betting trends or fans’ favourites or what everyone else is doing. I consider myself a smart gambler, and I know how to conduct proper analysis. I take calculated risks and always bet within my gambling budget.

Before choosing a team to bet on, I check the players recent form, playing conditions and the overall atmosphere. As a smart gambler these are the things that matter first. We also need to remain mentally stable and make good decisions when choosing a bet. Most importantly, we should always remember that gambling is never guaranteed money. Every single bet carries the risk of losing money and we need to be prepared for that risk.

[Karl_3000]

The main task of a smart gambler is to be right where many people are wrong

This is not about smart gamblers because it is not easy to get it right all the time when other people are wrong. The other things are the odds, you can get it right with small odds but in a way 1 loss is a huge loss. Gambling is not easy.

The main task of a smart If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.

Gambling should be done with Little amount of money regardless of the winning and losses. Being able to handle your losses in a way it will not affect you.

[yahoo62278]

If I am a consistent winner, even if it's for small profits, and I had a few hours of fun watching whatever I decided to bet on I consider myself a smart gambler. Now would I love to know when a huge favorite is going to be killed by an underdog? Of course, but how often does that happen?

I feel like betting spreads is too tough in the sports I like to bet. The oddmakers are damn good at making the spreads pretty close, so I like to bet the over unders as I feel those are more predictable, especially in American Football.

[Russlenat]

I think the main responsibility of a gambler is to practice what we always hear about, which is responsible gambling. I don't need to explain it too much because I think we already understand what that means.

Mathematically, we really don't have an edge over the casino in the long run, so losses are expected. The reason many of us can still enjoy gambling despite losing is because we know our limits and try to stay responsible.

[danherbias07]

I like that.

Being unique is good. Going against the flow. It means more profit if we are betting on the underdog, which most of the time is not the pick of the many. I think I have won enough underdog bets to say that I really felt the satisfaction of it. It feels like you are the smarter one out of many people who really thought that their bet would win, even if there is so little profit for them betting on the heavy favorite. I've won x7.00 and x18.00 in odds when I started sports betting, and found it amazing that it can really win. That's when I realized that underdog betting can really be profitable as long as you do it right. Not just because the odds look appealing.

[Questat]

It depends on how you see yourself as a smart gambler. There are people who consider themselves smart gamblers even if they know they will lose in the long run, because they are still enjoying gambling within their limits. They understand that what they are doing is just for fun, and they stay away from trying to make money from gambling because that can easily become a trap.

On the other side, there are gamblers who are gambling mainly for profit. For them, being smart really depends on the result. If they can actually stay profitable in the long term, then you can say they are successful at what they are doing.

[yhiaali3]

I agree with you that if you lose a lot, but your losses are small, then there is no problem. However, I do not entirely agree with the other part that if you win, but your profits are small, then your bet becomes pointless, even if you are right.

I don't know, but everyone has their own philosophy, so if the goal of gambling is enjoyment, I don't see a problem with small profits or small losses; the problem is only with large losses.

[cryptoaddictchie]

Isnt the one needed by any gambler to be smart is a controllable way when he/she gamble by means of how they are spending the money for it? Keeping the discipline while doing it and most importantly is the capability to stop when its time to stop.

Majority of the gamblers supress the feeling of being loss in gambling and keeps doing revenge playing hoping they can recover amd win from the loss which make them vulnerable and weak to so called addiction.

If youre a smart gambler then being a responsible one is enough no matter how much losses you had.

[Orpichukwu]

No offense, but I don’t agree with the Soros quote being applied to betting. No matter the amount of effort you put in the market, try to bet against the crowd, follow the crowd, and bet smart, you can only reduce the amount you can possibly lose in the long run and increase your chances of winning more in the long run, but that can’t guarantee long-term winning. I consider the quote to be more efficiently placed if we are to use Bitcoin as an example.

[fullfitlarry]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

It's a question on when you are going to be right when everyone was wrong? What at those key indicators to go against the crowd? Because if you could discover that secret then you are going to be always a winner. But that is the thing, we really don't know because we are betting into the unknown.

But if you have that gut feeling, then why not go against the crowd, bet huge and see the outcome. And that is the very definition of gambling, taking that big risk betting huge when majority sees it's differently.

[L E G E N D A R Y]

Sometimes or should I say most times it goes beyond just being right, especially if the size of the outcome doesn’t really justify the size of the risk taken. I mean it’s possible for a gambler to make several correct calls and still ends up with the worst possible outcomes, especially when the occasional losses are way bigger than the wins. And that’s why I think that the quality of a gambler’s decision should be weighed by the size of risk, or how much was risked to achieve the expected return.

[free-bit.co.in]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often.

However I wouldn't place too much emphasis on your idea that crowd is wrong a little more often.
After all assuming as universal rule that crowd is frequently wrong can be dangerous.

What matters more to me is considering probability and price together. Then I determine my stake size. Suppose you win only 4 out of your 10 bet. But if your average gain from your winning slip is  more elevated than your average loss then your all around result still be positive even after you lost 6.

That is basic concept of expectancy.

[jcojci]

The main task of a smart gambler is how to win from their analysis. They just focus with the analysis and do their best to determine the winner. But they won't think about small win because win is win, nothing else. A smart gambler knows how to gamble properly, not just spend much money and they can decide how much to use. They can determine how much money they will use. If they win small, they don't think about the pointless because they know that not all time they can win big. They can accept the result and realize that win and lose will comes and take turns.

[BALIK]

This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

His lesson wasn't simply when you think you're right, bet big.
You might take large position but you cannot afford to overlook calculating how much capital you stand to lose if you are wrong. If your position size is too large then any single error in your judgment can wipe out your gain from many previous small win.

So I would say that simply betting against the crowd doesn't make you any smart gambler tremulously. it’s not that straightforward. You need to know how to identify instance where crowd's pricing might be incorrect. And you must manage your risk based on those opportunities.

So We don't ought to be correct most of the time. We need our wins and loss to be standardized in a manner that deliver us favorable expectancy over meaningful sample.

[TheUltraElite]

A gambler and smart do not usually go in the same sentence.

It is mostly a leader like thing which the OP has talked about, this does not apply to gambling in its complete sense. The smart gambler stops gambling because it is a loss making scheme in the long term for the gambler and might choose to rather build their own casino and earn money.

But keep that philosophy aside, to reduce the number of losses in gambling, one needs to first reduce the wagering volume per bet and the total wager amount.

[drangos]

The main task of a smart gambler is how to win from their analysis. They just focus with the analysis and do their best to determine the winner. But they won't think about small win because win is win, nothing else. A smart gambler knows how to gamble properly, not just spend much money and they can decide how much to use. They can determine how much money they will use. If they win small, they don't think about the pointless because they know that not all time they can win big. They can accept the result and realize that win and lose will comes and take turns.

I believe that one is only a disciplined gambler if he analyzes. Thus, even if a prediction is well-informed, it can be incorrect, and managing one's bankroll is just as crucial as finding a good player. It's not a trivial victory to be scoffed but it's not a cause for upping the ante after a win. As with losses, let them go is crucial, but if you keep trying to recover losses they can become much bigger. Ultimately, how much one risks can be managed by the player and not the game itself.

[Ishicryptic]

Is there really a smart gambler on the long run? I think that whatever strategy that we choose to gamble no matter how sure proof that it seems to us we still need luck to win so for me it's pretty much to go with the prediction that you think would give you a win. If you have a mindset of only appreciating big wins and you're going against the favorites with significant bets then you should be ready for big loses as well, you'd keep losing until your luck turns around for a big win. I think that despite the strategy that you choose the most important thing is to be disciplined about your bankroll, so far you're using what you're comfortable to lose you can go ahead and do what feels good for you.

[rbynxx]

In reality, everyone can make mistakes, both the crowd and those who try to bet against the crowd. There's no particular meaning to this, but the crowd is still wrong a little more often. On the other hand, the main task of a smart gambler isn't to be right, or rather, not only or primarily about that. The main task of a smart gambler is to be right where many people are wrong, big time, for big money. Or where a small number are wrong, but, again, big time, for big money. If you win, but your winnings are mere cents, your game is pointless, even if you're right. Conversely, if you lose often, but your losses are small, then there's no problem.
This is a classic George Soros quote: the only thing that matters is how much you win when you're right and how much you lose when you're wrong.

The thing is, how do you know when you'll be right? Can we say it's about the timing, the intuition, the feeling, or is there something missing that we are still here as losers? I don't know if we can take Soros on that, but he's not a fish to begin with, and he'll never probably understand to be on the same position as those who really are taking risks to win big time for big money. It's a different story he's talking about.

[OgNasty]

I always think the job of a gambler is to gauge risk and reward.  Nobody is going to win them all, but managing risk and placing bets according to when you feel the risk/reward is in your favor is the trick.  That is about as close as you can come to the joke of betting big when you are going to win and betting small when you are going to lose.  In other words, when the juice is worth the squeeze, load up on it.