There Is No Such Thing As The Gambling Olympics!

I often become bewildered when I hear of people bragging, because they have high strike rates and/or high profit-on-turnover figures (POT). You know the 'my strike rate on the Soccer is 73%' or 'my POT on the gallops is 90%'.

Yes, OK, congratulations. Give yourself a pat on the back; you are making money. Well, actually, if your strike rate on the Soccer was 73%, this certainly does not guarantee that you are showing a profit. After all, the goal is to back plenty of winners, isn't it? Well, yes and no.

Is the goal to simply make money, or is it to make as much money as we can, given our current resources (time, starting bank, knowledge, etc.)? I realize that it sounds like I am being a little greedy, but come on, admit it, we all want great, big, fat, consistent profits from our betting, don't we?

I truly believe, that many punters think, that this punting game is a competition, where plaques, certificates and smiley faces are awarded to those with the best win strike rates and profit on turnover figures.

Yes, before you wipe your writing pad out to type me a letter of disgust at my arrogance, I admit that I am being a little hard-lined on this one.

I mean, really, WHO CARES if you have a POT of 30%, 60% or even more?

WHO CARES how many winning teams you backed, or how many horses you backed, which were first past the post?

It seems to me, that many punters seem to turn a blind eye to one and only real measure of how well you performed . . .

How Much Money Did You Make?

Maybe I am the odd one out, but every time I hear somebody spruiking, that they make an excessive POT of say 20% or more, the first thought that pops into my head is certainly not, 'Gee, that bloke really must know what he is doing, what a legend!', but more along the lines of;

How Much Money COULD He Have Made?

If you achieve high POT figures, you are telling me three things:

1. You have had, maybe, a couple of dozen bets at most,

2. You are way too selective with your selections, but most importantly,

3. You are not making as much money as you could be.

Whenever I try to explain this to a punter down at the pub, they think I am totally insane.

"What Do You Bloody Mean That I Could Be Doing Better? You Tell Me How Many Other Punters Can Achieve 90% POT?"

Generally, that is what I hear, when I open my mouth about this subject. Look, missing a good bet is as bad as making a bad bet. There is little excuse for either. We all do both, but hopefully we don't make that same mistakes twice.

For those who disagree, I ask the following:

Tell me why I should turn my back on a positive expectation bet, regardless of the return? Maybe I should not make the bet, because I may damage my strike rate, or may lower my POT, and as a result, won't sound as good when I brag to my mates. RUBBISH! There is no such thing as the gambling Olympics; you are not going to get an award for having the best POT figures or strike rates. I shall repeat this once more.

The Aim Of The Game Is To MAKE MONEY.

If you are achieving an average return on each bet of more than 20% or 30%, I believe you need to rework your approach, and do a little work to get that POT back down a little by making the smaller positive expectation bets. Yes, bring your POT down! How many good bets do you think you are missing, if you wait all year, and make only 12 bets, but you have 80% POT? You are making money on those 12 bets only. OK, fair enough, you may make those bets quite large in relation to your bankroll, but bear in mind, you may be able to make two, three, ten or even more times the amount you are making now by taking those smaller edges.

The article . . .'The difference between your edge and your expectation'at www.puntingace.com follows on from this concept. Reading this one article may make $1,000's of dollars of difference to your bottom line over the course of a year.

Remember, it is not how many winners you back, but how much money you make. Leave the bragging and high turnover figures to the 'heroes'.

Australians Matt Elliott and Jess Kirley of http://www.puntingace.com , have been investing together professionally on sports for over 3 years now. They take a very mathematical approach to their betting, and liken it more trading a commosity like stocks than actual gambling. They continue to lead the industry with innovative approaches to sports betting and their reputation among their peers is a testinmony to that. Visit http://www.puntingace.com to discover how you too can turn your hobby of betting into a profitable endeavour.

---

Google News Updated : Fri, 29 Aug 2008 18:25:37 GMT Thai Protest Stops Trains and Planes - New York Times Times Online Thai Protest Stops Trains and Planes New York Times - 54 minutes ago By THOMAS FULLER BANGKOK - Protesters in Thailand ratcheted up their campaign to oust the government on Friday, broadening their occupation to stop trains and block provincial airports, as well as waging an unsuccessful attack on police headquarters ... Thai rioters attack police station Aljazeera.net UPDATE 8-Thai protests hit police HQ, disrupt airports Reuters The Associated Press - guardian.co.uk - United Press International - AFP all 2,319 news articles Publ.Date : Fri, 29 Aug 2008 17:31:31 GMT Evacuations begin in Louisiana - Houston Chronicle Calgary Herald Evacuations begin in Louisiana Houston Chronicle - 1 hour ago By DANE SCHILLER Copyright 2008 Houston Chronicle NEW ORLEANS - About 1000 disabled and elderly residents west of the city are being evacuated this afternoon and New Orleans officials are considering whether to order more people out of the projected ... Video: New Orleans Braces For Gustav CBS Gulf Coast prepares as storm Gustav approaches The Associated Press BBC News - ABC News - Bloomberg - The Swamp - Tribune's Washington Bureau all 4,379 news articles Publ.Date : Fri, 29 Aug 2008 16:56:04 GMT In Lack of Health Insurance Coverage Texas Is First - eMaxHealth.com Ontario Now In Lack of Health Insurance Coverage Texas Is First eMaxHealth.com - 3 hours ago Texas is at the top of the heap again - this time we are the most uninsured state, health care-wise, in the country. Oh wait, being without health insurance coverage is not a good thing, is it? Number of uninsured Americans drops Bizjournals.com Update2: Number Of Americans Without Health Insurance Drops eFluxMedia dBTechno - UT The Daily Texan - Bolingbrook Sun - U.S. News & World Report all 336 news articles Publ.Date : Fri, 29 Aug 2008 15:22:00 GMT Microsoft to Buy Greenfield, Adding European Web Shopping Site - Bloomberg Siliconrepublic.com Microsoft to Buy Greenfield, Adding European Web Shopping Site Bloomberg - 1 hour ago By Phil Serafino and Dina Bass Aug. 29 (Bloomberg) -- Microsoft Corp., seeking to catch Google Inc. in the Internet-search market, agreed to buy Greenfield Online Inc. for $486 million to add Web sites that help consumers find product reviews and ... Survey Says ... Microsoft Is a Smart Shopper Motley Fool Microsoft to buy price comparison website Financial Times BetaNews - Red Herring - Web Host Industry Review - Xconomy all 356 news articles Publ.Date : Fri, 29 Aug 2008 17:24:21 GMT Detroit mayor's political future back in court - The Associated Press Washington Post Detroit mayor's political future back in court The Associated Press - 1 hour ago DETROIT (AP) - A lawyer for Mayor Kwame Kilpatrick asked a judge Friday to freeze next week's hearing that could remove him from office, accusing Gov. Judge to decide Tuesday on mayor's bid to halt ouster DetNews.com Hearing under way on suit against Granholm Detroit Free Press Chicago Tribune - Crain's Detroit Business - MyFox Detroit - New York Times all 1,672 news articles Publ.Date : Fri, 29 Aug 2008 17:06:32 GMT Mayor Melton Advises Public of West Nile Precautions - WLBT-TV Mayor Melton Advises Public of West Nile Precautions WLBT-TV - 57 minutes ago When planning outdoor activities this Labor Day weekend, Jackson residents are encouraged to reduce their risk of contracting West Nile virus by protecting themselves from mosquito bites and removing sources of standing water near their homes. DELAWARE: West Nile virus appears later than usual Bethany Beach Wave West Nile victim's widow ponders his death Newsday Los Angeles Times - eFluxMedia - WSYR - The Olympian all 545 news articles Publ.Date : Fri, 29 Aug 2008 17:28:14 GMT Gustav on the Brink of Explosive Development - Washington Post Telegraph.co.uk Gustav on the Brink of Explosive Development Washington Post - 1 hour ago Over the past 48 hours Tropical Storm Gustav proved it was a survivor, as it withstood difficult journeys over Haiti and Jamaica. Now it may turn into a monster. Video: Gustav Set to Batter Cuba, Enter Gulf of Mexico AssociatedPress Gustav threatens Caymans after swamping Jamaica The Associated Press KIII TV3 - AFP - Voice of America - AccuWeather.com all 5,361 news articles Publ.Date : Fri, 29 Aug 2008 17:05:23 GMT Automate Your Blogging RSS to HTML

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