Betting for a living is often romanticised as being about big-decision moments and the highs of pulling off life-changing wins. The reality couldn’t be more different. Bettors need to work hard, learn quickly and be disciplined in order to succeed. Patience is also an essential trait for any serious bettor, and this article explains why.
Understanding the psychological side of betting is just as important as having the right kind of information and betting with the right bookmaker. Not everybody bets for the same reasons; there are a multitude of various reasons why we gamble, but regardless of the motivation, if you want consistent profits it is useful to adhere to certain rules.
Why bettors need to be patient
Patience - the capacity to accept or tolerate delay, problems, or suffering without becoming annoyed or anxious - is often overlooked as a key component of making money from betting. Being able to calculate expected value and beat the closing line is obviously important but in an environment that can be influenced by randomness and luck, bettors also need to be patient.
The law of large numbers is perhaps the best way to explain how important patience is in betting. At the core of Jacob Bernoulli’s theorem is the principle of probability distribution. In terms of betting, this would be the expectation that a coin will land on heads or tails or a roulette wheel lands on red or black an even number of times within a restricted sample.
Of course, at some point in time things like a coin toss and roulette wheel will even out. Similarly, if a bettor has an edge that is bigger than the bookmaker’s margin, instances of randomness and luck will (at some point in time) even out. It simply requires patience to avoid restricting the sample size within which this expectation will be realised.
Joseph Buchdahl also highlights why patience is an essential trait in betting in his Becoming a profitable bettor: A question of luck or skill article. He uses Nate Silver’s example of how a skilled poker player could still be showing losses after as many as 100,000 hands (two years of playing for 40 hours a week). Granted, this is an extreme example but it shows how important it is to understand that once you have an edge, you still need to be prepared to wait for the positive results.
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