I’m currently doing an experiment/fun activity with a buddy. We each have an imaginary $100 to bet on whatever combination of sports games we want. Currently I’m up a whole dollar, while he has me beat by about 50 cents. We’re high rollers, can’t you tell?
While I was in Vegas, I bet on 4 baseball games. I went 3-0-1. While I’m the first to admit that my success could be solely attributed to luck, I’m curious to whether I can actually make money consistently betting on sports. Being the analytical guy I am, I plan to experiment on this for 3 months before dropping a dime of my money. And even then, I plan to use the money I currently have in my Paypal account as seed capital for my new venture.
There are a lot of parallels between sports betting and stock market investing. At their core, they are both essentially educated guesses of future events. Each discloses certain information to the investor/bettor, while keeping some information secret. While sports betting is a bit riskier proposition than stock market investing, (after all, you lose your whole bet if you lose) there’s no waiting for the market to value a company higher than you paid.
Yeah, there’s a stigma attached to gambling. My American readers shouldn’t even think about trying to deposit money in one of the online sportsbooks, as your government doesn’t look fondly on those who do. For some people, gambling on sports can lead to an unhealthy obsession. This is an activity that shouldn’t be entered into lightly. This is an activity that you shouldn’t even try without an extended trial period.
I know a lot about sports; I think I may even know more about sports than I do investing. I have the advantage of knowing my stuff when it comes to the sports betting “market”. I’m going to give this a good effort over the next few months (not using any actual money) and see if I can be a profitable sports bettor. I’ll keep you guys updated with bi-weekly update posts on Saturdays.