Welcome to the 14th question in our series: “Betting Experts Answer The Industries Biggest Questions.”
Whether you have been betting for ten years or ten days, sports betting will never stop teaching you lessons you can incorporate into your betting or general life. So, we asked eight betting experts:
Q14: What is the greatest lesson sports betting has taught you about betting or life in general?
Check out Part 1 of our answers here, where we get the opinions of former odds compiler - Matthew Trenhaile, pro sports bettors - Anthony Kaminskas, SmartSportsTrader - Ryan Bruno and the founder of The Smart Betting Club - Pete Ling.
Betting, like life, is a low validity environment when the links between cause and effect are weak, and random variance is large. Betting provides an excellent means to learn that one should largely ignore outcomes, at least in the short term, and instead focus on your process/journey. Most of what happens in betting is random. Most of what happens in life is random too. Enjoy the journey, avoid harmful excesses, and hope that what skill you do have can slowly accumulate your advantages. As in betting, above all be humble about your successes, and don't assume all good things you experience were caused by you.
Follow @12Xpert on Twitter & check out the 12Xpert website here.
Harout’s response was originally posted as an article on his blog here. The answer below only contains paraphrases of his full article, so please click the link above to read the full article, it’s a great read!
Through the years of sports betting, I’ve learned a lot. I realized that nothing in life worth having comes easy — that’s for sure. The harder it is to achieve or obtain something, the more valuable that something becomes. My sports betting journey didn’t blossom overnight, but every failure I’ve had has been a valuable experience and has carried my career in a positive direction.
Here is what being a professional sports bettor taught me about life:
Follow @BetLikeHarout on Twitter and read his full response here.
Things are very random in life and betting and variance does not make you good or bad, it just is. We need to always be prepared for variance in real life and in our betting bankroll, the variance monster lies to us, he says we are good when we are bad and bad when we are good!
Follow @Spotonparts on Twitter.
Humans have a deep seeded need to be able to explain phenomena in the world, which on the flip-side means we are uncomfortable accepting variance as an explanation for certain outcomes.
In sport, crazy things happen, and they are often purely due to variance, so when we hear “expert commentators” trying to explain every event in a game, it’s easy to fall into the biases of small sample bias or over-fitting bias.
Sports betting has taught me to have a better appreciation for variance as an explanatory variable and also to take “expert commentary” with more than a grain of salt.
Follow @edgealerter on Twitter & check out the Edge Alerter website here.
Check out Part 1 of our answers here, where we get the opinions of former odds compiler - Matthew Trenhaile, pro sports bettors - Anthony Kaminskas, SmartSportsTrader - Ryan Bruno and the founder of The Smart Betting Club - Pete Ling.
Love getting the opinions from experts in the betting industry? Then subscribe to the Trademate Sports Podcast, where we interview the most important people in the sports betting industry.
Here are the other questions we have got our industry experts to answer so far:
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