Betting Experts Answer: Biggest Lesson Learnt from Sports Betting? | Part 2

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.

JOSEPH BUCHDAHL- SPORTS BETTING ANALYST 12XPERT

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 MASSOYAN - PRO SPORTS BETTOR

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:

  1. If you’re unhappy about a situation, change it. You’re not obligated to settle.
  2. You don’t have to go to school or have a degree to achieve financial success.
  3. Become friends with your business partner, not business partners with your friends.
  4. Karma is the best long-term play — what goes around, comes around.
  5. My wife is my best friend, and I’m able to perform at a high level because of her genuine support.
  6. Professional sports betting is 110% different than what I thought it would be.

Follow @BetLikeHarout on Twitter and read his full response here.

DANSHAN - PRO SPORTS BETTOR

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.

JOONAS KARPPINEN - FOUNDER OF EDGE ALERTER

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:

  • Q1: Top 3 tips for betting beginners? Part 1 & Part 2.
  • Q2: How do you define “finding value” in betting markets? Part 1 & Part 2.
  • Q3: How do you determine whether your betting results are based on luck or skill? Part 1, Part 2 & Part 3.
  • Q4: Kelly criterion or flat staking: Which stake sizing strategy do you consider to be the best and why? Part 1, Part 2 & Part 3.
  • Q5: What is the best method to use to make money from sports betting? Part 1 & Part 2.
  • Q6: How difficult is it to beat the sports betting markets? How efficient are the odds? Part 1, Part 2 & Part 3.
  • Q7: How to manage risk when betting? Part 1 & Part 2.
  • Q8: Is there a best sport to bet on? If so, what is it? Part 1, Part 2 & Part 3.
  • Q9: Assuming you have an edge, at what point can you start accurately evaluating your results and say that variance has played out? Part 1 & Part 2.
  • Q10: What is the one thing you would like to see change in the gambling industry? Part 1 & Part 2.
  • Q11: How to overcome emotions in sports betting? Part 1 & Part 2.
  • Q12: What are the top 3 mistakes people make when betting? Part 1, Part 2 & Part 3.
  • Q13: Biggest bias you’ve overcome in sports betting? Part 1 & Part 2.
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