CHEPSTOW Racecourse Template (Tuesday 29 October 2024)
October 28th, 2024
Taking RESPONSIBILITY!
Posted by in Blog
Tagged Betting advice, Responsibility, The Racing Horse, The Racing Horse eBook
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Responsible gambling and taking responsibility for a bet is not remotely the same thing, they are distinctly different concepts. The term 'responsible gambling' is commonly used by bookmakers and authorities to describe the behavior of the majority who bet for entertainment, leisure, and accept the possibility of loss. In contrast, 'taking responsibility' for a bet is a principle that applies to the more serious and astute bettors who aim to avoid losses or generate a secondary income from sports betting.
If you want your betting experience to be successful you need to behave like an investor and not a gambler. So, responsibility starts with a question. Do you want to make a second income or bet for fun and recreation? The two options are not remotely compatible but nonetheless a choice!
Individuals lacking time, confidence, or expertise may turn to a tipster or advisor; however, the ultimate responsibility for any bet lies with the bettor. It is not possible to assign a tipster or advisor, and then disclaim responsibility for the bet. The individual must always comprehend the advisor's methods, success rate, and operating parameters, and decide if these align with their own risk-reward perspective.
Responsibility: something that is your job or duty to deal with.
TRH has always insisted individual bettors always take complete responsibility for their betting decisions. Primarily, this entails a thorough understanding of the game's rules.
For example, does the bettor truly or fully understand what an OVERROUND is? If the bettor does not know, or if it needs explaining then the gambler should cease betting immediately, then only return once they fully understand the mathematical equation and order of things.
The overround represents the cumulative odds for the outcomes of a single event. The odds presented often do not mirror the actual probabilities, they include a margin to ensure profit regardless of the outcome and to cover operational costs. Overrounds can differ significantly across various firms and at different times, thus maintaining multiple accounts is essential to obtain the most favorable odds.
In reference to those who have gambling problems. These are not caused from gambling being easily attainable, they are caused from a person’s inability to control their gambling habits. This is a huge subject to cover and one we are not professionally equipped to deal with. Whilst working for Ladbrokes in designated problem shops, I witnessed first hand this inability to be responsible or control negative habits, and on some occasions tried to intervene (without the company's knowledge) albeit without too much success!
I vividly recall the "fleece 'em high" days and the distress of watching acquaintances lose more than they could afford, and even more devastating consequences.
One factor that undermines the prospect of winning in betting is the consumption of alcohol. The combination of gambling and drinking does not support a professional or profitable approach. Recognising the psychological reasons behind the tendency to gamble after consuming alcohol is crucial. Alcohol impairs behavior, often leading to a loss of perspective and rational thinking. Inhibitions and caution may diminish or vanish, resulting in a reduced awareness of the consequences of one's actions. Even those cognizant of the potential outcomes may become indifferent, entering a high-risk zone.
Academic studies have consistently shown that heavy alcohol consumption significantly contributes to problem gambling, often serving as a predictor of risk. A 2019 study by the Department of Psychology at Cambridge University revealed that individuals who gambled after consuming moderate to excessive amounts of alcohol tended to increase their bets after losses, akin to loss chasing. Conversely, a control group given a non-alcoholic placebo did not change their betting behavior after losses.
It is clear, the subjects who were gambling having actually consumed alcohol were betting heavier and losing faster than their more sober counterparts.
The vast majority of us enjoy sports betting and on a personal note my life has been richer for it, but we know the following to be true:
Our information and betting advice is for educational purposes only. Please exercise caution when acting upon our advice and remember that gambling carries risk. No liability is taken by the site or product owner following any of the information given or sold to you. Betting always involves a level of risk, and you should never bet more than you can afford to lose |