Dealing with losing can be hard for bettors
October 31, 2018 3:00 AM
by Bill Krackomberger
Can you handle the aftermath of a losing weekend?
Recently, I had a losing weekend betting sports. This type of weekend is the type which causes the “average Joe” a slow death. They cannot handle the draw-downs. True warriors live to fight another day, well armed, and reloaded to fight randomness.
I love the line from the movie “Wall Street”. Charlie Sheen‘s character, Bud Fox, says “Life all comes down to a few moments, this is one of them.” If you take sports betting seriously, then dealing with adversity in a mature manner is one of those moments. This is also one of the keys to success; adversity fuels greatness.
Adversity is one of the most potent forces in life. It shapes your character, clarifies your priorities, and defines your path. It is what you do from here that defines your greatness. This crosses over to any form of gambling.
Something I rarely talk about is the fact that I have been very fortunate over the last 15 years in developing great relationships with some of the biggest gamblers in the world. One of my friends has million-dollar swings every week. I have traveled all over the world with him and through him, have lived a life many would only dream of. There are private planes, penthouses and villas, courtside seats, and hanging with celebrities, which is only the start. It would amaze people to know what some casino executives do to get their whales in house. One day I may even write a book chronicling specific details.
I have another friend who sold his start-up business for $87 million. Every single time he wants to go on a casino trip he calls and invites me. The two of my friends have one thing in common; both of them like having me around them for a plethora of reasons, including bankroll management and situational advice. There are walk-in bonuses, rebates, and free-roll tournaments, which are all negotiable.
One of the most important pieces of advice that I can offer is a stop-loss, if and when they reach a certain point. The hardest thing to do in gambling is to quit and take a loss when you have more money available to you. It really is just amazing to me how smart and successful one can be at their every day business life, and yet get blinded by the perks a casino will throw at them. Listen, this is casino gambling... in the long run they are playing negative expectation games, and will lose. Just as some people like to go on expensive vacations in the South of France, the Fiji islands, or wherever, this is their way of blowing off steam.
All of this goes back to the point of the article, which is dealing with adversity and loss. I cannot tell you how many times, after a certain amount of play, I have advised at stopping (win or loss) and have been thanked on the plane ride home. They really do not need me (or anyone) to tell them this; however, in the heat of battle it is very easy to get caught up and blinded by the neon.
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