Helping friends can lead to amnesia
February 13, 2019 3:00 AM
by Bill Krackomberger
Every year, a friend of mine, (who happens to be very wealthy), asks me what my opinion is of the Super Bowl.
This year, I told him that I liked the Rams +3, and at the time I said that it was available here in town. I also told him that I liked the under in the first half. I said that I thought both teams would come out slow, and I also gave him one prop bet that “No, there will not be a score in the first 5:30 of the game.”
After the game was over, he texted me, saying that he bet the Rams and lost more money than he should have. I asked him about the other two bets that I had given him (which did win). He said that he did not bet the other two. He just wanted to root for one thing during the entire game, therefore, he just bet the Rams.
So I had to fire back at him, “So I guess now you are thinking of getting rid of the his-and-hers Rolls Royce’s you bought for you and your wife last month.” He said he had spent $640,000 on the cars.
Then it dawned on me that every single year he asks me for my Super Bowl pick. It’s the only time of the year he bets and I do not ever remember giving him a loser over the years.
So now I actually call him to say, “Last year you had the Eagles money line and the points, and I am still waiting for that thank you. “By the way, the year before that, I gave you the over on NE/Atlanta too.”
Now it is not that I need a “Thank you.” However, if you are going to say something like that when you lose, then you also have to acknowledge when I give you winners too.
Fast forward to this past Saturday. A different friend asked me for some college basketball games. He said, “Send me your top plays, not the whole board please,” knowing that I bet a lot of games on Saturdays. So I sent him four games.
Later on in the day, I get a text from him saying “You need Kansas State to go 1-3.”
I can honestly say that I have more money cumulatively on each game than all of the friends I give the games to combined. Furthermore, I would never give a game to anyone that I would not wager on myself.
This kind of parallels to what my father‘s profession was. My father was a finance manager for a car dealership for more than 20 years. I remember him telling me that the worst thing you can do is to sell a car to family or a friend.
My Pop used to get calls saying, “Bill, this car you sold me has the check engine light on” even though it would be a year after purchasing it. However, he never received phone calls saying how much people liked their cars for the first year.
Sometimes I wonder why people even wager on sports. I have said this before, I think that some need to feel the great rush, or maybe the disappointment, to provide entertainment or excitement to what would have otherwise been a boring day. Therefore, even if we lost the bet, we get to live another day to see what adventure tomorrow may bring.
This experience of a range of emotions is what makes us feel alive. However, as long as you bet within your budget, there is nothing wrong with this. One important thing to keep in mind is that you need to bet less when you are losing and more when winning.
Sports betting takes plenty of mental stamina. That is actually why it is one of the toughest professions to be in. The losing streaks can be brutal, and every pro bettor will have to go through them. You have to have the confidence to just stay the course and understand that bad losing streaks will occur and are vital for success.
Hyman Roth said it best, “This is the business we have chosen.” Let us not forget Hyman’s secret to longevity in his business… he always made money for his partners.
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