The recent market crash was quite the ripper. Prices dropped by over 20% in October, and many investors have had a good chunk of their savings wiped out. But, as usual, some were much more affected than others. Those who had a significant amount of equity in their investments were the lucky ones. For the rest of us, it was a rough go.
To take advantage of the situation, some sophisticated bettors looked at the odds and noticed that certain teams were significantly over or under-valued. As a result, they made profitable bets. Now that the dust has settled, and the going gets a little more challenging, it’s a good idea to take a closer look at how some people managed to double-up on loss-making wagers and turn them into profit-generating ventures.
The Advantage Of Planning
One of the keys to making money on the side is to plan your bets. To give you an idea of how much planning goes into a successful speculation, here’s a little example. Let’s say you’ve got a hunch that the Toronto Maple Leafs will beat the New York Rangers tonight. You’ve got a 10% chance of winning the bet, and you think the odds are a little generous on the bet. Nonetheless, you figure that it’s a risk you’re willing to take. Before making your bet, you do some research and discover that the Leafs are a very weak team this season, and the Rangers are one of the best. As a result, the odds of the Leafs winning the game get upped to 50/50. But, since you’ve already committed to the wager and you’re not budging from your position, you have to bite the bullet and take the hit on the 50 cents you’ll lose.
Now, it’s one thing to have a hunch, but it’s another thing to be able to back it up with facts and figures. Without any real conviction that the Leafs will pull off the victory, your plan to make some quick cash is completely shot down. That’s why it’s such a good idea to plan your bets. It gives you a fighting chance at making some money, even if things don’t work out the way you initially anticipated. The more you put in to plan your bets, the better your chances of profiting from them. So, don’t just go with your first thought, but rather do some careful thought and analysis before coming up with a solid plan.
The Disadvantage Of Chasing Luck
One of the biggest problems with gambling is that it’s highly, highly dependant on luck. Sometimes you hit the jackpot, and other times you get totally skunked. But, as with most things in life, there’s definitely an art to picking profitable games and odds. To give you an idea of how much planning goes into successful speculations, here’s a little example. Let’s say you’ve got a hunch that the Los Angeles Dodgers will beat the Chicago Cubs tonight. You’ve got a 10% chance of winning the bet, and you think the odds are a little generous on the bet. Nonetheless, you figure that it’s a risk you’re willing to take. Before making your bet, you do some research and discover that the Dodgers are a very strong team this season, and the Cubs are in a bit of a slump. As a result, the odds of the Dodgers winning the game get upped to 60/40. But, since you’ve already committed to the wager and you’re not budging from your position, you have to bite the bullet and take the hit on the 40 cents you’ll lose.
As you can see, the percentages change, and that’s just because the luck of the game has an effect on the outcome. But, since you’ve already committed to the wager and you’re not budging from your position, you have no real chance of getting your money back. That’s why it’s such a bad idea to gamble. You never know how the cards are going to fall. Even if you do have a solid plan and do all your research up front, there’s no guarantee that you’re going to win. That’s why it’s such a good idea to stay away from gambling. It’s the perfect setup for losing money. Gambling is fun and exciting, but, at the same time, it’s one of the most frustrating things when you lose.
The Importance Of Being In It For The Long Haul
One of the biggest differences between gambling and speculating is that you’re not in it for the short term in speculating. As a result, you have to be ready to commit to the long haul. That doesn’t necessarily mean you have to wait until the end of the season to see if your hunch is right or wrong, but it does mean that you have to have the finances to back up your position. If you don’t, then you’re either going to have to settle for whatever crazy odds they offer, or you’re going to lose your money. And, since you’re not in it for the short term, you don’t want to do that.
There are several ways to make money on the side. You can try online poker, where you play against people from all over the world. You can take up golf betting, where you place bets on who you think is going to win a particular tournament. Or, if you want to stay motivated, you can start up a lottery ticket pool with friends. The list of options is endless, and it’s definitely not a bad idea to try out a few of them and see which one works best for you. Just make sure that you don’t get too bogged down in the paperwork and legality of any of them. It might be a good idea to consult an accountant or a lawyer to make sure you’re doing everything correctly.