Gambling: When the Fun Stops, Stop!

Watching TV.  One thing you may have noticed is the amount of advertising from leading bookmakers. Casino. Slots. Two flies crawling up a wall. 

Any random sporting event on TV. (What's the odds of a bookmaker ad?) 

Love a bit of darts action. But what do we see each and every advert? More reasons to gamble on just about everything! 

The problem with gambling is that it isn't, for many, as easy as saying: 'When the fun stops, STOP!'

What a ridiculous statement. Seemingly negating any responsibility for those who can't stop gambling. Addiction is clearly a problem for many people. I have never had a gambling problem simply because I am very disciplined and don't bet for fun. I would suggest that most people shouldn't be for 'pleasure'. Firstly there is nothing fun, funny, humorous about losing money. If you want to bet for any reason than making money, then play with matchsticks or casino chips you can buy without any great cost. You can learn how to bet more successfully. When you consider it takes 10,000 hours to become an expert (it takes longer) then a novice has much to learn.

Why shouldn't you bet for fun? Because it encourages people to not take their gambling/investing seriously. Money is a serious business. Gambling is even more serious because not only do you have the opportunity to make lots of money but the majority it is an opportunity to lose what they cannot afford. 

That's why I would suggest if you bet for fun then take a moment to re-assess why you are betting in the first place. 

There are lots of very naive gamblers attracted by adverts promoting 'fun'. They suck people in who simply do not have the experience or understanding to appreciate what they are dealing with. It's akin to playing with that ouija board and daring to ask the question: What date will I die?

Perhaps that question is going beyond what people ask before, during or after gambling. They could simply ask: How much will I win (positive) or how much will I lose (perhaps, realistic if you are betting for 'fun').

People need to appreciate that gambling isn't fun. To win you need to be better your opponents. You wouldn't fancy your chances racing Usain Bolt over 100m and you shouldn't fancy yourself to beat a bookmaker, layer or informed bloke in the pub if he is willing to take your bet. Unless you are very confident you will win.

In legal terms they say buyer beware. It is a good maxim for those who wish to bet. Gambler beware.

The bookmakers filter people like a sieve. 

If you win too much they will soon close your account. They need new 'clients' and as long as you lose they will allow you to bet. That's why you are best to use betting exchanges. 

I do have concerns about the impact of children watching sport and being tainted by bookmaker advertising. 'Can I bet, Dad?'

What are your thoughts on gambling advertising? 

Photo: Pixabay free for commercial use and no attribution but given

Bet365 Close £1m Winning Account

Bookmakers: Love or hate them? I guess your attitude towards them is dependent on your gambling success. Although, if you win too much they are likely to close your account so you may be frustrated by knowing you can win but can't get your bet on. 

As in the classic film Carry On at Your Convenience (1971). The scene where Joey the budgie astounds Sid Plummer (Sidney James) with a string of winning tips. After years of losing, the hapless Mr Plummer simply couldn't lose. All was good until after taking his local bookmaker to the cleaners once too often his account was: CLOSED!!!!

Listen to Joey the budgie pick winning tips.

A riveting conversation ensued where bettor and layer reasoned the trials and tribulations of gambling, winning and losing.  

Sid Plummer: ''What kind of sportsman doesn't take a bet?'' 

The bookmaker replies:  

''If I was a sportsman, I'd be riding the horse!''

Well, you may think betting with your bookmaker is as simple as winning or losing. So, if you win, you just go and collect your money. If they close your account you can merrily stick up two fingers (or one for the budgie to perch) and say F*** You. 

It sounds good in theory. However, an Irish student from Belfast found out to her displeasure that if you win it might not be quite as simple as you thought. 

You may find that not only is your account suspended but closed. 

In fact, you may find that not only have your winning vanished but your stake has mysteriously vanished into the bookmaker's satchel and the only way you are going to get your stake or winnings back is by taking them to court. 

That's what happened in a recent bet placed with Bet365. The Telegraph has an exclusive story which details why you don't want to be betting for a third party or give the impression you have. 

Read: Teenager takes Bet365 to court over £1m 'won' on horse races. 
  
Photo: Pixababy free no attibution 

Why sport betting is more profitable for bookmakers instead of customers

Betting on sporting games is something that can be dated to several hundreds of years ago. This activity has evolved with time and civilization has turned around the way things are. Even at that, the process is pretty much the same. A bettor predicts an outcome; the bettor only wins when the outcome is favorable. It has been that way for years and it still is the same.

Simply put in another way, a sport betting is referred to as the activity which involves predicting sport results and therefore placing a particular wager in the possible outcomes. Sports gambling frequency varies from culture to culture, thus most of the gambling is either on Football, Baseball, Basketball, Boxing or Hockey. This could be at both amateur and professional levels.

However, sports gambling can also be on non athletic events which may include political elections, reality shows and contests. Sports betting can also be on non human contests which may include illegal underground Dog Fighting, Greyhound Racing and horse racing.

The wages of sports bets are usually done legally which will be through the use of bookmaker or sportsbook. And it may be done illegally by privately owned and managed enterprise which is often referred to as Bookies. The word book is used here as a reference to the books which are used by wage brokers in order to help them track debts, payouts and wagers. And if you have to bet on sports, come and join Betfair casino.

Also, both legal and illegal wage brokers make their profits through the percentage they take from all the bet money which can either be referred to as Vigorish, action, rake or juice. Mostly, the legal sportsbooks are often found online and are usually operated over the Internet using a jurisdiction which is different from that of the clients which they serve. This is just to ensure that they are able to bypass several betting laws which exist in various jurisdictions. This is because a breach of any of those laws may lead to their close down.

The major function of the bookmaker is to serve as a market maker for sports wagers which usually have a binary result such that a team can either win or lose. This bookmaker accepts both wagers and also maintains the vigorish which will make sure that there is a profit irrespective of the result of the wager. This simply means that there will always be profit irrespective of whether the wager wins the bet or loses it. This is as a result of the fixed percentage that is taken from each bet money placed by the gamblers.

Conclusively, the bookmakers usually hold a number of advantages over their customers. On large wagers it is usually between 10-11 while the advantage for the small wagers it is usually close to 6-5. Thus, most of the time he bookmakers usually survive over the long term. However, bookmakers must be able to withstand any amount of loss be it long term or short term.