Smart Money

[PaceAdvantage]

The Smart Money: How the World's Best Sports Bettors Beat the Bookies Out of Millions (http://www.amazon.com/Smart-Money-Bettors-Bookies-Millions/dp/0743277139/ref=pd_bbs_sr_3?ie=UTF8&s=books&qid=1226359487&sr=8-3)

I just finished reading the above book based on a suggestion in another thread. I found it entertaining, but it also served to reinforce in me the notion that winners only wager when their own personal line shows an EDGE over the public line, whether that line takes the form of a point spread or odds on the tote board or whatever.

Although the above book is only about sports betting, I think it's a must read for horseplayers as well. It has gotten me to buckle down and stop wasting money on endeavors that don't involve creating my own line and only wagering when an edge exists.

Now, the big question that everyone asks at this point is "How do you know your personal line is any good?"

The answer is obvious. If your account is growing, your line is good. If you're going broke, your line is bad.

[cj]

The answer is obvious. If your account is growing, your line is good. If you're going broke, your line is bad.

It really is that simple. Great post.

[DanG]

Excellent recommendation; :ThmbUp:

Even for experienced gamblers it reinforces the backbone of what were all trying to achieve…show a profit.

[DeanT]

I found the fake names for the offshore books funny. It was interesting to try and piece which book was what to me.

[Overlay]

It also served to reinforce in me the notion that winners only wager when their own personal line shows an EDGE over the public line, whether that line takes the form of a point spread or odds on the tote board or whatever. . . . It has gotten me to buckle down and stop wasting money on endeavors that don't involve creating my own line and only wagering when an edge exists.

Preach it, PA. It can't be said enough.

[raybo]

I agree with the others. This is especially true when talking about WPS wagering. If you don't have a proven edge then you will most likely be just another losing player. The Exotics, specifically tris and supers, must be treated a little differently, "edge" has a slightly different meaning in these.

[rrbauer]

"Edge" can take on many forms. Consider how you can reduce the price you pay to play, by your selection of venues and bet takers.

[raybo]

"Edge" can take on many forms. Consider how you can reduce the price you pay to play, by your selection of venues and bet takers.

Yes, that is a non-handicapping edge. However if you depend on that edge to make a profit then you probably don't have a handicapping or wagering edge. Wouldn't you agree? Handicapping and wagering edges apply anytime, anywhere.

[DeanT]

Yes, that is a non-handicapping edge. However if you depend on that edge to make a profit then you probably don't have a handicapping or wagering edge. Wouldn't you agree? Handicapping and wagering edges apply anytime, anywhere.
Hi Ray,

I disagree with respect. I am one of the worst thoroughbred handicappers I know. Many on this board alone are much better than I. But I make my way, because I get good prices and I know how to gamble. I say that with humility, because I know how hard it is but quite honestly I am about as dumb as a post when it comes to handicapping.

[rrbauer]

Yes, that is a non-handicapping edge. However if you depend on that edge to make a profit then you probably don't have a handicapping or wagering edge. Wouldn't you agree? Handicapping and wagering edges apply anytime, anywhere.

It's a financial edge. What could be greater? Isn't this game about making money? It's also consistent as opposed to the 7/2 price that you thought you got when the race went off only to see 2-1 on the board when the dust settles. Playing the game smarter involves a lot of edges. And, an edge only holds if you turn out to be right with your opinion and your betting behavior. If you think your horse has a pace advantage (pun intended) and the jock decides to take back, then that edge disappears. If you bet money on the basis of that presumed edge you lose; but, it still could qualify as a "good bet". In short, the edges that pursue positive expectations are the ones that apply anytime, anywhere.

[raybo]

Hi Ray,

I disagree with respect. I am one of the worst thoroughbred handicappers I know. Many on this board alone are much better than I. But I make my way, because I get good prices and I know how to gamble. I say that with humility, because I know how hard it is but quite honestly I am about as dumb as a post when it comes to handicapping.

Dean, that's why I said "handicapping or wagering edge", either or both can make you successful as a player.

[raybo]

It's a financial edge. What could be greater? Isn't this game about making money? It's also consistent as opposed to the 7/2 price that you thought you got when the race went off only to see 2-1 on the board when the dust settles. Playing the game smarter involves a lot of edges. And, an edge only holds if you turn out to be right with your opinion and your betting behavior. If you think your horse has a pace advantage (pun intended) and the jock decides to take back, then that edge disappears. If you bet money on the basis of that presumed edge you lose; but, it still could qualify as a "good bet". In short, the edges that pursue positive expectations are the ones that apply anytime, anywhere.

Well, you got a little more specific than I was. I agree with you that finding value, wherever you find it, is an edge, and if exploited properly and consistently can put you ahead in the long run. You're right, there are many types of edges. I'm not going to go into them all. Let's just agree that there are ways to make consistent money with an edge, whether it is a non-handicapping one or a wagering one or a handicapping one, or a combination of the 3.

Having more than 1 edge is, by far, the most advantageous scenario, which is what I strive to do. I'm a numbers man, my partner is a very subjective player and we both live by the fact that you must be smart with your money or nothing else will help you.

Oh, and yes, IMO, this game is about making money. I wouldn't be in it if it wasn't.

[rrbauer]

Well, you got a little more specific than I was. I agree with you that finding value, wherever you find it, is an edge, and if exploited properly and consistently can put you ahead in the long run. You're right, there are many types of edges. I'm not going to go into them all. Let's just agree that there are ways to make consistent money with an edge, whether it is a non-handicapping one or a wagering one or a handicapping one, or a combination of the 3.

Having more than 1 edge is, by far, the most advantageous scenario, which is what I strive to do. I'm a numbers man, my partner is a very subjective player and we both live by the fact that you must be smart with your money or nothing else will help you.

Oh, and yes, IMO, this game is about making money. I wouldn't be in it if it wasn't.

Couldn't have said it better myself! :)

[cj]

I just finished this book and loved it. The guy is a very good writer and he gives a very true sense of the ups and downs, the pluses and minuses, of being a professional bettor.

As a side note, it gave me several ideas I'm going to try to apply to horse racing.

[HUSKER55]

When I first started I was told the most important thing to do was learn how to develop your own odds line. That made a big difference for me. I don't consider myself "great" but I am better than when I started and it made a difference.

[JustRalph]

out of stock

[Dave Schwartz]

Ralph,

Send me your address in a PM and I'll send you my copy of that book.

It is a really goodd read.


Dave

[JustRalph]

Ralph,

Send me your address in a PM and I'll send you my copy of that book.

It is a really goodd read.


Dave

Deal!

[cj]

The one thing that people should really understand is that bookmakers are not going to tolerate winners very long. This book makes that crystal clear.

[Achilles]

I just ordered the book from Alibris. I think the seller had ten new copies available. I also ordered the author's two other gambling books.

[Dave Schwartz]

Alas, I was forced to re-neg on my offer. Turns out I had given the book to someone else.

So, if anyone else has a copy, it is on Ralphie's Christmas list.


Dave

[wes]

http://www.amazon.com/Smart-Money-Bettors-Bookies-Millions/dp/0743277139

Out until after Christmas.

wes

[aaron]

I believe Albris has the book in stock.

[BeatTheChalk]

Ralph,

Send me your address in a PM and I'll send you my copy of that book.

It is a really goodd read.


Dave

Scuse me .. just came in off the street. Could you tell me the NAME OF
THE book please. If you say it is a good read...THAT is good enough for me :ThmbUp:

[PaceAdvantage]

All you have to do is look at the title of the thread, or the first post...:lol: