
After my significant hiatus, I am returning to S2BU with a new approach. Truly, the legality may be borderline, but the new approach on S2BU is a focus on gambling. With roots that stem as far back as ancient China, where games like craps, roulette, blackjack, and keno originated, gambling is the most popular and most scrutinized form of sport in the world.
Under Federal United States law, gambling is technically legal since Nevada became the first state to implement legal wagering in 1931. Forty-five years later, Atlantic City piggybacked off Nevada's legislation, realizing the strong economic influence the sport provided. Today, almost every state has a legalized form of gambling, from casinos to state-run lotteries that provide millions of dollars in tax revenue.
The popularity of poker took off in 2005 when Harrah's began sponsoring the World Series of Poker, held annually in Las Vegas and featuring 58 different events. Because poker can be played and potentially mastered by anyone, regardless of age or sex, it has enticed millions of people to attempt poker-playing as a career. The WSOP Main Event, which has featured a grand prize of no less than $7.5 million since Harrah's took over, has been won by a player under 24 years old the last four consecutive years. That fact alone has inspired many to try their hand at becoming a sunglasses-wearing master of the deck.
Although illegal in the majority of US states, sports betting has become the most popular and participated-in form of gambling. What is regarded as a service industry in over 100 nations across the globe, Americans can utilize "bookies" anywhere from casinos to the internet to wager on professional and college sports. Most popular is the NCAA March Madness Basketball tournament, as well as Super Bowl and horse race betting. In February 2012, over $10 billion was wagered on the Super Bowl ALONE across the globe.
Even the most participatory gamblers fail to realize the most important fact pertaining to coming out on top when it comes to wagering. The most-winnable type of bet (best odds) is a straight wager. Regardless of the spread, a straight wager ultimately provides a 50% chance of winning. The side you pick either covers the spread, or they don't. There are no obscure scenarios that causes a lose-lose situation, and a push (tie) just earns the wagerer a wash. Gamblers are enticed by prop bets and parlays that pay out absurd amounts, but in truth the odds of winning those bet-types are even worse then the odds that are given.
Take a look at the example of a basic 3-team NCAA basketball parlay. Assuming the bet is juiced at a standard 10%, the bettor would wager $110 in a straight wager to win $100. However, if the bettor were to wager $110 on a 3-team parlay, the payout is $550 if all 3 teams hit. But in actuality, the odds are severely FOR the house. Using a real example:
3-Team Parlay
- San Jose State +5.5 (-110) @ San Diego State (-110)
- Portland State -2.5 (-110) @ Sacramento State (-110)
- Wisconsin -1 (-110) @ Iowa (-110)
Regardless of which side is selected in each match-up and applying basic mathematical principles, the real chance of winning the parlay is 12.5%. This is based off of the calculation that the chance of winning each match-up is 50%, so 50%x50%x50% = 12.5%. Converted to basic odds, the chance of winning the parlay is 8 to 1. A $110 bet at 8 to 1 odds should pay out $880, but instead the bettor is forfeiting $330, or 37.5% of their winnings, for a bet that offers worse than even odds. The catch that hooks bettors into parlays is the potential to win a lot by putting up little, but the bettor is actually harming their chances.
The "easiest" way to end up with a positive net is to NOT "gamble against yourself". This means that the bettor should only place straight wagers, and wager the exact same amount on each bet. Because of the juice, a bettor will end up losing 10% of their initial balance if he wins half of his bets. But by wagering the same amount on every straight wager, the bettor has to win just 51% of their bets to become profitable. Seems easy in theory, but because of the roll that passion plays in gambling, ending up with a $10 profit by playing it safe is hardly enticing to true sports bettors.
Even with those statistics in mind, I myself do not follow the "winning" guidelines, nor do I ever have the intent to. The odds have put a halt on me placing parlay bets, but my wager amounts tend to fluctuate based on gut-feeling and statistical support. Thus begins my latest ill-advised project, the "Gambling Gauntlet". I will post my wagers, results, and justification for each bet I make over the course of the next few weeks. Feel free to hop on board during hot streaks, and of course criticize the losses. But ultimately, if you think you could do better, then put up or shut up. Enjoy.
* None of the money used in wagers comes from what I allot for bills and life-necessities. All capital gains are recycled, and losses applied against recreational self-allotted cash.


