How To Be A Loser By Betting On A Winner

Imagine that you bet that a certain team will win a certain game.
Imagine that the team wins that game.
Imagine that you lost money on that bet anyway.

That scenario came true for some bettors who made bets on the 2017 March Madness men’s game between Michigan and Oklahoma State.

Here is an excerpt from a USA Today story about what happened:

“Those of you watching the end of a nail-biter between Michigan and Oklahoma State saw Cowboys guard Jawun Evans nail a three at the buzzer to cut a four-point Wolverines win to just a one-point 92-91 victory.

Unless Evans was fouled on the play, there was no way the shot made a huge difference … except to a bunch of people who happened to bet on the game.

The spread, you see, favored Michigan (we’ve seen some say it was -2, others -2.5), which means that Evans’ three lost some money for those who put cash down on the Wolverines. There was lots of anger about it on Twitter.”

These bettors are mad at the Michigan team, as if the team were responsible for the bets that were made.

It isn’t the job of the Michigan team to enable people to win bets. The Michigan team accomplished its mission regardless of how many points that the team won by.

These particular bettors aren’t losers just because the lost money. They are also losers because of their attitude toward the Michigan team.

The Michigan team did nothing wrong. These bettors are in need of an attitude adjustment.

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  • stan25

    I never did understand why people bet on the point spread. That is sure fire way of getting into deep hock with a bunch of low life bookies and leg breakers.

    • yetanotherjohn

      The point spread is there for the convenience of the bookies. It doesn’t really represent one teams advantage over another, rather the betting point where whomever wins the game, the bookies will make money. The bookies don’t really bet, they more hold the stakes and make sure some of it sticks to them.

  • jim_m

    David, betting odds reflect the perceived likelihood of a team winning or losing. The point spread functions in a similar manner by adding the likelihood of how much the team is expected to win by. It is not a slam on a team. It is the discount rate at which they are expected to win or lose.

    I’ll bet that you think stocks are gambling too. Ignorant ass that you are.

    • Retired military

      Actually I have made about 15% profit this year so far doing my version of day trading (only I sell no less than 3 days after i bought the stock).

  • Retired military

    “The Michigan team did nothing wrong. These bettors are in need of an attitude adjustment.

    People who bet on Hillary need an attitude adjustment. But unlike Michigan she did a lot wrong.

  • Retired military

    “How To Be A Loser By Betting On A Winner”

    David’s Column on nuclear energy seems to be a good example.