To be honest with everyone, I lost a LOT of money my first few years that I was gambling. It was truly an addiction. I would chase. I would bet overs. I would bet favorites. I ran out of money on my credit card, so I forged my wife's signature and got cards in her name. That is when I got caught.
Anyways, I didn't gamble at all for close to 3 years after that.
3 years later, I started gambling again. I started off with a small bankroll. I had learned a great deal by simply coming to the RX and browsing the message boards and as a result, I followed some rules. Once I started following these rules, I started to win consistently. The rules are:
1. Close casino access with all sportsbooks. I tended to go to casinos if I lost a few big plays that evening and would play recklessly
2. Plays had to be made AT LEAST 3 hours in advance - unless they're 2nd half plays, of course.
3. There is no such thing as "house money" - what you win is yours.
4. There is no such thing as a sure thing.
5. Bet dogs and unders - Shrink once said that you should always have twice as many dogs as favorites, and twice as many unders as overs.
6. Keep records of your plays and see where you are getting beat - is it on TV games? Is it with small dogs? Is it with home teams?
7. NEVER lay a bet that is more than 5 times your minimum bet.
So my suggestion to everyone is:
Make a set of rules for yourself. ANY RULES. ANY GUIDELINES. Even if the rules say that you will make each bet equal to 20% of your bankroll, or one that says you won't play more than 12 games a night. If you can follow the rules (whatever they may be), then you're ok - but if you find yourself disregarding the rules every once in a while, you are NOT going to ever win consistently.
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