basil (recession arc) pfp
basil (recession arc)
@itsbasil
i hung out with old friends yesterday who gambled on basketball all day long halfway through the day i was so bored i decided to signup for a free predatory $100 my whole life they’ve done this, i’ve never participated—a first try for everything, eh? honest question, how, on gods green earth, do people do this? bet $50 to win $50 is considered INSANELY good odds in this stupidity to make any decent returns you have to string unreasonable binary add-on bets together… this is quite literally the dumbest shit i’ve ever done, given there are 10 people on the floor at all times… almost everything is unaccounted for… don’t even get me started on football where uncertainty goes exponential risk $50 to win $60, $70?! against these parameters? with human referee interference?! with emotion weighted 10-fold? with timeouts & clock stops? this is super high risk & you can’t even make any good money doing it… seriously, why do people do this?! it’s absurd play table games or memes
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basil (recession arc) pfp
basil (recession arc)
@itsbasil
1) it makes the game slightly more interesting but my friends considered me crazy for betting $50—they don’t bet more than $25 and that would be considered high, usually $10–i felt nothing 2) the only viable strategy is to bet money with the house & compound small returns; everything else makes zero sense i seriously don’t understand why someone would do this over table games or capital markets
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basil (recession arc) pfp
basil (recession arc)
@itsbasil
also we complain about kyc here but good lord do these apps collect
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Wager pfp
Wager
@marketwager
The way to do it is instead of placing bets online, create a localized prize pool. This upkeeps the competitive nature of betting and watching the sport, while also keeping the gains and losses “in-house”. Additionally, if the winner has a heart, he/she will host the food with the proceeds, it’s a Win/Win without the House.
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max ↑ pfp
max ↑
@baseddesigner.eth
just for the sake of gambling the same I think we can experience here by buying zora coins, $50 buy in would also be considered risky betting $15-20 can get you $25-30 back which is considered a good win but there's very little chance to catch that even if it goes up
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simon pfp
simon
@sa
They can excuse spending so much time watching and researching sports (which they want to do anyway) because now they have money on it?
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sgt_slaughtermelon pfp
sgt_slaughtermelon
@sgt-sl8termelon
I mean - "why do people enjoy gambling and have gambling addictions?" These same people would have an insane track record of botched Solana trades if they just knew how and it was dressed up like sports. I feel like the sports aspect of it just obfuscates that it's bad odds gambling.
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Monteluna pfp
Monteluna
@monteluna
Good book on sports betting here, but the short and sweet is mathematically based on the Kelly Criterion, sports betting is a losers game. The issue is vig and fees bleed off your portfolio more than you can win. The entire industry is predatory, and it's pretty much that casino betting cartels are in bed with local politicians to just harvest money from stupid people who can't learn the math around financial derivatives. You have your dumbest friend from high school shoving $100-$500 into this black box a month that's guaranteed for him to lose money. Even if he dropped it into the options market on Robinhood, at *least* the options are priced appropriately and you get convex upside (in sports betting you do *not*, but they hack it with Parlays which are impossible to hit). The casino guys and state politicians both get a cut off this ridiculously garbage industry and no one appears to bat an eye.
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sean pfp
sean
@swabbie.eth
because sports are memes, just with longer, more social, more predictable storylines
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six pfp
six
@six
it's just fun to have stakes on a game makes the viewing experience more fun. most are not doing it for returns, its entertainment cost 2023 basketball season i got really into it, roundtripped all my gains but became a long-term NBA fan just bc betting made me so much more plugged into everything but also, gambling addiction
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simon pfp
simon
@sa
Perfect timing for John Oliver's new video: https://youtu.be/Pxvfy4qQRog?si=C8U6sCQBK_MAvlu-
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J Finn 🎩 pfp
J Finn 🎩
@jdotfinn
waste of time, but their whole model is built on the parameters you said above: - people get 'bored' with those odds - up the stakes using parlays - they make huge money getting people addicted to longshot parlays I hate those sites btw and never do it, but I get why young men do in particular (nothing else to do, need to make money)
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Spaceman Spiff 🎩🍖 pfp
Spaceman Spiff 🎩🍖
@spaceman-spiff
It's a losing proposition for the majority of punters. In most cases you are flipping coins and paying 5% juice for the privilege... Table games are designed for you to lose, one could argue memes are as well (see pump.fun stats), memes are just a less understood game at this point.
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pugson pfp
pugson
@pugson
literal teenagers are doing this now. it's honestly insane
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Ultraviolet pfp
Ultraviolet
@ultraviolet1.eth
introduce your friends to solana. Based on description - they gonna love it
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Purp🇵🇸 pfp
Purp🇵🇸
@purp
Vegas has gotten to good at setting odds, its a fucking wasteland (I'm down exponentially) Lmfao atleast you're not doing parlays though that's half the battle
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