E21 - Can you lose money picking 60% winners?
Business of Betting Podcast
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The Effect of Boredom on Bets
A third of sports betters in an experiment went bust. Do you think that pressure and too much time to think caused such an outcome or were there other factors at play? A lot of times people's first reaction is on the risk taker, I'm going to go for the highest expected gain approach because it's not a lot of money. So they would bet say 50 cents on one flip. And then it's like, all right, now I've just got 50 cents left. Oh geez, what am I going to do? You know, I'll just bet the whole thing and then go bust.
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