This episode explores the concept of risk management through the lens of sports betting with guest Zack Price. Zack has over 20 years of experience profiting from sports gambling and discusses strategies like starting small, tracking wins and losses, and setting clear "commandments" or rules to guide responsible participation.
Zach emphasizes building experience through low-risk bets before increasing amounts. He also stresses reviewing performance every 6-8 weeks to identify profitable strategies. The hosts discuss applying these principles to other arenas of life, such as business ventures.
Overall, the conversation provides insight into minimizing losses from risk-taking through discipline, limits, and learning from mistakes over time. Key takeaways include trusting instincts and gut feelings once a knowledge base is established.
Takeaways:
- Set clear rules/commandments and refer to them often to guide risky activities like sports betting
- Start small and test opportunities through low-risk bets before significantly increasing investment
- Continually review data and performance to identify profitable strategies
- Build experience through many small bets to develop knowledge and confidence
- Trust gut feelings and instincts once a base of experience and data has been established
- Consider responsible gambling features like deposit limits to avoid over-investment
Resources:
Connect with Zack Price:
Learn more at stackinghabits.com or follow our habit adventures on Instagram.
