Make Money Gambling Without "Being the Best" | Ep 5

My goal is to help listeners become smarter at gambling and smarter with risk in general , so you can apply these lessons , make a lot of money and then come back and teach me a thing or two . I don't run ads , so I'd appreciate it if you like , subscribe and share this with someone who might be interested .

Last thing , I want you to please join the GoldenPants13 Discord server link in the show notes . It's a free sports betting and DFS Discord server that blows any paid Discord server out of the water . You can safely unsubscribe from all your paid servers , join ours and have access to higher quality picks , a more engaged community and a ton of cool events .

I hope to see you in there and let's get on with the show . Okay , today I wanted to talk about how do we define a successful or the best gambler . Who's the best sports better , who's the best poker player ?

It's a question that's going to be a possible answer , because even for games where a skill plays an outsize role in the outcome , like basketball , you're still debating who the best basketball player is , probably till the end of time , right ? It's just not . There's going to be no consensus .

Even in golf , you know it's really there's two people , right , tiger Woods and Jack Nicholas , but you know there's there really is like a big split there too .

So something like poker , something like sports betting , trading or whatever you're doing , where there's a lot of variants and a lot of luck involved in your results , it's going to be even harder to determine who you really think is the best player . Of course , like over time , players get better .

So someone like Phil Ivy at the time he was , you know , at his prime in poker , he was clearly the best , but even though he's still playing now , there seems to have been players that have surpassed him at most games . I'm sure the same can be said for someone like Billy Walters and sports betting , etc . But it doesn't really matter , right ?

Because it's like why are you here ? Why are you sports betting ? And I think the personally the best people are the ones who make the most amount of money risk-adjusted . Risk-adjusted is essentially like yeah , you can make like 5 million in a year , but you had like a 50% chance of going broke .

If you made 5 million a year with a 0% chance of going broke , or if you made 4 million a year with a 0% chance of going broke , I'd rather . I think that person's a better gambler because you don't want to really be putting your role in the line .

So let me give you an example of how someone can be a very skilled gambler but not be a profitable gambler . This is an example that Daniel Negrano gave on a podcast and it's pretty common in the poker world .

It's basically like , if you're the 7th best poker player in the whole world and you sit down at a table with the six best players , then you're going to be losing money Even though you're the seventh best player in the whole world .

And then you have these guys who play in these big private games , who are pretty mediocre at poker , but they play with like a bunch of Wall Street guys and tech CEOs or whatever just like total recreational players and they make millions and millions of dollars a year despite you know , if they sat down with really top class online players or the high ruler

players . They would get smoked , but guess what ? They don't , because they're not stupid , they want to make money . So who really is the best gambler ? The guy who's playing these private games , making 10 million a year ? Or the ?

You know the GTO wizard who's playing the highest stakes online , maybe making like 500 grand , but would be considered one of the top four no limit holding players in the world ? I think my personal opinion and the older I get , the more and more I believe this is it's the person who's making more money .

And the reason that person's a better gambler is because selecting your game , selecting your spots , is the most important part of gambling . You have to find a game where you're a winner . That's true of all types of gambling trading , sports betting , poker , whatever it is .

And I'm going to give you the sports betting example now , and I'm going to give you the example as it applies to my golf betting operation . Right , so in golf there's a couple of books that are very , very sharp , a few sharp sports books in golf .

What I mean by that is there's a few sports books in golf that will take big bets , but they have a really good model , really good information behind their prices . That , I believe , makes them very tough to beat .

If you do beat these books , though , I mean , you have the honor of , you know , being a winner at the tough in the toughest , you know , sports betting market in the world and certainly , like , you can give yourself a pat in the back because not many people are beating these sports books . So we have a very low ROI against these sports books , let's call it .

I actually have no clue what it is now , but I can tell you . I'll tell you this Inside baseball , apparently , pinnacle sports gives us a B rating at golf , which is not bad . So , yeah , I've got that going for me . But anyway , you know , whatever , we're winning a little bit . It's interesting to see how the market works .

If you keep up with these books , like , it's important , you get good information .

But it's like actually a waste of our time to bet at these books , because if you can bet at DraftKings , if you can bet at BetMGM , if you can bet at PrizePix , at Underdog , you're making so much more hourly that betting at pinnacle and these other sharp books is it's just like a , it's an exercise and like self flutter .

Right , you're just , you want to be known as somebody who , who's sharp and hitting , hitting the screen , the screen hit it . You know , hitting some of these sharper books .

But it's like , why the fuck do you even want to do that anyway , when draft Kings is over here with trying to rub two brain cells together putting out their sports betting lines , and you can just go over there and bet at them .

And if you can't find a , find a way to get yourself some exposure to draft Kings golf prices , find a way to get yourself exposure to prize picks and underdog . You know , I'm not , definitely not saying don't , don't , multi-account , you know , don't do anything that is illegal , but there are legal ways to get exposure to any book out there .

That's something when I was growing up in poker I thought it was cool to be the best , or cool like you had to be . You know , phil Ivy , to be respected . I cared about , like having my game be , be respected and you know doing and intellectually , like quote unquote , intellectually stimulating things Right . I don't really give a fuck about that .

Now I'll be honest , like I'd rather go get the money and I think that a lot of the most successful betters have that mindset of they're here to get the money Right and then once you start thinking of it instead of just the games of placing a winning sports bet or just the game of playing a poker game and this overall game that you're playing where it's

actually , how am I going to make the most money with my skills ? Then you've really unlocked it , because at that point I said , you know , I only focus on poker .

I think bigger picture , I end up switching from poker to sports better make a lot more money , and that's part of game selecting too , like there are times in poker where certain games went from being incredibly profitable to less profitable and you switch and you're always if , if your mindset is , I got to go in and make the money instead of , oh , I have to

be the like , quote , unquote , best at this game and no one will play me and everyone respects me , then if you're in there to make the money , you're going to see the the right moves much more clear clearly and if your goal is to make the money , the money will come .

If your goal is to be respected by the community , I don't know , maybe could come or you'll probably just get burnt out , you know , not making any money or making way less money than people that you think are , you know unskilled , because this , this idea of respect and this idea of being the best , it's kind of a frivolous pursuit . It's not tangible , right ?

No one actually really gives a shit about what you're doing anyway . So you might as well go out and try and make you know as much money as you can , because if you're chasing accolades it's it's always going to end up being a hall of pursuit and I guess that's philosophical , no clue .

But the real , like the thing that we really need to take away and we really need to place importance on , is understanding that gambling isn't just the game you're playing . Gambling is finding that game . The best gamblers , like the people who do this a long , long time , think way more about finding the game than the game themselves .

Because I here's the thing like I haven't played a lot of poker I'm sure I could find a poker game where people are playing for like 100 grand buy ins , where I'm a huge favorite .

And not being able to find that game aka what I'm doing right now because I can't find that game , I'm sure it exists Not being able to find and get into that game is costing me hundreds of thousands of dollars right now and that's a big , that's a big expense and that kind of pisses me off .

You know , it's probably more worthwhile to go find that game than to try and like learn how to be a winner at one to zoom or 200 zoom , 500 zoom , whatever the , the sharks , the low stakes sharks that play music . It's just not worthwhile . So always keep in mind Am I in the right game ? Am I betting on the right sites ?

I really think that prize picks , underdog and all these daily fantasy pick-a-m sites they're new to the industry . I don't think they're very sophisticated , skilled in pricing and trading and whatever .

So they're really great opportunities now and I think the fact that we've embraced those sites and a lot of the people who are at similar size as us scoff at them as small timing at the end of the year . I think we made the right choice , let's just say , based on the P&L .

So you're definitely onto the right track if you're betting prize picks , underdog and those places . Other great spots DraftKings , betmgm , fanduals , like a little sharper than those two .

But just get out there and get yourself exposure to the good games first and if it ever gets to the point where you feel like you need to play at the harder against the harder bosses . I would just rethink that . There's other ways around it . Like you can just avoid the hard bosses to begin with . There's no , you don't have to beat them .

That's the whole fallacy of the video game analogy to gambling . Like you can just skip the boss , keep all your armor , keep all your rupees and just live an easy life . Dude , it's not . It doesn't have to be that hard . All right , I hope this was interesting . As I always say , please join the Discord .

I'm in there 24 seven chatting it up and it's a really fun time . We do give out free picks and cool events and shit like that . So , coming in , join and yeah , thanks for listening .