Okay, so I sound like a hypocrite at this point – recommending that you do not use your own money but instead make bets with free cash. However, to be fair (and to maybe justify my actions), the concept of making bets against myself has always been something that I have done when gambling (in poker and blackjack especially).
Advancements and strategies
It might seem strange to those who don’t play poker or aren’t acquainted with basic blackjack strategy, but it is often better to make a bet to take money from the other person in both games. I’ve always felt just fine about doing this because, at the end of the day, and I can afford to take a loss on any particular hand if I feel so inclined.
This brings us back to DFS and why you should tend towards making bets against yourself instead of using your own money – risk-aversion. As we discussed earlier in the course, risk aversion drives all irrational behavior among gamblers. With sports wagering, wagered money represents real resources.
I figure, “if I only can win 50% of the time, then what am I really losing?”
Individual choice
But you should not feel that you have to do this. It’s your life and your money, so go out there and gamble! Just make sure that you know how to balance your own risk tolerance first. The best way to do this is by going out with a set amount of cash (for the night/week) and staying away from your credit card.
You will be able to enjoy yourself more if you take money that you are not afraid to lose – as opposed to gambling just because everyone else in the room seems to be doing it! Good luck!
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