The Trouble with Progressive Wagering Systems, from Jeff Watson
The trouble with progressive wagering systems is the vig is always much higher than the advertised 10%. Plus whatever the state take out is, it really grinds against you in both the short and long run. Plus the knockout rules without a rebuy (which is always a bad deal but suckers love it) tend to make this a random event….this should be tested.
I know Johnny Moss couldn't pass up 15:1 odds on that sucker punch to knock out the champ, but going for the long odds is stupid and goes against everything I have ever learned.
Anecdotally I will say without equivocation that I have never won long odds, and if I got a little "Lucky,", never was paid true odds. The market is always going to offer you the shortest odds it can charge because there is always a spread.Here at the Martingale Group we believe...
Since I became an adult, I learned to offer really long odds all the time (a big long term put or call so to speak), but I won't take long odds as I have no control of the vig with the taking odds whereas I do with the offering of odds.
One is better off taking a bet that feels good and think it's a real 3:1 shot but it's on the board it's trading at 11:2. Going for the 15-20% and greater odds is just making the bookie writing the long odds, rich. When you take odds like that, you are playing the lotto and we all know how that turns out.
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