100% correct plus some related comments.
My main source of income is being a professional gambler. (a strange term)
It basically means only betting when I have a high probability of a mathematical/statistical edge on the bet.
But it also relates to your bankroll size (current budget)
You can often turn a calculated risk into gambling by betting too much of your current bankroll.
As a quick example if you had a 10 million budget and you were offered a fair coin flip to win 11 million you should turn it down even though you have an edge.
You have a 50% chance of going broke.
With a 10 million budget you should probably risk at most 4.5% of your budget on the coin flip according to the kelly criterion
Posted By: usacanary on September 9th 2007 at 16:10:44
Message Thread
- FAO: Neil Doncaster (apols if WW2) (NCFC) - Tomblander, Sep 9, 13:42:13
- 100% correct plus some related comments. (NCFC) - usacanary, Sep 9, 16:10:44
- The concern for me is that (NCFC) - Tomblander, Sep 9, 17:05:54
- LEEDS If I see leeds used as an example again I will go insane!! (NCFC) - phrankin, Sep 9, 14:12:52
- Have you been drinking? (n/m) (NCFC) - Boris Johnson MP, Sep 9, 14:29:57
- no (NCFC) - phrankin, Sep 9, 14:33:00
- Thought for a minute that you were suggesting that the club follow Leeds' business model. (n/m) (NCFC) - Boris Johnson MP, Sep 9, 14:52:40
- nah just had enough of the 'we don't want to do a Leeds' bull (n/m) (NCFC) - phrankin, Sep 9, 15:05:40
- Thought for a minute that you were suggesting that the club follow Leeds' business model. (n/m) (NCFC) - Boris Johnson MP, Sep 9, 14:52:40
- no (NCFC) - phrankin, Sep 9, 14:33:00
- Have you been drinking? (n/m) (NCFC) - Boris Johnson MP, Sep 9, 14:29:57
- 100% correct plus some related comments. (NCFC) - usacanary, Sep 9, 16:10:44
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