Cram Session: How your brain is blowing your bets

A gambler’s brain lies. The Laws of Probability don’t.

You’re never as hot as you think you are. Your luck is never as bad as you think it is.

“You’re not due. You are not hot,” said Dr. Alan Schoonmaker, a veteran psychologist, who, after a long career as a scholar and financial specialist, now focuses on the mind games of poker. “Gamblers make this mistake all the time. When they get hot, they begin to think they are invulnerable. They think ‘the Laws of Probability do not apply to me.’ Bullshit.

“Each decision has to be evaluated just as it is,” Schoomaker emphasized. “It’s a random variable. It’s a coin flip. Every once in a while heads is going to come up nine times in a row, just by chance. What are the odds of it coming up heads again on the next flip? 50-50. There‘s no such thing as overdue. There’s no such thing as being hot.”

Schoonmaker has authored four books on poker psychology and recently teamed with professional sports bettor and poker player David Sklansky to publish DUCY? (Do You See Why?), which examines “how creatively combining math, logic, psychology and probability theory can solve problems you might have previously regarded as unsolvable.”

It’s deep, smart stuff. And it can make you a better decision maker, which, when you boil it all down, is the key to gambling success.

Schoonmaker is spending his prime in Las Vegas, playing poker and enjoying himself. He doesn’t bet sports, but has spent his career analyzing the decision-making process every gambler goes through. His No. 1 tip: Keep thorough records.

“Keep accurate records of your bets, the logic behind your bets and the results or your bets,” he said, “because, otherwise, you’ll bullshit yourself. You’ll remember the times that you went with this gut feeling and you were right, but forget all the times you were wrong. If you do not keep accurate records of all your wagers, you will lie to yourself. That’s just human nature. Memories are extraordinarily selective.”

How many of you keep accurate records of your wagers, including the logic behind your plays and details of the results? It’s extremely easy to track your bets at most online sports books, but logging the reasoning behind your bet and notes about whether you suffered a bad beat is taking it another step.

That brings me to Schoonmaker’s No. 2 tip to gamblers: Bad beats aren’t going away.

Twenty years from now, pocket aces will still be getting cracked and Brett Favre will still be throwing interceptions that get returned for touchdowns to cover the spread with a minute left on Monday Night Football. Stop whining about it and start figuring it into the risk involved in the decision, says Schoonmaker.

“Winners accept responsibility for your results,” he explained. “Losers deny their results, or refuse to accept responsibility for their results.”

The risk of a bad beat is much more definable in poker than in sports betting. Pocket aces get cracked almost 1 of 5 times in Texas Hold‘em. Would being up two touchdowns with five minutes to play be a fair football comparison to pocket aces? If so, which of the two situations would you rather be in?

The infinite number of random variables in football makes it difficult to accurately gauge the risk of a Hail Mary, bad call or blown extra point. This is where money management comes into play, says Schoonmaker.

“Sports betting is a much more complicated decision-making process than poker,” he said, “because there is much more uncertai

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Posted by David_Payne
2 years ago

@Investments: Thanks, buddy ... post away. By the way, great start to the season.
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Posted by PLAYAAAA1969
2 years ago

Good article.....
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Posted by investments4you
2 years ago

I read this earlier in the week, and thought it was a great article. I posted a link to it in my thread in NCAAF, hope thats okay.. Always a good read from ya bud,, Good Luck this weekend,
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Posted by BroadwayBob
2 years ago

Great stuff! I never suffer from the "bad beat" because there are some "good wins" that even them out. When 'cappin a game with a high spread (7+) I always try to factor in the "back door cover" no matter which side I'm on. Two gambling quotes I like to remind myself of every now and then: "I once lost two dollars on a horse race. It took me four million dollars to try and win it back." Mickey Rooney "Its not who wins the game. Its the point spread that counts". Jimmy "The Greek" Snyder.
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Posted by canadiantrav
2 years ago

Great effin article, I love it ... props to Doobie brother, I 100% agree with ya ... Gambling for a living?? You're insane. Gambling for fun, good on ya ... Peace
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Posted by dude1618
2 years ago

nice hurricane!
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Posted by doobiebrother
2 years ago

There is no such thing as "hot" or "cold" and there is no way that one game (or week) has any bearing at all on another (unless of course it involves the same team). If one team is going to beat another by 22 points, that's going to happen no matter where the line is set, no matter which team the most money is on, no matter which side MY money is on, and whether I went 7-0 or 0-7 last week. To think that one person's luck (or a linesmaker's opinion) can change what happens on the field is absurd. Nor should the amount of my wager in any way be affected by my recent success/failure. A wager is worth whatever it's worth.
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Posted by doobiebrother
2 years ago

There are plenty of people making a living betting on sports. It is paramutual wagering. The line moves acording to public opinion. You are playing against other bettors, not against the house. Plenty of people making a living at poker too (which you also do not play against the house). BY FAR the biggest mistake sports gamblers make is getting their opinions from ESPN/TV rather than from box scores, and giving too much creedence to human polls, which are based largely on opinions of uneducated voters. The 2nd biggest mistake is folllowing line moves, worrying about what someone else is betting, believing there are fixed games, trap lines, and sportsbook conspiracies. Also believing crap like that the line sometimes moves against the money, which is often erroneously touted on this site for purposes that benefit the sportsbooks. The line is set to get the same amount of money on both sides, that way the books are NOT gambling and get their 10% no matter what. When more money comes on the favorite, the line goes up and when it comes on the dog the line goes down. This is the way it's always been and always will be ON EVERY GAME. Games (and spreads) are won on the field, not at the book. The key is to know when public opinion is wrong about a team, which forces the oddsmaker to set a bad line in order to get 50/50 money.
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Posted by David_Payne
2 years ago

Hermosa -- Glad it helped. You won't make your best decisions if you're overly invested in one game. Take a step back and re-evaluate your approach to the game. Best of Luck Gbob -- Homecoming at Idaho. Like playing rising programs that are trying to create some excitement around their program on big events like homecoming, senior day, etc. Let's go Vandals.
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Posted by Gbobgunn
2 years ago

Thanks Mr. Payne for your contribution to this article. I see you are on the fade New Mexico State-all-season bandwagon as well $$......
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Posted by HermosaBch
2 years ago

This was one of the best articles i have read on covers. I am too invested in my gambling and learned alot.
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Posted by RACETOWIN
2 years ago

MUST DISAGREE WITH ALMOST EVERYONE, EXCEPT THE GOOD DOCTOR IN THE ARTICLE. EVERYONE LOSES AT SPORTS GAMBLING, PERIOD. THERE MAY BE A .01 PERCENT OF PEOPLE WHO ACTUALLY GAMBLE ON SPORTS AND WIN ENOUGH TO NOT WORK. THAT IS THE KEY, IF YOU ARE WORKING A REGULAR JOB AND GAMBLING ON SPORTS (OR ANY GAMBLING) YOU ARE DOING IT FOR ENTERTAINMENT. IF GAMBLING IS YOUR SOLE MEANS OF SUPPORT AND YOU ARE LEFT WITH A PROFIT ABOVE YOUR EXPENSES THEN YOU FALL INTO THAT .001 PERCENT (YES I INCREASED THE PERCENTAGE DOWN AS THE MORE I THINK ABOUT IT THIS IS REALISTIC AND MAYBE WISHFUL EVEN) NOBODY WINS AT SPORTS GAMBLING, EVERYDAY, IN THE LONG HAUL TO SHOW A PROFIT AFTER LIVING EXPENSES (WHICH IS THE KEY IF IT S NOT FOR FUN) WHY DO YOU THINK THERE WAS A BLACK SOX SCANDAL OR THE FIXED COLLEGE BASKETBALL GAMES? LEFT TO YOU'RE OWN LOGIC YOU CANNOT BEAT SPORTS. TOO MANY VARIABLES, IN POKER YOU CAN MAKE A MISTAKE AND ALSO YOUR OPPONENT AND THAT CAN GET YOU A WIN. NO SUCH THING IN SPORTS YOU WIN OR LOSE THE GAME AND YOU'RE ONLY IMPUT IS YOUR SELECTION. AS TO THE METAPHYSICAL ASPECT THAT SOUNDS LIKE PSYCO BABBLE AKIN TO KUNG FU DIALOUGE, OK GRASSHOPPER, YOU CANNOT SIMPLY WIN BY KNOWING YOURSELF, PURE ANALYSIS IS A MYTH AS THE OBJECTIVE IS ALWAYS TAINTED BY THE SUBJECTIVE (THE GREAT PHYSICIST HEISENBERG EXPOUNDS ON THIS) AS ALWAYS I WILL EXTEND CREDIT AND BOOK ALL ACTION THAT IS THE WAY TO WIN ON SPORTS GAMBLING
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Posted by texas-bob
2 years ago

david... I understand what you're saying but every situation is different. Each time you get pocket aces is different. There are other things to consider other than the pocket aces. Life is a straight line not a circle. You can like south carolina against alabama and then like kentucky against the "same" south carolina team the next week. Why? Because it's in reality not the "same' team. Every bet that one makes is totally an individualized bet, not the same as any other. There are no bad beats. No "uncommon" factors. To be successful it's important to not believe that you lost "by luck." Just as it's important to not believe some of the other things you mentioned in your article. When I go to the sports-book today there will be people talking how the phillies game "should" have gone over or how the penguins were "lucky" to beat nashville and so on. These beliefs weigh one down and take away the proper energy and focus to do well today. It's a metaphysical thing that is very real and it all goes back to knowing yourself.
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Posted by punkie
2 years ago

Good post!
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Posted by David_Payne
2 years ago

@Texas-Bob -- Good post. I would differ on one thing, however. "It's a bad bet if it loses. Period." IMO, if you are consistently putting yourself in position to win, but suffer a bad beat/loss that is caused by an uncommon factor, in the long run you're going to come out ahead on those games. So, by the notion, a loss isn't always a bad bet. If I get my money all-in with pocket aces, I'm making the correct bet over time.
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Posted by texas-bob
2 years ago

It's not really "your" brain but what's offered to your brain and you choose to believe in. To be successful betting sport, is directly tied to knowing who you are and what you're not. You've got to know "yourself" and by doing so not believe in these "mental" offerings that come to you that the author mentioned. Many people who bet do it for entertainment. That's ok if you accept that's why you do it. Know yourself and what you are motivated by. You won't win but you'll be entertained. Nothing wrong with that. So critical to winning, is to not bet for entertainment. When losing a bet, know that there is no such thing as "a bad beat." a losing bet = a bad bet It's is a simple concept that most sports bettors have the most difficulty with. The "Mental" will give you all kinds of reasons why your losing bet was "really" a good one. Nonsense. It's a bad bet if it loses. Period. Unlike life, sports betting is not about being perfect. The way you react to a loss or a win can be perfect and should be if you are really interested in making money. But your picks don't have to be perfect to be successful just accept that your losing bets were in fact bad bets. You are going to lose many bets and that's ok. If you aren't picking a higher % winners than losers something is wrong with your handicapping abilities. bottom line is to know yourself and not believe the lies that come to you. Sports betting can be beat but maybe not by everyone because not everyone is willing to do what it takes to understand themselves.
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Posted by rarejerbear
2 years ago

Echelon1, I thoroughly agree with you about the importance of positive thinking but, man, it can be very difficult to maintain that mentality when going thru a losing streak in which you're losing very real money.......... that's why it's so important to have proper money management like the author of the article says to have and, of course, hope that you're good enough in the long run to pick more winners than losers........... Obviously, if a gambler can't do that, he or she needs to do what you're ex-gf did and find other things to do with their time unless,of course, one sub-consciously enjoys losing.......... Hmmm, maybe David Payne can find somebody to interview about that aspect of gambling.
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Posted by David_Payne
2 years ago

@Echelon1 -- LOL ... Hilarious. ||||| nccapper -- what are these winning streaks that you speak of?
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Posted by coolcat
2 years ago

"math, logic, psychology and probability theory can solve problems you might have previously regarded as unsolvable." I agree you need math but this article is absoulte crap! If you want to be a winner in Sports Gambling start working on getting better at your Psychic Sense!
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Posted by echelon1
2 years ago

Agree with most of this and there are some good points. No such thing as a lock and eventually the laws of probability catch up to everyone. Just a little fun story for you all: Over the last year my ex gf gave me hell about betting when I lost,..when we were together ofcourse. Naturally the games I hit she paid no attention, but the games I lost were 'stupid' bets as she could have told me that team would lose. Why I ask? 'They are not good?'. lol Or random unsubstantiated comments that had nothing to do with football analysis. So I told her I would give her $50 in my account to place a bet...put up or shut up. She bet a 2-team parlay on NFL unders and hit it easy. I was thinking 'Oh God here we go!" lol So next week she tells me she wants it all on another 2-team unders parlay. One of the team was the Jets and I believe Baltimore. Two great defenses and the offenses had yet to click that early in year. I told her since the over was low at like 34 that it wasn't a good idea. Not saying one way or another but there are better totals to bet and I'd have to side with the under. She kept saying place it and I keep providing evidence. So she changed out that under with another and hit again. lol Ofcourse she would have lost easily had she kept the original bet. But now that I saved her she still thought it was her skill at making picks. Now she decided to jump in and get her own account...pretty hefty opening deposit for a novice...$2k. I knew this had trouble written all over it. Another rookie that doesn't get it and must learn the hard way to study, calculate, and bet without emotion knowing you win some, you lose some. Last week we spoke on the phone just as friends as we broke up last month. Told her I was about to watch a football game. Her reply..."I won't even watch games at all anymore, my TV doesn't even come on during the weekends". When I asked why..."that betting account thing went horribly wrong and I lost several in a row until it was empty." Couldn't help but laugh and say 'you mean the bigshot under picking machine who so fearlessly preched betting is easy???" Another one bites the dust. lol BTW, I do believe in hot and cold streaks and a due factor. Just not in a way that sways betting methods. Positive and negative energy are very attracting forces. Anybody thats been on a roll in some area of life and feels extra confidence in their actions can tell you that it typically produces more successful results than sulking and worrying. Positive thinking and energy attracts the same in all areas of life.
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Posted by JROCK1966
2 years ago

Good stuff!
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Posted by maxxplayer
2 years ago

Good article, keeping records and reasons for making desicions will help any serious handicapper. My notes revealed to me i was taking too many bad road dogs ats ,being sucked in by the huge point spreads only to get blown out. Point well taken and learned from.
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Posted by nc1capper
2 years ago

gamblers have losing streaks???????? who would have thunk it
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Posted by nc1capper
2 years ago

"gamblers have losing streaks???????? who would have thunk it"