South Carolina’s New Legal Betting Sports Bill
For 207 years, South Carolina has maintained a law against any games using cards or dice, but that could be about to change. The antiquity of the law makes it ineffective in a new era where games and attitudes have changed, and Charleston senator and Senate President Pro Tempore Glenn McConnell has given notice that he intends to do something about it.
McConnell's solution is a new bill that seeks to legalize social gambling and gambling-themed fundraisers, and he has introduced it to allow for gambling in private homes when there is no house profit, and to allow churches and other non-profit organizations to hold "casino night"-style fundraisers that do not involve slot machines, video gambling, or sports betting.
McConnell referred to the age of the current law in launching the bill, pointing out that if taken literally, it could outlaw innocuous board games such as Monopoly.
The government should not be in the business of regulating groups of friends gathered to enjoy social and private games, the politician, who is chairman of the state senate's Judiciary Committee, said. He added that updating the ancient law would also give fresh opportunities for charity fundraising in a depressed economy where this was becoming increasingly difficult.
The Poker Players Alliance has come out in support of Senator McConnell's drive, saying South Carolina is one of only a few American states that legislate against social and private gaming by its citizens.
However, there may be opposition to the bill; Senator Wes Hayes is concerned about its impact following the protracted differences in the legislature over video poker, which was finally banned in 2000. "It's a delicate balance," said Hayes, noting that he'd rather have outdated laws than open up the possibility of allowing unwanted forms of gambling to be resurrected.
This is not the first time that an attempt has been made to legalize private gaming in South Carolina and bring the state into the 21st century; in 2007 a similar bill introduced by House Representative Wallace Scarborough was defeated in committee.
Ironically, South Carolina runs a state lottery.
South Carolina’s New Legal Betting Sports Bill
Monday, March 30, 2009
PlayTech Adds Betting Sports To Online Gambling Services
PlayTech Adds Betting Sports To Online Gambling Services
PlayTech, one of the biggest providers of online gambling services, has just increased the scope of its market share, adding sports betting software to its portfolio of internet gambling products. The gambling company bought the sports betting software provider Player2Players for undisclosed amount and is now holding the key to online casino, poker, bingo and sports betting software options for its licensees.
That the online gambling company is doing well could also be seen from the latest report, which shows 55% increase in profits from its gambling services, including an increase in dividend by almost 50%. The best for PlayTech obviously comes from the recent deal it made with the popular U.K. sportsbook William Hill - PlayTech is now taking in 29% of the profits from the newly formed William Hill Online. According to the Israeli-owned company, the profit of PlayTech was up 40% from the Will Hill deal alone.
PlayTech Adds Betting Sports To Online Gambling Services
PlayTech, one of the biggest providers of online gambling services, has just increased the scope of its market share, adding sports betting software to its portfolio of internet gambling products. The gambling company bought the sports betting software provider Player2Players for undisclosed amount and is now holding the key to online casino, poker, bingo and sports betting software options for its licensees.
That the online gambling company is doing well could also be seen from the latest report, which shows 55% increase in profits from its gambling services, including an increase in dividend by almost 50%. The best for PlayTech obviously comes from the recent deal it made with the popular U.K. sportsbook William Hill - PlayTech is now taking in 29% of the profits from the newly formed William Hill Online. According to the Israeli-owned company, the profit of PlayTech was up 40% from the Will Hill deal alone.
PlayTech Adds Betting Sports To Online Gambling Services
Betting Sports: Online Gambling Regulation - France Is Next
Betting Sports: Online Gambling Regulation - France Is Next
If a new bill is passed online gaming operators will soon be able to bid for licenses to run French based gambling and gaming interests. France is seeking to open its market and allow competition for its state monopolies of Francais des Jeux and Pari-Mutuel Urbain (PMU).
The future of online gambling in France was exposed today at a press conference in the heart of the Parisian centre. In a massive reform - expected to be put before the French senate for voting before the summer recess - the tax structure which will accompany the bill to open up online gambling was unveiled. The figures of 2% tax for online poker and 7.5% for sports and horse-racing betting were said to be foreseen.
Budget Minister Eric Woerth is head of a bill that is being presented due mainly to the result of continued pressure form The EU in a bid to get French law inline with its EU counterparts and open up the potentially prosperous online market. Under EU law all EU-based gaming companies should be allowed to operate anywhere within EU boundaries, anywhere including France.
FRANCE TO GRANT LICENSES TO BIDDERS
That the pressure came mainly from the sports betting sector shows just how lucrative the French sector could be. Opening up the market will result in a flood of applications to take on the State owned lotteries. Gambling is an untapped market in France compared to countries such as the UK where sports betting is a cultural mainstay.
Licenses will be awarded to companies who bid. A regulatory authority will be set up to award licenses in a transparent and non-discriminatory way, to protect against under-age gambling and promote safe gambling and ensure the number and nature of bets and games offered fall within set guidelines. The licenses will be awarded to operators based on their respective industry sector - sports betting, casino or poker games - for a five year-period. Operators that are licensed in other European states will be able to apply for a license in France.
If approved, the licensing process could begin and the bill could come into effect as soon as Jan 1st 2010.
Betting Sports: Online Gambling Regulation - France Is Next
If a new bill is passed online gaming operators will soon be able to bid for licenses to run French based gambling and gaming interests. France is seeking to open its market and allow competition for its state monopolies of Francais des Jeux and Pari-Mutuel Urbain (PMU).
The future of online gambling in France was exposed today at a press conference in the heart of the Parisian centre. In a massive reform - expected to be put before the French senate for voting before the summer recess - the tax structure which will accompany the bill to open up online gambling was unveiled. The figures of 2% tax for online poker and 7.5% for sports and horse-racing betting were said to be foreseen.
Budget Minister Eric Woerth is head of a bill that is being presented due mainly to the result of continued pressure form The EU in a bid to get French law inline with its EU counterparts and open up the potentially prosperous online market. Under EU law all EU-based gaming companies should be allowed to operate anywhere within EU boundaries, anywhere including France.
FRANCE TO GRANT LICENSES TO BIDDERS
That the pressure came mainly from the sports betting sector shows just how lucrative the French sector could be. Opening up the market will result in a flood of applications to take on the State owned lotteries. Gambling is an untapped market in France compared to countries such as the UK where sports betting is a cultural mainstay.
Licenses will be awarded to companies who bid. A regulatory authority will be set up to award licenses in a transparent and non-discriminatory way, to protect against under-age gambling and promote safe gambling and ensure the number and nature of bets and games offered fall within set guidelines. The licenses will be awarded to operators based on their respective industry sector - sports betting, casino or poker games - for a five year-period. Operators that are licensed in other European states will be able to apply for a license in France.
If approved, the licensing process could begin and the bill could come into effect as soon as Jan 1st 2010.
Betting Sports: Online Gambling Regulation - France Is Next
European Parliament Debates Rules on Online Gambling and Betting Sports
European Parliament Debates Rules on Online Gambling and Betting Sports
The European Parliament must consider whether online sports betting is better handled at the national or union level.
The legislative branch of the European Union government is striving to reach agreement on online sports gambling. The European Parliament must consider whether online sports betting is better handled at the national or union level.
Recently, members discussed a report by a Danish MEP (Member of European Parliament). The study claimed Internet sports wagering is highly dangerous to adolescents and problem gamblers, leads to match fixing, and should continue to be controlled at the national level.
However, Clive Hawkswood of the Remote Gaming Association said many of the conclusions were unsupported and that the report was advanced by vested interests seeking to keep certain markets closed to competition. He says that a separate report, commission by the Parliament, had drastically different results.
“The serious claims in this Resolution are highly detrimental to European-licensed operators, which already comply with stringent legislation and high standards of consumer protection and social responsibility. Moreover, it blindly ignores the findings of the Parliament’s own study, prepared by Europe Economics which demonstrates the lack of evidence to support many of these arguments.”
The RGA says that the actual experiences in those countries already allowing private and competitive access to online gambling markets demonstrates the falsehoods in the Danish resolution. Some members feel that the ten EU nations facing charges of infringement are politically influencing the evidence presented.
Hawkswood says the meetings have turned out to be a sham to protect national markets rather than guard the integrity of online gambling.
European Parliament Debates Rules on Online Gambling and Betting Sports
The European Parliament must consider whether online sports betting is better handled at the national or union level.
The legislative branch of the European Union government is striving to reach agreement on online sports gambling. The European Parliament must consider whether online sports betting is better handled at the national or union level.
Recently, members discussed a report by a Danish MEP (Member of European Parliament). The study claimed Internet sports wagering is highly dangerous to adolescents and problem gamblers, leads to match fixing, and should continue to be controlled at the national level.
However, Clive Hawkswood of the Remote Gaming Association said many of the conclusions were unsupported and that the report was advanced by vested interests seeking to keep certain markets closed to competition. He says that a separate report, commission by the Parliament, had drastically different results.
“The serious claims in this Resolution are highly detrimental to European-licensed operators, which already comply with stringent legislation and high standards of consumer protection and social responsibility. Moreover, it blindly ignores the findings of the Parliament’s own study, prepared by Europe Economics which demonstrates the lack of evidence to support many of these arguments.”
The RGA says that the actual experiences in those countries already allowing private and competitive access to online gambling markets demonstrates the falsehoods in the Danish resolution. Some members feel that the ten EU nations facing charges of infringement are politically influencing the evidence presented.
Hawkswood says the meetings have turned out to be a sham to protect national markets rather than guard the integrity of online gambling.
European Parliament Debates Rules on Online Gambling and Betting Sports
Betting Sports a Busy Industry in February
Betting Sports a Busy Industry in February
Italian gambling group Lottomatica SpA increased sports bets significantly in February compared with January 2009, experiencing a 17 percent increase in bets that took totals for the month to Euro 58 million, and giving the firm a 15.2 percent market share, Agipro News agency reports.
The company took bets of Euro 49.5 million in January, with a 14.4 percent market share, the specialist gambling sector news agency added.
In a breakdown of Italian government data, Agipro said sports betting market leader Snai handled Euro 137.7 million in bets in February, representing a 36.2 percent market share, against Euro 125.1 million achieved in January for a 36.4 percent share.
Lottomatica Managing Director Marco Sala told reporters and analysts that the company is growing its Italy sports betting market share as well as generating synergies with its online poker network.
Earlier in March, the government's AAMS gambling regulatory body said total sports betting rose 9.28 percent in February to Euro 380.1 million, compared with the same period a year earlier. Italian gambling group Lottomatica SpA increased sports bets significantly in February compared with January 2009, experiencing a 17 percent increase in bets that took totals for the month to Euro 58 million, and giving the firm a 15.2 percent market share, Agipro News agency reports.
The company took bets of Euro 49.5 million in January, with a 14.4 percent market share, the specialist gambling sector news agency added.
In a breakdown of Italian government data, Agipro said sports betting market leader Snai handled Euro 137.7 million in bets in February, representing a 36.2 percent market share, against Euro 125.1 million achieved in January for a 36.4 percent share.
Betting Sports a Busy Industry in February
Italian gambling group Lottomatica SpA increased sports bets significantly in February compared with January 2009, experiencing a 17 percent increase in bets that took totals for the month to Euro 58 million, and giving the firm a 15.2 percent market share, Agipro News agency reports.
The company took bets of Euro 49.5 million in January, with a 14.4 percent market share, the specialist gambling sector news agency added.
In a breakdown of Italian government data, Agipro said sports betting market leader Snai handled Euro 137.7 million in bets in February, representing a 36.2 percent market share, against Euro 125.1 million achieved in January for a 36.4 percent share.
Lottomatica Managing Director Marco Sala told reporters and analysts that the company is growing its Italy sports betting market share as well as generating synergies with its online poker network.
Earlier in March, the government's AAMS gambling regulatory body said total sports betting rose 9.28 percent in February to Euro 380.1 million, compared with the same period a year earlier. Italian gambling group Lottomatica SpA increased sports bets significantly in February compared with January 2009, experiencing a 17 percent increase in bets that took totals for the month to Euro 58 million, and giving the firm a 15.2 percent market share, Agipro News agency reports.
The company took bets of Euro 49.5 million in January, with a 14.4 percent market share, the specialist gambling sector news agency added.
In a breakdown of Italian government data, Agipro said sports betting market leader Snai handled Euro 137.7 million in bets in February, representing a 36.2 percent market share, against Euro 125.1 million achieved in January for a 36.4 percent share.
Betting Sports a Busy Industry in February
Bookmakers May Have to Start Paying Their Way for Betting Sports
Bookmakers May Have to Start Paying Their Way for Betting Sports
Bookmakers head to Cheltenham recently rubbing their hands at the prospect of £500m of turnover. Profits from the next four days will also go a long way to providing the minimum £65m they must pay to horse racing through the annual levy.
But if sports bodies are successful in persuading the European Commission to adopt draft legislation currently being worked on in France, bookies will be forced to hand over a proportion of all sports-betting turnover to organizers.
The Sports Rights Owners Coalition (SROC) – a collective including the FA, the Premier League, Uefa, the England and Wales Cricket Board and the LTA – has seized on the development to push for the adoption Europe-wide of a 1% turnover levy on all sports bets.
That would be worth tens of millions to bodies who are calling for a "fair return" and demanding the levy as a means to tackle the growing threat of corruption in sport. "The threat of corruption and match-fixing poses major challenges for sports," said SROC's Nic Coward, who will be at Cheltenham this week as chief executive of the British Horseracing Authority. "It is also right that sport, right across the spectrum, with all that sport represents, receives a fair return. This French proposal is a huge move forward."
SROC hopes to influence the Commission's independent study investigating what would constitute a "sustainable financing model" for sport that was launched at the end of last year.
2018 mission hits Bristol
England 2018's World Cup bid recently its first foray into the regions as Brian Mawhinney accompanied Simon Johnson and Ian Riley on a fact-finding mission to Bristol. Lord Mawhinney, the Football League chairman, Johnson, the England 2018 chief operating officer, and Riley, its director of technical bid, held meetings with the two Bristol clubs, the local authority and regional development agency. The England 2018 delegation was seeking feedback about stadium-development plans and how this could be reconciled with Fifa's technical guidelines, which will be issued in mid-April. Further city visits are scheduled, with a trip to Nottingham tomorrow the next on the itinerary.
Pullein bet kills market
With Skybet sponsoring the inaugural Sports Journalists' Association sports-betting writer of the year award, the bookmakers Stan James and Ladbrokes sought some publicity of their own by opening novelty books on who would win it. But Ladbrokes is said to have felt compelled to withdraw after a big bet on the Racing Post's Kevin Pullein. The fears were unfounded as Pullein did not walk away with the prize. It is understood the betting regulator, the Gambling Commission, has not been alerted.
Bookmakers May Have to Start Paying Their Way for Betting Sports
Bookmakers head to Cheltenham recently rubbing their hands at the prospect of £500m of turnover. Profits from the next four days will also go a long way to providing the minimum £65m they must pay to horse racing through the annual levy.
But if sports bodies are successful in persuading the European Commission to adopt draft legislation currently being worked on in France, bookies will be forced to hand over a proportion of all sports-betting turnover to organizers.
The Sports Rights Owners Coalition (SROC) – a collective including the FA, the Premier League, Uefa, the England and Wales Cricket Board and the LTA – has seized on the development to push for the adoption Europe-wide of a 1% turnover levy on all sports bets.
That would be worth tens of millions to bodies who are calling for a "fair return" and demanding the levy as a means to tackle the growing threat of corruption in sport. "The threat of corruption and match-fixing poses major challenges for sports," said SROC's Nic Coward, who will be at Cheltenham this week as chief executive of the British Horseracing Authority. "It is also right that sport, right across the spectrum, with all that sport represents, receives a fair return. This French proposal is a huge move forward."
SROC hopes to influence the Commission's independent study investigating what would constitute a "sustainable financing model" for sport that was launched at the end of last year.
2018 mission hits Bristol
England 2018's World Cup bid recently its first foray into the regions as Brian Mawhinney accompanied Simon Johnson and Ian Riley on a fact-finding mission to Bristol. Lord Mawhinney, the Football League chairman, Johnson, the England 2018 chief operating officer, and Riley, its director of technical bid, held meetings with the two Bristol clubs, the local authority and regional development agency. The England 2018 delegation was seeking feedback about stadium-development plans and how this could be reconciled with Fifa's technical guidelines, which will be issued in mid-April. Further city visits are scheduled, with a trip to Nottingham tomorrow the next on the itinerary.
Pullein bet kills market
With Skybet sponsoring the inaugural Sports Journalists' Association sports-betting writer of the year award, the bookmakers Stan James and Ladbrokes sought some publicity of their own by opening novelty books on who would win it. But Ladbrokes is said to have felt compelled to withdraw after a big bet on the Racing Post's Kevin Pullein. The fears were unfounded as Pullein did not walk away with the prize. It is understood the betting regulator, the Gambling Commission, has not been alerted.
Bookmakers May Have to Start Paying Their Way for Betting Sports
Online Betting Sports – European Government to debate rules to combat fraud, addiction
Online Betting Sports – European Government to debate rules to combat fraud, addiction
MEPs (overseas governmental entities) will debate whether online gambling should be regulated at a national or European level.
Over 3 million people in Europe bet online on sports like football, cricket and horse racing. For most it’s a bit of fun but gambling addiction and match-fixing are darker sides of sports betting. On Monday MEPs will decide whether online sports betting should be regulated at a European or national level. A report by the Parliament’s Internal Market Committee calls for national governments to regulate it. However, some MEPs on the Committee disagree and want European rules.
In Strasbourg, MEPs recently debated a report on the "integrity of online gambling".
The report has generated some controversy with over 400 amendments being tabled in committee. Ultimately, however, the final report by Danish Socialist Christel Schaldemose, adopted by the Internal Market Committee and now before Parliament as a whole, calls on governments to agree a common position on issues such as:
• Gambling addiction
• Misuse of personal data or credit cards
• Illegal betting behaviour and match-fixing
• Age limits
• A ban on credit and other measures to protect children and gambling addicts.
An amendment by Dutch Liberal Toine Manders calls for a monthly limit to be set on the amount a person can gamble and for "pre-paid" cards to be issued.
Although the report was adopted 32-10 by MEPs in Committee a minority of Members:
• Believe it should be regulated in line with other activities in the EU’s internal market
• Think the danger of gambling addiction unproved
• Believe some ongoing Court of Justice cases related to the issue should first be clarified.
"Sport fans expect to see honest games"
A public hearing by the Committee in February looked at the new challenges that online gambling represents on the Internet - in particular the danger of match-fixing and illegal betting on sports events.
The stories of South African cricketer Hans Cronje and Liverpool goalkeeper Bruce Grobbelaar provide a cautionary tale about how betting syndicates can influence players to throw or influence matches.
During the hearing Committee Chair Arlene McCarthy said, "match fixing is as old as sporting matches, but new technology opens up new risks for fraud alongside the positive opportunities it presents. Sport fans expect to see honest games, and I support tough action against all forms of match fixing and sport betting fraud."
However, she warned national governments against "hypocritical" national rules that would protect state-owned betting companies.
Online Betting Sports – European Government to debate rules to combat fraud, addiction
MEPs (overseas governmental entities) will debate whether online gambling should be regulated at a national or European level.
Over 3 million people in Europe bet online on sports like football, cricket and horse racing. For most it’s a bit of fun but gambling addiction and match-fixing are darker sides of sports betting. On Monday MEPs will decide whether online sports betting should be regulated at a European or national level. A report by the Parliament’s Internal Market Committee calls for national governments to regulate it. However, some MEPs on the Committee disagree and want European rules.
In Strasbourg, MEPs recently debated a report on the "integrity of online gambling".
The report has generated some controversy with over 400 amendments being tabled in committee. Ultimately, however, the final report by Danish Socialist Christel Schaldemose, adopted by the Internal Market Committee and now before Parliament as a whole, calls on governments to agree a common position on issues such as:
• Gambling addiction
• Misuse of personal data or credit cards
• Illegal betting behaviour and match-fixing
• Age limits
• A ban on credit and other measures to protect children and gambling addicts.
An amendment by Dutch Liberal Toine Manders calls for a monthly limit to be set on the amount a person can gamble and for "pre-paid" cards to be issued.
Although the report was adopted 32-10 by MEPs in Committee a minority of Members:
• Believe it should be regulated in line with other activities in the EU’s internal market
• Think the danger of gambling addiction unproved
• Believe some ongoing Court of Justice cases related to the issue should first be clarified.
"Sport fans expect to see honest games"
A public hearing by the Committee in February looked at the new challenges that online gambling represents on the Internet - in particular the danger of match-fixing and illegal betting on sports events.
The stories of South African cricketer Hans Cronje and Liverpool goalkeeper Bruce Grobbelaar provide a cautionary tale about how betting syndicates can influence players to throw or influence matches.
During the hearing Committee Chair Arlene McCarthy said, "match fixing is as old as sporting matches, but new technology opens up new risks for fraud alongside the positive opportunities it presents. Sport fans expect to see honest games, and I support tough action against all forms of match fixing and sport betting fraud."
However, she warned national governments against "hypocritical" national rules that would protect state-owned betting companies.
Online Betting Sports – European Government to debate rules to combat fraud, addiction
New Jersey Seeks to End Ban on Betting Sports
New Jersey Seeks to End Ban on Betting Sports
New Jersey lawmakers are the first to respond, proposing a lawsuit against the US law preventing any but four states from legalizing sports betting.
Delaware's action to reinstate its dormant sports gambling program has upset other states, barred by federal law from following suit. New Jersey lawmakers are the first to respond, proposing a lawsuit against the US law preventing any but four states from legalizing sports betting.
Senator Ray Lesniak, head of the state Economic Growth Committee, thinks the Sports Protection Act of 1992 discriminates against states not permitted to make their own sports wagering laws. He plans on filing a lawsuit to that effect in federal district court before the end of March, according to NJ.com.
Like those who protest against the online casino ban, Lesniak first points to the inefficacy of the law.
"People are doing it (wagering on sports). They're doing it every day. They're doing it for the NCAA tournament. They're doing it for the Super Bowl and professional football," says the New Jersey Democrat.
Lesniak says that it's not right that New Jersey not be allowed to regulate this everyday activity, especially when competing states are. Now that Delaware plans to exploit its advantage, both it and Nevada will have advantages only Montana and Oregon are legally permitted to match.
Lesniak's plans follows ex-assistant state attorney general Frank Catania's open plea recently for the state to begin intrastate online gambling. Observers say clearly New Jersey is tired of federal restraints on what gaming entertainment it can offer.
Lesniak says, if sports gambling were regulated by the state, New Jersey could generate as much as $100 million annually for the state budget.
New Jersey Seeks to End Ban on Betting Sports
New Jersey lawmakers are the first to respond, proposing a lawsuit against the US law preventing any but four states from legalizing sports betting.
Delaware's action to reinstate its dormant sports gambling program has upset other states, barred by federal law from following suit. New Jersey lawmakers are the first to respond, proposing a lawsuit against the US law preventing any but four states from legalizing sports betting.
Senator Ray Lesniak, head of the state Economic Growth Committee, thinks the Sports Protection Act of 1992 discriminates against states not permitted to make their own sports wagering laws. He plans on filing a lawsuit to that effect in federal district court before the end of March, according to NJ.com.
Like those who protest against the online casino ban, Lesniak first points to the inefficacy of the law.
"People are doing it (wagering on sports). They're doing it every day. They're doing it for the NCAA tournament. They're doing it for the Super Bowl and professional football," says the New Jersey Democrat.
Lesniak says that it's not right that New Jersey not be allowed to regulate this everyday activity, especially when competing states are. Now that Delaware plans to exploit its advantage, both it and Nevada will have advantages only Montana and Oregon are legally permitted to match.
Lesniak's plans follows ex-assistant state attorney general Frank Catania's open plea recently for the state to begin intrastate online gambling. Observers say clearly New Jersey is tired of federal restraints on what gaming entertainment it can offer.
Lesniak says, if sports gambling were regulated by the state, New Jersey could generate as much as $100 million annually for the state budget.
New Jersey Seeks to End Ban on Betting Sports
Overconfidence in Betting Sports Killed This Cat
Overconfidence in Betting Sports Killed This Cat
By Josh Nagel
There’s an old sports axiom, courtesy of John Wooden, that states, “Never mistake activity for achievement.”
This remains in sports lexicon – and found its way there in the first place – because of one Bill Walton, the free-spirited, peace-seeking redhead who went from UCLA All-American to oft-injured NBA journeyman to ultra-bold and super new-agey NBA analyst.
He never misses a chance to pay homage to the nearly 100-year-old legendary coach by repeating this mantra.
We won’t hold this against him, because bashing such a time-honored motto would be horrible … quite possibly the worst idea in the history of Western civilization.
But we are going to twist it just a little bit to illustrate an analogy. In sports betting parlance, a similar motto might read, “Never mistake momentum for knowledge.”
In the past few weeks, I’ve witnessed a couple of examples illustrating that failure to acknowledge this truth can be quite costly.
We’ll get to me in a minute. The first example was a recent contestant on “Who Wants to be a Millionaire,” whose fatal gaffe was borderline tragic, simply because it didn’t need to happen.
There was an extremely sharp, late 50ish woman from San Francisco in the hot seat, and she immediately ran off about eight answers in a row without even thinking. Of course, most players are bound to get the first couple right, but this woman’s swift and confident answers as the difficulty increased showed she was of above-average smarts for a “Millionaire” player.
After breezing through the early going, there were a couple of questions that caused her to pause. She claimed to be not 100 percent sure, but that an initial thought came to mind for each question, and she would trust her instincts. She was right on both answers. The stakes were going higher, and she was in the enviable predicament of having all four lifelines at her disposal.
Unfortunately, when you invite disaster, it rarely declines. She fell apart on the next question. It was something geography-related, such as where a certain body of water is located (I don’t remember the exact question). The woman pondered the options, then stated, “Well, I am not really sure, but I’m going to ride my wave of momentum here … D, France, final answer!”
Insert loud, annoying, Buzzer of Defeat noise here.
Wrong.
This woman costs herself potentially hundreds of thousands in prize money because she somehow concluded that the “momentum” gained when she guessed correctly on a borderline question would carry over to the next one. Instead, her luck ran out.
It was a cringe-inducing scene because this woman was a viable candidate to go deep in the show. Even by simply diligently using her lifelines, she could have backed into a $100,000 payday, maybe better if she was fortunate enough to nail some of the big-money questions on her own.
Instead, she went home with $1,000 in prize money and a million dollar’s worth of What Might Have Beens.
Never mistake momentum for knowledge. I reminded myself of this lesson a few weeks ago, when I declined to leave well-enough alone on a profitable Saturday of college basketball betting.
I had bet seven games and went 6-1, a result I’ll take any day of the week. Then I saw a late-starting tilt between Fullerton State and Pacific about to tip off and I irrationally decided that there was value with Bookmaker.com dealing Fullerton +1 at home.
This wasn’t exactly blind gambling, mind you, but it’s tantamount to the next-best thing. The Fullerton coach, Bob Burton, is a longtime acquaintance, and he has done amazing work with that program, including reaching the NCAA Tournament for the first time in school history last year.
In a nanosecond, I concluded that the oddsmakers didn’t know what I knew about coach Burton and the Titans, and the line was a major show of disrespect.
What’s more, I was feeling my sports-betting oats on this particular day, teetering on the outskirts of the proverbial “zone.” I was convinced ole’ momentum was on my side, and we know what happens next.
Ready, aim … fire. A blank.
What I failed to account for, which the ESPN2 commentators dutifully pointed out in the early going, is that Fullerton’s lineup was decimated by graduation and early-season injuries. They had only eight healthy players available against a well-coached and seasoned Pacific team. I could have known this too, had I, you know, looked into it a little.
But I let the euphoria of momentum take over and all logic, like my betting slip for this game, went to the curbside dumpster.
The result was predictable and ugly. Pacific shot something like 75 percent from the field in the first half, built a 20-point lead and never looked back. It was over in the first 5 minutes.
The lesson here being, whenever you think you are so on top of your game that you can’t possibly miss, think again. I know I will.
Overconfidence in Betting Sports Killed This Cat
By Josh Nagel
There’s an old sports axiom, courtesy of John Wooden, that states, “Never mistake activity for achievement.”
This remains in sports lexicon – and found its way there in the first place – because of one Bill Walton, the free-spirited, peace-seeking redhead who went from UCLA All-American to oft-injured NBA journeyman to ultra-bold and super new-agey NBA analyst.
He never misses a chance to pay homage to the nearly 100-year-old legendary coach by repeating this mantra.
We won’t hold this against him, because bashing such a time-honored motto would be horrible … quite possibly the worst idea in the history of Western civilization.
But we are going to twist it just a little bit to illustrate an analogy. In sports betting parlance, a similar motto might read, “Never mistake momentum for knowledge.”
In the past few weeks, I’ve witnessed a couple of examples illustrating that failure to acknowledge this truth can be quite costly.
We’ll get to me in a minute. The first example was a recent contestant on “Who Wants to be a Millionaire,” whose fatal gaffe was borderline tragic, simply because it didn’t need to happen.
There was an extremely sharp, late 50ish woman from San Francisco in the hot seat, and she immediately ran off about eight answers in a row without even thinking. Of course, most players are bound to get the first couple right, but this woman’s swift and confident answers as the difficulty increased showed she was of above-average smarts for a “Millionaire” player.
After breezing through the early going, there were a couple of questions that caused her to pause. She claimed to be not 100 percent sure, but that an initial thought came to mind for each question, and she would trust her instincts. She was right on both answers. The stakes were going higher, and she was in the enviable predicament of having all four lifelines at her disposal.
Unfortunately, when you invite disaster, it rarely declines. She fell apart on the next question. It was something geography-related, such as where a certain body of water is located (I don’t remember the exact question). The woman pondered the options, then stated, “Well, I am not really sure, but I’m going to ride my wave of momentum here … D, France, final answer!”
Insert loud, annoying, Buzzer of Defeat noise here.
Wrong.
This woman costs herself potentially hundreds of thousands in prize money because she somehow concluded that the “momentum” gained when she guessed correctly on a borderline question would carry over to the next one. Instead, her luck ran out.
It was a cringe-inducing scene because this woman was a viable candidate to go deep in the show. Even by simply diligently using her lifelines, she could have backed into a $100,000 payday, maybe better if she was fortunate enough to nail some of the big-money questions on her own.
Instead, she went home with $1,000 in prize money and a million dollar’s worth of What Might Have Beens.
Never mistake momentum for knowledge. I reminded myself of this lesson a few weeks ago, when I declined to leave well-enough alone on a profitable Saturday of college basketball betting.
I had bet seven games and went 6-1, a result I’ll take any day of the week. Then I saw a late-starting tilt between Fullerton State and Pacific about to tip off and I irrationally decided that there was value with Bookmaker.com dealing Fullerton +1 at home.
This wasn’t exactly blind gambling, mind you, but it’s tantamount to the next-best thing. The Fullerton coach, Bob Burton, is a longtime acquaintance, and he has done amazing work with that program, including reaching the NCAA Tournament for the first time in school history last year.
In a nanosecond, I concluded that the oddsmakers didn’t know what I knew about coach Burton and the Titans, and the line was a major show of disrespect.
What’s more, I was feeling my sports-betting oats on this particular day, teetering on the outskirts of the proverbial “zone.” I was convinced ole’ momentum was on my side, and we know what happens next.
Ready, aim … fire. A blank.
What I failed to account for, which the ESPN2 commentators dutifully pointed out in the early going, is that Fullerton’s lineup was decimated by graduation and early-season injuries. They had only eight healthy players available against a well-coached and seasoned Pacific team. I could have known this too, had I, you know, looked into it a little.
But I let the euphoria of momentum take over and all logic, like my betting slip for this game, went to the curbside dumpster.
The result was predictable and ugly. Pacific shot something like 75 percent from the field in the first half, built a 20-point lead and never looked back. It was over in the first 5 minutes.
The lesson here being, whenever you think you are so on top of your game that you can’t possibly miss, think again. I know I will.
Overconfidence in Betting Sports Killed This Cat
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