Traits of a Winner
by Mike Quinn (follow him on twitter BroadStCappers)
The difference between being a successful sports investor and a long term loser is razor thin. Profitability comes down to a handful of wagers each year that make the difference on the annual balance sheet. However, what if that margin of error was based on intangibles rather than numbers themselves? As we examine the traits of a winner, we come to realize it takes more than knowing the weather, injuries, algorithms, or getting the best of the number to be a successful sports bettor. There are certain personality traits long term profitable bettors share and by making a few tweaks to your own approach, you can become part of that elite fraternity.
You hear all the time the most successful bettors are emotionless. Long term successful handicappers don’t allow themselves to rise and fall with every touchdown or interception because the season is filled with huge momentum swings. More importantly, they don’t allow a single loss or a short-term losing streak to effect their next wager, a concept the betting public never understands. Bailing out or getting too emotional over a losing wager ends up creating a disastrous situation long term. In some cases, this is a learned trait; meaning an approach devoid of emotion can be cultivated. A prime real world example is you’re more apt to get into a bar fight at 22 then at 42 since maturation eliminates a lot of our propensity to make poor choices (although we’ve seen plenty of grown men try to exert old man strength, usually in SEC colors).
Professional sports investors are realists. A realist is defined by Merriam-Webster as concerned with fact and rejects the impractical and visionary. This applies to sports wagering in two ways: (i) having realistic expectations and (ii) applying proper factors to handicapping methods. There’s a large expectation gap between what the public believes is the normal winning percentage versus what professionals strive to achieve. Veteran bettors understand that 55% is profitable over the course of a full season especially when big bets are structured correctly.
A mistake we see all too often from novice bettors is applying the wrong factors into their handicapping equation; specifically weighting injuries. Unless it’s Tom Brady or Peyton Manning, players don’t matter (of course there are a few but you get the idea)! That may sound like a blanket statement but at the highest levels it’s not the marquee names that need to be properly accounted for each game. This alone is why you don’t see lines make wild fluctuations when an injury is announced to anyone but the truly elite talents. The public attempts to apply Fantasy Football logic to handicapping and believe me, there is minimal correlation if any between the two. While the public is yapping about skill position guys, the pros are analyzing offensive and defensive lines, nickelbacks, depth charts, and the tone in the locker room.
Discipline and patience are key traits found in seasoned bettors. Profitable sports investors are careful with their money and deliberate with where they choose to invest. Quite frankly, they have to be because this is their sole means of income and sports wagering doesn’t reward the rash or spontaneous. Joel Anderson’s book titled, “Trading, Sex & Dying”, defines the Adventurer as always looking for action, when at times it might be wise to wait. There isn’t a right or wrong number of games to bet, you move whenever you see value. Like a surgeon, sharps move with precision and calculated movements since it’s not about the action but rather thoughtful examination and careful consideration of where their money is best served.
Successful pros are the type that hang in the background and draw little to no attention to themselves (I hope you’re reading this Floyd Mayweather). It is that introverted, no ego nature, that allows a pro to properly analyze and then get a wager down without sending vibrations through the marketplace. This is a similar approach that successful investment managers take when attempting to place large orders around the Street; thus allowing them to get the price they want. In our case as a sports investor, it allows you to get the line you want when you want it. Sports, by nature, are highly competitive and the same can be said for successful sports investors. These individuals are highly competitive, workaholics that understand success comes with a price.
Profitability doesn’t come overnight and it takes long hours to hone successful methods. For the elite, the drive to be “right” pushes them to fine tune their skills and approach. Successful sports investors are not escape gamblers meaning they aren’t gambling to escape reality, this is their reality. They approach the task with a firm understanding of risk and how to mitigate it. The traits discussed can be applied to doctors and investment managers as well (on a different scale) yet the overlaps are plentiful. Although the nature of those vocations may be different, the mindset and mental wiring of individuals isn’t all that diverse. They clear out all of the noise and make sound decisions based on methods they’ve practiced and refined over time. Not everyone is going to be a successful sports investor, but if you mimic some of the traits the pros display, the likelihood of success will be greater. Good luck and keep cashing!
