Remember: avoid making bets for unfair prices and under unfair conditions

Life is bets

.. and life is to be lived and fun.. 

Bets are decisions with or without significant consequences. They are usually called decisions and the more independent we feel we are, the more decisons we make ourselves.

 Life is full of uncertainties and unless in sports or games, the outcomes may be outside of the box. The outcome of any decision may be expressed in terms of money (winnings or losses) or in terms of other things (e.g. ...if your bet wins, I will wash up the dishes...) is to help making educated decisons within the box based on experience gained over almost two decades spent as an observer, reviewer and player in the field. 

Law of large numbers

In purely technical terms, betting overall is an improductive or zero sum activity. But it is normal because it is not possible to distribute more than is available. 

Why do people bet?

When money counts, people will bet because they may think they are smarter (more kowledgable) and thus they can beat the market. Risking small amounts of money in the hope of winning big is typical with lotteries or sportsboooks. 


The house advantage

On the long run, the law of large numbers confirms the probabilities of possible outcomes will be reflected in actual figures. For instance, in roulette the probability of zero or any other number is 1/37.  The more rounds are played, the more likely it is that the house (the casino) will win all stakes. 

Deviation from the law happens when the numbers are not large and pure luck helps players to win or when some form of cheating is used.