Why Do You Wager?

That is a question I frequently ask friends and acquaintances when the subjects of poker, sports betting, casino games, horse racing, and so on arise. Having spent more than three decades making sports betting my hobby and then my full-time profession, I know my answer. I bet to win money.

Surprisingly, not everyone has that same answer when asked, "Why do you gamble?" or "Why do people gamble?" There's not enough space in this column to list all of the various responses.

Many, somewhat fatalistically, say they gamble mostly for the quick rushes of excitement they get when they win, even though they seem resigned to the notion that in the long run they'll lose. For them, it's just for the fun of it. Decades ago, Joseph P. Kennedy, the patriarch of the Kennedy family, said, "I think the primary motive of most gambling is the excitement of it. While gamblers naturally want to win, the majority of them derive pleasure even if they lose." I think such a statement explains why many people enjoy playing casino games (blackjack, craps, and so on), and also enjoy an outing to the racetrack, even if they lose. There is an atmosphere to be enjoyed with friends at the time, and there are stories to be told later.

Others say they gamble for the rare chance they might get rich, even though they know the odds are greatly against them. To me, such an answer explains why slot machines and the many state lotteries continue to get so much action.

Then, there are a few other less frequent answers to the "Why do you gamble?" question, such as infrequent wagering merely for casual enjoyment, or wagering as a pastime that many have enjoyed for much of their lives. Such people usually neither bet much, win much, nor lose much, but they enjoy adding a little flavor to their lives on a frequent basis. Those who like sports can enhance their viewing pleasure by participating in low-stakes office pools and the many fantasy leagues.

Sadly, a few gamble because they have a compulsion, even to the point where it becomes a "death wish." They lose money they cannot afford to lose, get themselves in trouble, and then spend good money chasing the money already lost either gambling poorly or with terrible money management - and usually both.

A few say they gamble for the opportunity to match their wits against others - that is, for the intellectual competition. This answer usually includes sports bettors and poker players. While sports contests and card games include many random events in and of themselves, sports bettors and poker players can still win with frequency if they simply have better opinions and judgment than the odds makers in sports and their opponents in poker - plus a fair share of luck. Those of you who have played poker extensively, and honed that judgment, know that getting your fair share of the breaks is often not so easy. But you and I enjoy the challenge, so we do what we do.

If, however, your answer to the question falls in that last group - those who love the intellectual challenge - there is a more important question. Do you just want to play, or do you want to win? If you enjoy poker or sports betting just as a pastime - and many people do - all you have to do is find a comfortable playing level for your financial situation.

But if you want to win, you're going to have to make some sacrifices if you intend to reach a higher level. You're going to have to study the game and the players. You're going to have to become completely familiar with the odds, the risks, and the percentage plays. You're going to have to develop a style that is comfortable for you, learn money management, and press yourself to improve. And, mostly, you're going to have to learn to master your emotions, especially in dealing with disappointment when the sports gods and/or poker gods go against you, even when the odds are greatly in your favor.

From my experience, if you want to win in sports betting, here is how I rank the importance of the factors:

1. A thorough knowledge of the intricacies of the game, the odds, and the percentages.
2. Disciplined money management. (One of the saddest things in sports betting is someone who can pick a high percentage of winners, yet loses money because of poor betting discipline.)
3. Mastery of your emotions. (Sometimes I think this is the most important factor of all. But, obviously, if you lack the necessary knowledge of the game, and can't control your money anyway, it probably doesn't matter too much if you're bipolar in your gambling emotions, because it's unlikely that you'll ever get ahead.)

So, when it comes to your own play in either poker or sports betting, ask yourself if you're playing just to play, or to win. Ask your friends, too. If you're playing just to play, I wish you the best of luck. But if your primary goal for playing is to win money, it's best to map out a solid plan to improve, and be determined to stick with it.

Chuck Sippl is the senior editor of The Gold Sheet, the first word in sports handicapping for 49 years. The amazingly compact Gold Sheet features analysis of every football and basketball game, exclusive insider reports, widely followed Power Ratings, and a Special Ticker of key injuries and team chemistry. Look for the extraordinary 2006 Gold Sheet Football Annual on newsstands now. Or, you can reserve your copy by calling The Gold Sheet at (800) 798-GOLD (4653), and be sure to mention you read about it in Card Player. You can check The Gold Sheet on the web at www.goldsheet.com.