When you bet “OUT”, each bet must be equal to or. The key to long-term profit in sports betting is arbitrage. Your goal is to invest as much money as you can with guaranteed profits and 0% risk. Play a game of odds with a good amount of change to begin with.
Bets on horses, roulette, craps, black jack you name it. Sports betting is a hobby, not a source of income. As soon as you deposit money in a sports bookmaker, treat it as if you spent it. Reduce your losses and get out of here.
So for me it was a get-rich-quick plan that worked. I quit my job and spend a lot of time traveling the world. This was distressing, as I had also struggled for years with sex addiction (and looking back now, a gambling addiction), all of which I had kept hidden from it. Over a long period of time, any bet with an expected value lower than the entry will almost always lead to a net loss.
You're probably going to lose, so bet on the entertainment value it brings, since the money you lose is the cost of entertainment. I started trading short-term index options after high school, once I had some money to feel like I was really making waves. When you bet “IN”, you can split your money between MANY different numbers as long as the sum of all bets is greater than the table minimum and less than the table maximum. Most gamblers lose money, as all games accumulate against players and casinos, which are large and expensive to build and maintain, are financed by the losses of taxpayers and players.
Even though I'm mainly focusing on poker as a secondary income, taxes and gambling mentality are still applicable. And finally, if you get into craps and you like it, and you want to win some money, not by playing craps, but by betting on a business idea related to the game I have, then look for me. I promise you that she will eventually discover the nature of your loss of money, and when she does, she will probably be devastated that you lied about something so important, especially when her family has a history of problem gambling. Usually the game doesn't give enough time for the variance to be removed, so luck is who gets their lucky share of the variation at the right time.
The bottom line is that it's a way to make money very slowly to the point where you lose everything. You are guaranteed to always win if you have an infinite amount of money but you are destined to go bankrupt if your money is limited. I'm not your typical Pay and Pray player, but every once in a while I distort my numbers so that 1 team becomes a “Break Even” bet and the other has 100% of the winnings. The games themselves are set up, so the house has a small percentage advantage for them to make money in the long run.
It's no different from a casino game: the odds are against you and the house will always win in the long run, so if you're sitting at a blackjack table or a slot machine you have to sit down knowing beforehand that you're probably going to lose and you're okay with losing all the money you put in. Where I live there is a gambling tax, which is about a quarter of the monthly profit (although I can't deduct the losing months).