Sports BIT: Learn From Our Mistakes Before Placing Your Picks

Teddy Covers

Tuesday, May 24, 2016 5:52 PM UTC

Tuesday, May. 24, 2016 5:52 PM UTC

This week on SportsBIT, Teddy and Pauly are taking a Deep Dive, sharing some personal gambling stories from their lives. Learn from our mistakes and avoid making the wrong MLB or NBA picks.

There’s something about a good gambling story that gets viewers intrigued. This week on SportsBIT, Teddy and Pauly are taking a Deep Dive, sharing some personal gambling stories from their lives. Today’s focus was on Roulette, because both Teddy and Pauly both had ‘run to the ATM” stories about roulette from the early days of their gambling careers.

Teddy is still on the right side of 50, but he’s of the generation that grew up in the pre-internet era, when good gambling information was much tougher to find than it is today. And that’s putting it mildly. In fact, the only gambling info Teddy could find back in those days were John Patrick’s ‘self help’ books that were touted on late night infomercials and sold in his local bookstore back in Ann Arbor. To say that Patrick’s advice was not exactly ‘positive expectation’ was something of an understatement.

Teddy was in his early 20’s and had some real cash in his pockets for the first time in his life. Like many 20-somethings, Teddy liked to gamble and thought he was pretty good at it, based on his success winning at cards and backgammon in college. With a brand new casino just opened up in Windsor, Canada, about an hour’s drive away, Teddy started to make regular trips to the casino. His early game of choice was roulette.

Of course, Teddy had a ‘system’. It was slow and boring, but it worked….at least until the day that it didn’t. The strategy was simple – bet one number on the inside until it hit, slowly increasing wager size to recoup past losses with a single hit. Teddy used that ‘system’ a handful of times, and he made money with it. Without any real resources to turn to for quality advice, Teddy stuck with that strategy…and it proved disastrous.

Teddy blew his whole bankroll in one bad roulette session, where the number 19 didn’t hit for 200+ spins of the roulette wheel. He did all the things successful bettors don’t do – chasing losses, getting cash advances from his credit cards, being unwilling to walk away and accept defeat before going completely broke. It wasn’t pretty, to put it mildly.

Teddy shares his story – and Pauly shares a great one too, about his first month in Vegas when he tried to step in front of a streak of reds on the roulette wheel – in an effort to help beginning bettors understand that wiseguys weren’t born wiseguys. There’s a process, often a long and expensive one, before bettors are truly capable of making positive expectation wagers on a consistent, long term basis. One goal of SportsBIT: Helping bettors make that transition from amateur to educated MLB and NBA odds capper in a relatively short period of time. Check out today’s full show right here.

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