Let us leave aside gamblers’ fallacy, the absurd idea that one can beat the odds at games of chance like roulette, coin flipping and their many variants, and let us forget that people who are in the process of gambling are stimulating the same pleasure centers in the brain that get one hooked on hard drugs to concentrate on games of skill.
A good example would be horse betting. Some people actually make a living from betting on horse races and they profit handsomely from it. How do they do it? What makes them different from others who don’t win, or very rarely ever do?
I know someone who makes a living from horse betting, and he drives a really expensive car, which is a good indication that he is doing rather well. I have had the privilege of hearing him out and he was kind enough to answer my questions. He wants to remain anonymous and I can’t blame him for this.
This gentleman, for starters, is a walking encyclopedia on the subject of horses. On top of that, he loves horses, and he has good riding skills. He knows every single racing horse owner by name, the number of horses he owns, the names of the horses, their age and their pedigree. This in a region of some 250 miles around his home town, in an area where some 5 million people live.
Wait, that’s not all. He intimately knows every single race track, the type of ground it is set on and the soil densities. Furthermore, he knows the names of all jockeys who ride the horses, their careers, ages, weighs and familial situations. He also knows the veterinarians who take care of the horses, the trainers and the blacksmiths.