I’m not sure why I thought this was a good idea, but I ‘bet myself’ $1,000 in imaginary money this past week on all 14 NFL games, 3 NHL games, 2 NBA games, and all 5 games (so far) of the World Series.
It’s a great time of year for sports, so I thought I would see if – on paper – I might have potential as a sports gambler. The Supreme Court ruled last year that states have the right to allow sports betting / sports books, so maybe I could have some fun with this.
I started out strong, winning on the NHL MN Wild game that my wife and I went to last Tuesday. Then things got complicated. I had to build a spreadsheet to keep track of my hypothetical parlays and although I finished strong with the GB Packers win last night, I ended up losing on 14 of my 24 bets against the spread. I lost on 4 of the 5 World Series games.
In the end, I turned my $1,000 hypothetical dollars into $890. Not a great return. I suppose I could create a larger pool of games to bet on, but this was a good trial. I also learned that it takes a lot of time to track these bets, even over just a week.
Since I feel like I follow sports better than I follow the S&P 500, I think I’ll forgo a career day trading stocks, too. Think how complicated that would get. Especially at tax time. I think it’s better to stick to low-cost index funds than trust myself.
It will also leave me more time to goof off anyway!
Happy Monday – Have a great week!
Image Credit: (c) MrFireStation.com
2 thoughts on “Sports Betting Experiment”
Interesting trial! I doubt I would have done any better, and I also follow sports a lot closer than the stock market. Great reminder, that we should all stick to what works (indexes). Who would’ve thought (last week when they left TX), that the Astros would be up a game after the trip to DC?!
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Crazy flip in the World Series! I didn’t figure with those starters they could lose those first few games at home. Now the Astros can close them out …