Welcome guest, is this your first visit? Create Account now to join.
  • Login:

Welcome to the Australia Sports Betting Forum.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed.

Results 1 to 6 of 6
  1. #1
    New Member
    Join Date
    Aug 2011
    Posts
    15

    Scary betting story: betting system disaster

    Hi everyone,

    How about this for a scary betting story? I picked it up from a forum discussion elsewhere. I feel sorry for anyone who believes in betting systems that can't lose.

    =======================

    The Dundee Courier reports this morning that a local man faces being made homeless after a betting system went horribly wrong over the weekend.

    "This bloke kept coming into the Queen Anne and we got talking over a few pints and he said he had this great money making “8 system” which we should try out on the rugby world cup" reports the man who wishes to remain anonymous.

    "Well, I know as little about rugby as the next man" continued the beleaguered investor "but the bloke, Rob I think his name was, said the beauty was not in the bets we made but in the staking plan. He claimed to have been using it for 25 years and it had never once let him down."

    "Anyway the upshot was me and my mate Jimmy decided to but the system off this "Rob" and we went halves on the £500 cost"

    "It seemed like a lot at the time but we knew it was a system for life and all we wanted to get out of it was £100 each per week to keep us in fish suppers and granny sookers, so it seemed like a worthwhile investment"

    "So we started on Friday morning, up and logged on bright and breezy. We tossed a coin and Jimmy got the favourite on the handicap and I got the underdog. Jimmy got his £100 straight away and was back in the Queen Anne before you could say boo to a goose".

    "Nae bother, I'll just continue tomorrow" the potless punter droned on wearily "and that is where the real problems started. After a further four losing bets on Saturday I was ready to quit but knew the beauty of the staking plan was set to kick in and save my bacon. So I did my Australia -26 bet on Saturday evening and went to bed, getting up on Sunday just in time to see Australia had won by that exact margin".

    "Magic I thought, £100 profit rescued! Sidney James is a right mug for laying me such a big bet. Do these bookies never learn......................and then I logged on and my balance hadn't been updated. So I gave their customer services a right piece of my mind but it didn't help because the bet was in fact a loser. Panicking now, I blundered on. It was like an out of body experience as next Ireland and ultimately my eighth and final bet on South Africa let me down."

    "It all seemed so simple at the time" he finished "but now I've lost £14,000 and probably my house as a result. Jimmy thinks it's great though. He got his £100 and is starting again on Wednesday morning".

  2. #2
    Senior Member
    Join Date
    Aug 2011
    Posts
    203
    Sounds like a Martingale-type strategy gone wrong.

    Rob I think his name was, said the beauty was not in the bets we made but in the staking plan.
    Always a sign of trouble!

  3. #3
    Member
    Join Date
    Aug 2011
    Posts
    39
    Martingale works in theory but not in practice. One becuase no one has infinite money and two even if someone did they would not find someone to accept an infinite wager on an event.

  4. #4
    New Member
    Join Date
    Nov 2014
    Posts
    8
    Quote Originally Posted by the_burninator View Post
    Martingale works in theory but not in practice. One becuase no one has infinite money and two even if someone did they would not find someone to accept an infinite wager on an event.
    well noticed

  5. #5
    New Member
    Join Date
    Nov 2014
    Posts
    2
    hmm speaking Martingale, who has other interesting systems?

  6. #6
    New Member
    Join Date
    Dec 2016
    Posts
    10
    Maybe Labouchere system, where you recover the losses from losing wagers with a smaller number of wins.it can work fro Sportsbook, but of course not anytime.

 

 

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •