Poker pro here. I make bets for a living.
This is the correct logic applied incorrectly.
The reason insurance exists is because people can’t afford the variance.
That’s the only reason you buy insurance, which is a losing proposition for the consumer.
The only reason you don’t take a positive expectation bet, like the one he proposed is if you can’t afford the loss.
Most can afford $100 swing. Not taking the bet isn’t mere loss aversion, it’s a failure to understand when to play the game in the first place.
DEVELOPING
During yesterday's boys' soccer game between Rapid City Central & Brookings in Brookings, a physical altercation between players stopped the game with 3:48 left in the 1st half.
Stoppage lasted about 10 minutes, game resumed
📹https://t.co/9n01nzSs2s
#SDPreps
Heartbreaking: Joe Haden says the regular person has no idea how quickly an NFL contract disappears once taxes and family expenses hit.
"My first year, I got a $12 million signing bonus. After taxes, I only touched around $7 million."
"The first thing I did was give my parents $3 million. Then I bought them a $1 million house. So right away, about $5 million was gone."
"I bought my brothers cars. I bought myself a penthouse. I got a Range Rover Sport and a Bentley GT."
"People hear $50 million and think you've got $50 million sitting in the bank."
"That's not how it works."
Haden only made $121 million in his career 😔💔
I’ll give him some credit because not many people would have the strength to recover some of these, but the bounces are insane.
Also why box score watching is useless