Review of Weighing the Odds in Sports Betting
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About.com Rating
Author Question and Answer
Mr. Yao was kind enough to answer several questions for About.com readers.
About.com: How did you get interested in gambling and at what point did you decide to view it as a serious endeavor?
Mr. Yao: I've been interested in sports betting and card playing since middle school. It was something I always enjoyed.
When I graduated college in 1992, I went to work for a equity options trading company called Susquehanna Partners.
They were market makers in equity options and equity index options in the stock exchanges. My job was to trade for the proprietary position in specific products. I view the mindset of successful gambling as very similar to the mindset of successful trading. To answer your question, my first job out of college was really a serious endeavor in gambling for an edge.
About.com: What is the most common mistake made you notice from the average bettor?
Mr. Yao: The average bettor thinks about who they think will win the game, and then they bet on that team. They ignore the odds may already reflect a high chance of the team winning already. This is why teams are often overbet in the point spread when they are large favorites. Conversely, large underdogs do well against the point spread since the line is often inflated by the betting action of the average bettor. In the last few years, there has been an influx of big money from sharp bettors in the market, so this is not as simple as it used to be.
Q & A Session Continued
About.com: Since Weighing the Odds in Hold 'Em Poker was released first, do you view yourself as more of a sports bettor or a poker player? Is there anything you can take from one form of betting to the other?
Mr. Yao: After I wrote Weighing the Odds in Hold'em Poker, I started to focus on sports betting. I definitely view myself more as a sports bettor now, I rarely play poker these days. There are some similarities between the two. The broadest way to say it is you need to think sharply when analyzing a hand or a sports bet.
About.com: Do you have more books planned in the future?
Mr. Yao: I may write another book on sports betting, but I am not sure yet. I write monthly articles for the Two Plus Two Internet Magazine. I have been thinking of converting some of those articles into a full length book along with some new material.
About.com: If there was one thing people would take away from your book what would it be?
Mr. Yao: That sports betting can be beat if you are intelligent, work hard and are creative. The phrase of "the house always wins" is true for most people, but not for everyone.
About.com Rating
Author Question and Answer
Mr. Yao was kind enough to answer several questions for About.com readers.
About.com: How did you get interested in gambling and at what point did you decide to view it as a serious endeavor?
Mr. Yao: I've been interested in sports betting and card playing since middle school. It was something I always enjoyed.
When I graduated college in 1992, I went to work for a equity options trading company called Susquehanna Partners.
They were market makers in equity options and equity index options in the stock exchanges. My job was to trade for the proprietary position in specific products. I view the mindset of successful gambling as very similar to the mindset of successful trading. To answer your question, my first job out of college was really a serious endeavor in gambling for an edge.
About.com: What is the most common mistake made you notice from the average bettor?
Mr. Yao: The average bettor thinks about who they think will win the game, and then they bet on that team. They ignore the odds may already reflect a high chance of the team winning already. This is why teams are often overbet in the point spread when they are large favorites. Conversely, large underdogs do well against the point spread since the line is often inflated by the betting action of the average bettor. In the last few years, there has been an influx of big money from sharp bettors in the market, so this is not as simple as it used to be.
Q & A Session Continued
About.com: Since Weighing the Odds in Hold 'Em Poker was released first, do you view yourself as more of a sports bettor or a poker player? Is there anything you can take from one form of betting to the other?
Mr. Yao: After I wrote Weighing the Odds in Hold'em Poker, I started to focus on sports betting. I definitely view myself more as a sports bettor now, I rarely play poker these days. There are some similarities between the two. The broadest way to say it is you need to think sharply when analyzing a hand or a sports bet.
About.com: Do you have more books planned in the future?
Mr. Yao: I may write another book on sports betting, but I am not sure yet. I write monthly articles for the Two Plus Two Internet Magazine. I have been thinking of converting some of those articles into a full length book along with some new material.
About.com: If there was one thing people would take away from your book what would it be?
Mr. Yao: That sports betting can be beat if you are intelligent, work hard and are creative. The phrase of "the house always wins" is true for most people, but not for everyone.
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