Greed is a punters biggest enemy!

thecitizen_banner I got heavily involved in the Cheetahs v Lions game over the weekend.

 

My fancy was for the Cheetahs to win well but rather than backing them on the handicap I decided to get involved in the spreads markets where you win or lose more money depending on how right or wrong you are.

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I went high on Cheetahs points at 31 and their try scorer short numbers at 30 (this is the sum total of the jersey numbers of the Cheetahs try scorers and it sounds volatile it most certainly is) as conditions were perfect and I figured they would push for a bonus point win.

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After a slow start and a scoreless opening 20 minutes the Cheetahs cut loose to lead by 23 points at half time. In spreads you can close your position to either take a profit or perhaps even a loss and my options now looked as follows.

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With the markets having shifted out I could close out my position taking a handy profit from the match. I could also let my bets ride if I felt the game was going to open up and there were more Cheetahs tries and points coming in the 2nd half.

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With the Lions forced to throw caution to the wind and the Cheetahs surely eyeing 4 tries I figured that the action would hot up and I made the call to let my bets ride. At this point though greed set in and not content with my already considerable exposure I decided to press my original bets at the new quotes.

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I went from a position where I would at worst make a small loss to one where I was once again under some pressure. Of course the upside was that if the game opened up as I expected it to then I would make some serious cash.

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The 2nd half started and while there were a few errors I felt little reason to panic as both teams showed intent. The Cheetahs then appeared to switch off and go into defensive mode and a cold sweat overcame me as they added just 3 points to their half time score.

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The unthinkable had happened and I was left with a hole in my spread betting accounts and serious reason to reflect on just why greed is the enemy of the punter and the bookmakers friend!

 

This article was written for the CitiGaming supplement of the Citizen Newspaper and was first published on the 12th of April 2012.

 

Brent Graham is a blogger on www.goodforthegame.co.za and to get on his free weekly e-mail list just send a message to  This email address is being protected from spambots. You need JavaScript enabled to view it. titled “Best Bets”.