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lilredrooster
lilredrooster
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June 15th, 2020 at 1:40:41 AM permalink
a lot of sports bettors hungry for action have moved to "betting" on stocks - particularly on options
a great number of new accounts have been opened and they are moving the markets
no doubt a lot of them don't really understand what they are doing and are getting creamed
and some, no doubt are getting lucky, - or may possibly have some skill at it as they did when they could bet sports



from the article:




"But some Wall Street analysts see people who used to bet on sports as playing a big role in the market’s recent surge, which has largely erased its losses for the year.
“There’s zero doubt in my mind that it is a factor,” said Julian Emanuel, chief equity and derivatives strategist at the brokerage firm BTIG. “Zero doubt.”


Millions of small-time investors have opened trading accounts in recent months, a flood of new buyers unlike anything the market had seen in years, just as lockdown orders halted entire sectors of the economy and sent unemployment soaring.

It’s not clear how many of the new arrivals are sports bettors, but some are behaving like aggressive gamblers. There has been a jump in small bets in the stock options market, where wagers on the direction of share prices can produce thrilling scores and gut-wrenching losses. And transactions that make little economic sense, like buying up the nearly valueless shares of bankrupt companies, are off the charts."




https://www.nytimes.com/2020/06/14/business/sports-gamblers-stocks-virus.html
Last edited by: lilredrooster on Jun 15, 2020
"but I don't care too much for money..........money can't buy me love".............. the Beatles
AZDuffman
AZDuffman
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June 15th, 2020 at 3:22:16 AM permalink
Quote: lilredrooster

a lot of sports bettors hungry for action have moved to "betting" on stocks - particularly on options
a great number of new accounts have been opened and they are moving the markets
no doubt a lot of them don't really understand what they are doing and are getting creamed
and some, no doubt are getting lucky, - or may possibly have some skill at it as they did when they could bet sports



from the article:




"But some Wall Street analysts see people who used to bet on sports as playing a big role in the market’s recent surge, which has largely erased its losses for the year.
“There’s zero doubt in my mind that it is a factor,” said Julian Emanuel, chief equity and derivatives strategist at the brokerage firm BTIG. “Zero doubt.”


Millions of small-time investors have opened trading accounts in recent months, a flood of new buyers unlike anything the market had seen in years, just as lockdown orders halted entire sectors of the economy and sent unemployment soaring.

It’s not clear how many of the new arrivals are sports bettors, but some are behaving like aggressive gamblers. There has been a jump in small bets in the stock options market, where wagers on the direction of share prices can produce thrilling scores and gut-wrenching losses. And transactions that make little economic sense, like buying up the nearly valueless shares of bankrupt companies, are off the charts."




No surprise. I always maintained that the serious sports bettor and handicapper is really a frustrated trader. To get the trading jobs you have to know someone and have went to the right school. Or you can rent a seat on the floor and trade but you have to live in the expensive area near NYC I knew a guy did that, he said it is a business where you are eating Waygu Beef omelettes for breakfast one month then looking for change to buy gasoline the next. Seat rental alone costs thousands per month.

Sports betting, OTOH, gets easier and easier to place bets. The math parts are similar. So these guys, and it is almost all guys, just do serious sports bets. FWIW I had a covered call going last month or so and I was near the strike price, rooting for it to fall just a few cents per share to avoid my position being called away. It was not and I am up 50% since that day! Now it is happening again but I may buy it back.

On expiration day to watch the ticker is the same feel and rush as to watch the NFL team you took in the 4th in a close game,
All animals are equal, but some are more equal than others
lilredrooster
lilredrooster
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June 30th, 2020 at 6:49:34 AM permalink
my best baseball story involves Jimmy Piersall who was a pretty good ballplayer and I saw this happen in person when I was a little kid

Piersall had mental issues and a book and a movie were made about his issues - both were called 𝘍𝘦𝘢𝘳 𝘚𝘵𝘳𝘪𝘬𝘦𝘴 𝘖𝘶𝘵

I saw him play in 1962 for the Washington Senators in D.C. Stadium

he often played the clown and believe it or not I saw him several times 𝐥𝐢𝐞 𝐝𝐨𝐰𝐧 𝐢𝐧 𝐜𝐞𝐧𝐭𝐞𝐫𝐟𝐢𝐞𝐥𝐝 𝐰𝐡𝐢𝐥𝐞 𝐭𝐡𝐞 𝐠𝐚𝐦𝐞 𝐰𝐚𝐬 𝐠𝐨𝐢𝐧𝐠 𝐨𝐧 - while the other team was batting - it was a night game and he was lying on his back with his legs crossed and his hands behind his head looking up at the stars

it's hard to believe that the Senators Manager, Mickey Vernon let him get away with that sh.. but he did...........
maybe because the Senators were so bad he hoped Piersall's antics would boost attendance

Last edited by: lilredrooster on Jun 30, 2020
"but I don't care too much for money..........money can't buy me love".............. the Beatles
Keeneone
Keeneone
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June 30th, 2020 at 7:04:15 PM permalink
Came across this story about start time errors in international baseball leading to some big wins. Investigation opened by NV gaming.

https://www.espn.com/chalk/story/_/id/29389142/probe-opened-las-vegas-bettors-exploit-error-international-baseball-bets
DRich
DRich
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June 30th, 2020 at 7:47:44 PM permalink
Quote: Keeneone

Came across this story about start time errors in international baseball leading to some big wins. Investigation opened by NV gaming.

https://www.espn.com/chalk/story/_/id/29389142/probe-opened-las-vegas-bettors-exploit-error-international-baseball-bets



Interesting, hopefully some of the bettors have already cashed their tickets.
Living longer does not always infer +EV
Keeneone
Keeneone
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July 1st, 2020 at 8:49:39 AM permalink
Quote: DRich

Interesting, hopefully some of the bettors have already cashed their tickets.


Manually entering start times into an app could easily lead to errors.
Keeneone
Keeneone
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July 1st, 2020 at 8:50:30 AM permalink
I asked a baseball fan friend about Piersall and his first memory of him was running the bases backwards after his 100th home run.
https://www.sportscasting.com/did-jimmy-piersall-really-run-the-bases-backwards-when-he-hit-his-100th-home-run/
lilredrooster
lilredrooster
Joined: May 8, 2015
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July 1st, 2020 at 9:20:33 AM permalink
Quote: Keeneone

I asked a baseball fan friend about Piersall and his first memory of him was running the bases backwards after his 100th home run.
https://www.sportscasting.com/did-jimmy-piersall-really-run-the-bases-backwards-when-he-hit-his-100th-home-run/




that was a very interesting article - thanks for that
I was surprised to read this in the article:

"Stengel, however, did pay Piersall a major compliment at one point in his career, saying “I thought Joe DiMaggio was the greatest defensive outfielder I ever saw,” said Stengel, who managed DiMaggio from 1949-51. “But I have to rate Piersall better.”

I knew most of the Senators players pretty well and I didn't have any sense that he was a great fielder
I looked it up in baseball reference and the year I referred to, 1962, he played 132 games and had a .997 fielding % and made only 1 error

that is truly excellent - there are quite a few outfielders who did 1,000 for the year - no errors
but the 2nd highest career fielding % for an outfielder was .996 and Piersall topped that playing many games, although just for one year


his best year batting was 1956 with the Red Sox - his B.A. was .293 - he had 87 RBIs and 40 doubles
so yes, at his best, he was pretty damn good




https://www.baseball-reference.com/players/p/piersji01.shtml


https://www.baseball-almanac.com/rb_offa.shtml
"but I don't care too much for money..........money can't buy me love".............. the Beatles
Keeneone
Keeneone
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July 1st, 2020 at 10:05:20 AM permalink
I really enjoyed the interview with Letterman (starts around 12:30). The part about "homer" announcers was good. And the part about being critical of "loafers" vs at least respecting "hot dogs" still applies today imo. He also states he was the first ballplayer traded for a manager.
I also saw he went 6 for 6 in a nine inning game which is pretty rare.
Unique ballplayer and person.
lilredrooster
lilredrooster
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July 1st, 2020 at 2:06:38 PM permalink
Piersall died just 3 years ago
this is a scene from the movie 𝘍𝘦𝘢𝘳 𝘚𝘵𝘳𝘪𝘬𝘦𝘴 𝘖𝘶𝘵
Piersall is played by Anthony Perkins, Karl Malden plays his father
the movie got a high 7.0 rating from the voters at IMDB
you might reckon that Piersall was never actually as wild as shown here, but I suspect he probably was

"but I don't care too much for money..........money can't buy me love".............. the Beatles

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