Copied Hawaldar's comment here in a new topic to keep this discussion alive.

Dear Munna Bhai,

Just read the book "Tails I Loose : The compulsive Gambler who lost his shirt for good" by Justyn Larcombe and was amazed, surprised and a bit scared also. He just lost everything (almost a million pounds) in three years starting from 2009.He says that biggest joke with you happens when in initial stages you make some money and think that you can tame the markets up and down;right or left and make money on Betfair but slowly Betfair takes you to ultimate destruction of your self esteem and prestige.He has become a well known face of Anti-Gambling crusade in England.Your comments and suggestions.

I don't agree.

If you are careful and have a well proven strategy then you will never lose. You can't tame the market but you can certainly make profit. That guy is a total retard. If he had million then why the fuck he gambled? He lost millions is clear indication that he was an addicted and compulsive gambler and he had no clue what he was doing except gambling. I bet he must have been trying to tame Horses. It also seems he didn't have a stop loss mechanism in his strategy.

You start with a small bank balance and start building up first then you increase your stake. He might have started with million first and thought he would make another million in flash of time.

Even if you blindly gamble on a good team to win (or lose) throughout a series then you will win ultimately provided you have enough to cover when you are losing streak.

Serena Williams' 27-match winning streak finally came to end if you were after her loss then you would have made money ultimately.

Just remember don't try to make living out of betting.

Bhai he started from small stakes and intial success prompted him to raise the stakes and then he was betting daily to the tune of 10,000 pounds on football,tennis,rugby and other sports.What resembles to me is the mindset in which whenever he lost he had just gone and placed a bet to recover the loss and in that process lost and lost again and again

Sounds neurotic to me. One will obviouslly end up in loss recover that is nature of the trading. However there are rules there too. He ended up in loss-recovery vicious circle and in the end in frustration he must have gone mad and ended up betting on everything. Sure sign of addiction. 

munna bai, you need ad neteller for p member.