With the door locked behind me, I pulled out my phone and downloaded the DraftKings betting app. I felt a certain thrill as I typed in my debit-card information and deposited $500. The first game of the NFL season was a few minutes away. Anything seemed possible.
When I set out to report on the sports-betting industry—its explosive growth, its sudden cultural ubiquity, and what it’s doing to America—my editors thought I should experience the phenomenon firsthand. Mindful of my religious constraints, they proposed a work-around: The Atlantic would stake me $10,000 to gamble with over the course of the upcoming NFL season. The magazine would cover any losses, and—to ensure my ongoing emotional investment—split any winnings with me, 50–50. Surely God would approve of such an arrangement, my editors reasoned, because I wouldn’t be risking my own hard-earned money.
This spiritual loophole intrigued me. But for the sake of my soul, I decided I’d better consult a higher ecclesiastical authority than The Atlantic’s masthead.
A few days later, I sat across from my bishop, explaining the experiment and watching a look of pastoral concern come over his face. After some consideration, he said (a bit tentatively, if I’m being honest), “I don’t think you’re doing anything wrong.” He grasped the difference between gambling with my own money and using my employer’s for research purposes. But he had also seen too many lives wrecked by vice to let me leave without a warning. He told me stories he’d heard about upstanding family men who had let an initially modest gambling habit ruin them, and a cautionary tale about a churchgoing lawyer who developed an unhealthy curiosity about sex work after handling a prostitution case and wound up devastating his family.
I promised the bishop that I would steer clear of slippery slopes. “This will really just be a journalistic exercise,” I assured him.
Fifteen minutes before kickoff, I scrolled through the available wagers on DraftKings in wide-eyed bewilderment. Struggling to make sense of the terminology—Profit boosts? Alternative spreads?—I punched in bets almost at random. I bet that the Eagles would beat the Cowboys by at least nine points, based on the sophisticated premise that the Eagles had won the previous Super Bowl and the Cowboys had not. I placed a bet that Eagles quarterback Jalen Hurts would throw for more than 200 yards, and wagered on something called a “same-game parlay” that would pay out if both Hurts and running back Saquon Barkley scored touchdowns.
Then, after tucking in my kids for the night, I turned on the TV in our bedroom and settled in next to my wife, Annie.
Watching the game was unexpectedly stressful. Toggling among my five different bets—monitoring their progress, weighing live “cash out” options—left me feeling harried and sweaty. Four seconds into the game, I got a taste of the capriciousness of the enterprise when the Eagles’ best defender inexplicably spit on the Cowboys’ quarterback and got himself ejected. Had the Eagles’ chances of beating the spread, and my chances at winning $75, just been expectorated away?
Ever since the advent of sports, humans have found ways to lose money gambling on them.
But the experience was also strangely mesmerizing. For 200 bucks, I had purchased an artificial rooting interest in a game I had no reason to care about. I kept watching even after a weather delay pushed it late into the night, scrolling frenetically next to my sleeping wife in search of angles to exploit with late-game bets. Most of my bets ended up losing, but the long-shot Hurts-Barkley parlay hit, and when the game ended, I calculated that I was up $20.
The next morning, I proudly shared the news with Annie, who high-fived me and immediately began to fantasize about how we would spend my winnings for the season. Could we replace our dying KitchenAid mixer? Remodel the kitchen pantry? Like so many wives before her, she had looked upon my foray into sports gambling with a bemused air of exasperation; now she was seeing a potential upside.
I laughed at her sudden enthusiasm—but I was starting to get ideas myself. I had made $20 on my very first night of gambling. Scale up the wager sizes, multiply across all 272 games in the NFL season, throw in some NBA and college football, and I stood to make—what, $10,000? $20,000? More?
I knew, of course, that I wouldn’t win every bet. But I didn’t see the harm in dreaming. As Annie and I traded home-improvement fantasies, I tried my best not to dwell on the last thing the bishop had said to me: “Be careful.”
Practically overnight, we took an ancient vice—long regarded as soul-rotting and civilizationally ruinous—put it on everyone’s phone, and made it as normal and frictionless as checking the weather. What could possibly go wrong? [...]
Week Two
Total gambled: $376.00
Down $58.15
If I was going to do this, I decided, I would need a gambling guru—someone to talk me through the basics of sound sports betting (if such a thing existed) and teach me best practices.
The obvious choice was Nate Silver, America’s most famous statistics nerd. Silver first made a name for himself as the founder of 538, an election-forecasting website that accurately predicted the winner of all 50 states in the 2012 presidential campaign. A few years ago, Silver, citing a midlife crisis and political fatigue, discarded the pundit suits, threw on a baseball cap, and started writing more about gambling. He launched a newsletter full of sophisticated sports-betting models and wrote a book about the psychology of successful gamblers. He estimates that he has netted in the “mid–six figures” over the course of his gambling life. If anyone could turn me into a respectable bettor, I figured, it was him.
Before our first call, I sheepishly sent Silver my week-one bet slips. After that first triumphant game, things had gone downhill. Scrolling through DraftKings’ offerings, I had turned into a little kid at a carnival, emptying my parents’ wallet into any ring toss or high striker that caught my eye. I’d taken fliers on games without doing any research, and placed live bets on whatever ESPN happened to be showing when I turned on the TV. On Saturday afternoon, while casually watching a random college-football game with my brother, I bet $10 that the point total wouldn’t go over 52.5, lost, tried to make my money back with a new bet that it wouldn’t go over 61.5, and lost that one too. Of the 14 wagers I’d placed in my first week, I’d won three.
Silver pulled up my slips when we got on the phone, and began to audibly react as he scrolled:
“Okay …”
“Oh.”
“Oh no.” He started laughing.
Is it possible to be emasculated by Nate Silver? Apparently, yes.
Perhaps sensing my humiliation, he tried to soften his assessment. “Look, the nice way to put it is that you’re betting like a recreational bettor.” I took this as a withering insult.
Silver laid out some basic realities of the sports-betting economy. The books effectively charge you about 4.5 percent for every bet you place, he explained, which means it isn’t enough to win 50.1 percent of the time; you have to win 52.5 percent of your bets just to break even, and that’s before taxes. My most obvious mistake, he said, was that I was using only DraftKings. To find edges, I would need to shop for lines across at least three or four books every week.
He gave me other tips, too: Avoid “prop bets” on individual players (Josh Allen to rush for more than 50 yards) and multi-leg parlays, which pay out only if every outcome hits (the Chiefs cover the spread, the Ravens win, and the Chargers score more than 24 points). Props and parlays are how sportsbooks generate most of their profits. “They’re suckers’ bets,” Silver said, which made sense, given that I had already placed several of them.
Live betting—placing wagers in the middle of games—was also a bad idea, he told me, because it leads to gambling based on emotion more than logic. Also, televised games are broadcast on a delay, which means the sportsbooks can adjust lines before you even see what has happened on the field. You are, in effect, betting against people who live 20 seconds in the future.
To guard against emotional betting, Silver suggested a Tuesday-morning ritual: I should sit in a quiet place, study the lines for that week’s games, gather information on injury reports and weather forecasts, and then place $100 bets on the six or seven games I liked best.
Before we hung up, I asked Silver what kind of profit would make it a successful season for me.
He seemed confused by the question. “If you make one penny, that would be better than 98 percent of people over an entire season,” Silver answered, as if this were obvious.
I was taken aback. Hadn’t Silver himself made hundreds of thousands of dollars gambling? Yes, he said, but that was mostly from poker tournaments. Sports betting was a game of razor-thin margins and microscopic edges. NFL football was among the hardest sports to win money on—the lines were too sharp, the teams too evenly matched. Silver told me that, even with his quantish models and prognosticatory brilliance, he would consider it cause to celebrate if he broke even on the season.
by McKay Coppins, The Atlantic | Read more:
Image: Tyler Comrie/Getty
