My Dad has decided he has an easy system for making money gambling. I keep trying to find fault with it but Iím struggling to come up with anything.
His system is basically betting on Man Utd and Arsenal to win, only Premier League games, obviously not if they are playing each other. If one of them loses he increases his stake on the next match to cover the loss from the last match and make a profit. He has been doing this on paper since just after Christmas and says he is making £25 a week profit. I think his theoretical starting bank was £1,000. Next football season he is considering doing it for real with a starting bank of £10,000.
I have tried to come up with reasons why this canít work. It sounds similar to the Martingale system for roulette to me but having read up on this the main risk of this system seems to be that you run out of money or that the house will limit the size of your stake. Both of these sound unlikely to be problems here - if he gets limited at one bookies he can just put the same bet on somewhere else.
Another problem I suggested was if either of those teams went on a Chelsea style losing streak. To counter this he says he will not start betting until half way through the season so that he knows how each team is playing, and that betting on two teams rather than one reduces the problem of one team going on a losing streak.
This system canít possibly work. I havenít spent hours/days/weeks reading about betting systems and trading just so that my Dad can come along and tell me that I should just bet on Man Utd and Arsenal. Please can someone who is brighter than me suggest the holes that this system must have?