Summary: Dave brings Elihu Feustel on the show today to dig into the numbers behind his mathematical approach to sports betting. Elihu is a professional sports gambler, lecturer and author of the book Conquering Risk: Attacking Vegas and Wall Street. Elihu has a vast background in statistical analysis and specialises in developing mathematical models for different sports betting scenarios. Dave picks his brain to bring you some insights into examining a sport for its gambling potential, determining whether you're ready to go pro, and managing your bankroll even during a losing streak. Punting Insights You'll Find The most important elements you need to consider before quitting your day job to go pro. The minimum level of mathematical skills necessary to make a living from gambling. Why betting percentages based on your edge and your bankroll is essential for long term betting. How you can determine if you're ready to go pro, and why it's more of a lifestyle change than you might think. Today's Guest: Elihu Feustel - The Sports Investor His Book - Conquering Risk: Attacking Vegas and Wall Street Elihu's Parting Advice: The everyday gambler doesn't use heavy math. They bet on hunches and teams they like, but they aren't serious about winning. If you're not working 40 hours a week, you're probably not doing the work necessary to keep winning going forward. Get the Transcript: Episode 002: Dave Discusses Turning Pro with Elihu Feustel Welcome to Betting 360, your number one resource for horse racing and sports betting insights. Coming around the bend is your host, David Duffield with another expert interview to give you the winning edge! David: Hello and welcome to Betting 360, I'm your host David Duffield and every week I'll bring on a special guest to look at punting from all angles. Many people think the life of a professional gambler has plenty of glitz and glamor with no losing runs. The reality is almost always very different to that. Today on the podcast I have a special guest with a pretty fascinating background. He's a professional gambler, a lecturer, he manages a syndicate for a tennis betting model and he's a co-author of a great book called Conquering Risk: Attacking Vegas and Wall Street. His name is Elihu Feustel. David: Welcome back to the show, I'm happy to welcome our special guest Elihu Feustel. Thanks for your time today Elihu in helping educate the punters from down under. Elihu: Good morning! David: Good morning. Now many of my listeners will be familiar with your background from an article I published recently on your thoughts on developing sports betting models and in particular tennis betting. But just in case they missed that can you give us a quick overview of who you are and what you do? Elihu: I used to be a lawyer, I have a degree in math and now I'm a full time sports bettor. I analyse data for sports and come up with mainly quantitative ways to beat sports. I don't put much emphasis on subjective information, it's all data. David: Alright and so how do you even get started doing that? Obviously you need access to the data, but what type of theories do you use or how are you coming up with edges on the market? Elihu: Well you have to understand the sport. If you understand the sport, you can describe what you think will happen in terms of math. If you understand it, you can translate that understanding into mathematical equations, and then get lots of data. You analyse sports, make predictions and if you do a better job than the books you can bet openers and if you do a better job than the world you can bet closers. David: I've heard you discuss that before and use that as a way of assessing your edge on the market. Whether you're beating the closing line. Elihu: Yes. David: So today I want to discuss being a full time gambler. The question of should I quit my day job and go pro is a fairly wide ranging topic.
