Originally Posted by Running2Good
I think he is no older than 16 years old, I d give him 14. I can relate to his thinking when I was back in high school.
Um, I'm much older than that. (Without getting too specific). You may be right though as I'm down to 13 bi's. Unlike the other thread I was inspired by ("weeklong prop bet") which didn't seem to consider this - probably due to a total lack of time -, I can consistently place in the $0.10 tourneys and seem to have a bit more time to do them, so if variance gets me as low as Nate got, to around $1.7 or so then I will just do those until I build up. I think he didn't have time to even consider that.
If I do take some bets from winnings and then bust I would seriously consider doing another one but starting at only $2.5 instead of $12.50.
For the people asking how the bets work. e.g. if I make it up to $25 or $30 I would immediately prepay on the $3.5 bet, which gets transferred and disappears from my account (I'm back down to $21.50 or $26.50 respectively).
On reflection if this were a significant amount of money (e.g. $20,000 on a hypothetical bankroll of $50,0000) then if I manage to make from the remaining $30k after prepayment to $80k, then this represents $100k in winnings - $20k used to prepay the bet and which I agree not to play with. You keep it if I go busto off of the other $30k.
If I only get the remaining $30k up to $35k you keep the prepayment and I keep my bankroll, having already prepaid the bet. This seems quite fair to me.
You can say I'm "nuts" for taking the bet, but I'm not really losing any more than the original $12.50 I deposited - and I like to gamble with winnings, roll them into ever more improbable streaks.
Of course this is quite improbable. I fully expect to lose the $12.50 I started this streak with. That's the most I can lose.
Likewise, if I do prepay you $3.5 I fully expect to lose it, but it doesn't add to the $12.50 loss as I pay you off of winnings.
I'll keep you updated on whether I can take even the $3.50 bet, as I'm down to 12-13 bi's. Taking it now would get me down to 9 bi's, which is (obviously) even more dangerous.