I think betting is completely dirty its all about chance . someone losses his money and someone win and it makes the winner greedy to bet again and there is a Possibility that a day he will be loses all of its money . so betting is not recommended . its only my opinion that comes from my experience so i advice you not to bet anymore.
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You just described any casino in the world... It's not about profit, its about the thrill of beating the odds, but yeah you do have to execute restrain when you have reached your preset loss or win amount.