Pot Odds In Internet Marketing
Posted by Mitch Mitchell on Feb 8, 2010
Many of you know how much I love going to play poker. I get a lot of enjoyment out of it because I love the camaraderie that eventually is created by spending just a few hours with a bunch of people you’ve never met before, commiserating with everyone else who’s either won a big hand or gotten beaten in a big hand. We’ve all been there, and we all have stories to share.
One thing I like to believe I’m good at is figuring out what the odds are that my hand is good or not. Of course, having a good hand doesn’t always mean it’s a winning hand, but more often than not it works out just fine. What I’m not good at is figuring out the numbers, as in what the actual percentage is that favors my hand.
I was reading a blog post called Easiest Way To Understand Math In Poker, where the writer, named Mitchell Cogart (knew I liked him for some reason) was giving some formulas for how to calculate it fairly quickly. It’s still somewhat beyond me, mainly because it takes time to do those calculations, and unless I was playing in a tournament, I don’t like taking that kind of time figuring out anything.
However, it’s the other thing he was talking about that starts to get me into the point of this post. There’s something called pot odds that, to poker players, is very important and very intriguing. In essence, it’s figuring out how much the pot is worth to you in odds versus the odds of you having a winning hand. Just to throw out numbers, if you only have a 30% chance of winning a hand, but the dollars in the pot come out to you having a 55% chance of winning the pot, many poker players will take a chance on the money rather than their hand because they perceive the dollars are so high that you can’t afford NOT to play the hand.
I hear this on poker commentary sometimes on TV. The guy will say “there’s so much money in the pot that so-and-so absolutely has to call the hand, even though he’s going to lose.” On TV, you always know what the players hands are, so you know who’s going to win or lose. But the players don’t know that, so you see them taking time, running through all the calculations in their minds, and then they’ll pull the trigger on hands that most of us would say we know better than to play because we have no idea on how to calculate pot odds.
In a way, you can relate that to trying to learn more about internet marketing. There are a lot of products out there that will teach you something about it. Some are very good and some aren’t all that good. However, what most of us believe is that the more expensive something is, the more we should be getting out of it. Truthfully, that may or may not be true. The “pot odds” are in your favor; after all, why would someone put a $500 product out there that wasn’t going to deliver on what’s been promised, right?
Here’s the thing. Just like everything else in life, nothing works for everyone. It’s possible that the $500 product might tell you everything you need to know to make money, or it may not. It may tell you things to do that your morality won’t allow you to do. For instance, if it said that in order to make lots of money you have to kill a lot of puppies, would you do it? If it said that you had to do what’s known as black hat principles, would you do it?
While I was at my mother’s house on Friday, she was watching this network that was advertising a program called Kell On Earth, about this fashion designer who’s very successful. However, she’s a terror; there’s no way I’d ever want to deal with that type of person on a yearly basis, let alone a daily basis. She berates her employees and other people around her, but justifies it by saying she has to do what she has to do to stay at the top. I’m sorry, but if you have to treat people as if they’re inferior to you then I don’t want to be successful. It’s not my style, and I couldn’t live with myself. Yet there are thousands of people who subscribe to that and believe it’s the way to go. Notice how some are successful, but others aren’t? Once again, no one size fits all.
Some folks thought I was being too lenient when I reviewed Six Figure Blogger Blueprint. The thing is, the book wasn’t really for those of you who have been doing this for awhile. It was also free, not a full course on internet marketing. It got me thinking about things, and any book that does that for me works for me. We all judge things differently. We have to know ourselves, and what we might respond to. Like that book to the right side there, 20 Ways To Make $100 A Day Online. I bought that book, and I think it was perfect for me because I was able to take just one of its principles and turn it into a way to make money. It wasn’t overly expensive, but turned out to be just what I needed. I calculated my odds for finding something I thought I could use, and I turned out to be right.
How do you determine whether something might work well for you or not? Do you even try anymore? I say that at the risk of jumping into Sire’s response, because I know he’s said more than once that he won’t pay for anything anymore, after being burned many times early on. Has that happened to some of you as well? I’d really like to know.