Dear Steven Donnely,
Three boxers were reprimanded for betting on their own Olympic matches — but you were the only one who bet against yourself.
I was confused. How does that make sense? I was even more confused when I read that you bet against yourself…and then YOU WON! A light bulb went off. I understood.
I’m not saying you should have done it. Just that I can see the logic.
I think of how many times during the workweek we all go out and search for those win-win situations, but maybe we should be looking for the win (lose) — lose (win) ones.
According to the Independent, Donnelly told the International Olympic Committee, “he had bet without intending to cheat by losing his match to win his bets, rather, winning the bets would be some compensation in the event he lost his match.”
As such, the IOC ruled that “there was no intent to manipulate any event.”
But he was manipulating himself. He was either going to win and lose money — or he was going to win large sums of money after losing the boxing match. I’m not sure game theory’s win-win even sufficiently explains it.
Traditional wisdom says that when you bet against yourself you will always lose, but, you, Mr. Donnely, have convinced me otherwise. I will now be looking for ways to win even when I lose all the time.
In fact, if not even one person reads this — I can have a cookie. So thank you.