Indeed, "There are very few people that are equipped financially and psychologically to handle the ups and downs of gambling for a living".
Nearly all long term profitable sports bettors I know use very similar bankroll management.
The main issue for small casual players is that it's actually quite boring, which defeats their purpose. You need to have a lot to win a little instead of having a little to win a lot. This gives the books a huge edge as it's only a matter of time before anyone who plays without proper bankroll management will get wiped out even if they take bets with an expected profit.
Yea I completely agree. The casino has a big edge in that regard. They have an infinite bankroll and cant tilt. A lot of my friends will place their first bet way bigger than they should. Thanks again for your great bankroll management piece