Anybody here ever make money gambling?

[Tractor Seabee]

Witty, but no.

Some casinos advertise that some of their slots offer more than 100% payback. But they don't tell you which ones. That isn't what I know of.

In casino parlance any slot wager that pays less than the original bet is still called a winner because the player recieved something. Kinda skews the math and hypes the come-on.

Ron

 

[Tractor Seabee]

The tax code used to be that you could claim gambling losses, but only against gambling wins. I don't know if that changed with the recent tax code changes.

It is still that way but you have to prove the losses. I have heard IRS will accept a meticulously kept log book with cancelled checks and receipts for transactions at the cashier cage. Also heard the casino will provide, on request, their record of tracking your play when you have their players card. Comps are considered income also along with winnings. IRS accepts that as it is a low ball estimate. I cannot prove any of this, never had to. I never cash in more that $900 at a time to avoid the 1090G. Beware the IRS investigators snooping around the big bettors.

Ron

 

[lilranch2001]

Knowing our government, I wouldn't put it past them to be watching forums like this and taking down names.....

:confused3:

 

[DerbyRunner]

It has been awhile but my recollection there are several wagers at the crap table that have less than 1% house advantage. Somewhere I have my textbook on craps but with a couple moves I cannot find it. If and when I now go to a casino I play mostly single deck BJ. Never play the coin snatchers.

Ron

You are getting very warm. The wager where the house has no advantage over the player is on the craps table. Does anyone know which one it is?

Speaking of craps, an inexperienced craps player, even one that has never played the game, can instantly figure out what are some of the worst possible bets with the worst odds on the craps table. How can they do that?

 

[/pine]

My "point" is, that some card shark gamblers CAN make money....and BIG money!
From the title, this thread would seem to be only about "gambling".
I made no reference to, or comparison with, "investments".

Yet you replied to my post (cited) which was about terming any investment as a gamble...

 

[MossRoad]

You are getting very warm. The wager where the house has no advantage over the player is on the craps table. Does anyone know which one it is?

Speaking of craps, an inexperienced craps player, even one that has never played the game, can instantly figure out what are some of the worst possible bets with the worst odds on the craps table. How can they do that?

If you're talking about taking odds, there's no house advantage on that, except you have to have a pass line wager down to take odds, so you still have a bet on the table that the house has an advantage on. Is that the one you're referring to?

 

[Jstpssng]

Here's something my folks taught me a long time ago....

It's not your inheritance, it's our retirement.

I got no problem with that.

Not many of us do want to leave something to our children when we're gone. We've found that when the kids are young, you want to make sure they're provided for if something happens to you. By the time they start earning their own way, and you see that they could make it on their own if you were gone, it starts getting easier to spend your money on enjoyment/entertainment VS saving it in case the kids need it. It's a good feeling to watch them grow up and fend for themselves successfully. :thumbsup:

My comment came directly from my favorite bumper sticker; "We're spending our children's inheritance". I also meant it to point out that some people view it as recreation just like going out to eat and the movies.

 

[bunyip]

My comment came directly from my favorite bumper sticker; "We're spending our children's inheritance". I also meant it to point out that some people view it as recreation just like going out to eat and the movies.

And with longer life expectancies the inheritance is rapidly shrinking, I never saw it as a wealth option, a lot has changed over the last 50 or so years.

 

[DerbyRunner]

If you're talking about taking odds, there's no house advantage on that,

You are correct. And yes, you must make a pass line (or come line) wager before being able to make this "odds" wager. Some casinos offer "2x odds" while others I have played at offer up to "10x odds." For those unfamiliar, here is how it works:

Find a friendly craps table in a casino.
Bet $1 on the Pass Line. On this particular bet the house has something like a 52/48 advantage over the $1 you wagered.
Throw the dice and "get a number."
Let's suppose you bet $1, threw the dice, and number 4 came up.
The casino lingo is "number 4 is your point."
Bet another $10 and place it slightly behind your $1 bet. This is your odds bet, presuming the house allows up to 10x odds.
The house has no advantage over you on this $10 bet. To win, you must continue rolling the dice until one of two things happens. If you roll a 7, you lose. If you roll a 4, you win.
Here is the important part: it is twice as likely that you will roll a 7 compared to rolling a 4. Without some method to compensate, no idiot would wager that $10 when the odds are against you by 2 - 1. So, in return, the house pays you DOUBLE if you roll a 4 before rolling a 7. This is called true and correct odds. Let's do the money part:

Bet $1 on pass line and roll the dice getting a 4.
Bet another $10 as an "odds bet."
Roll another 4. The $1 you wagered on the pass line wins $1, for $2 total. The $10 you wagered as an "odds bet" wins $20, for $30 total. You risked $11 wagered, and when the 4 comes up you now have $32 (original $10 bet on odds, plus payout of $20 at 2 - 1.)

If you gamble using this technique, you greatly dilute the house percentage against you. It started at about 52/48 against you with the first $1 bet, and you then diluted that a LOT by wagering another $10 behind it where it is as likely for you to win as it is the house.

This, of course, is a very simplified version of craps. But the beauty is you don't need to count cards, or keep track of hardly anything, and it works even after a few drinks. The next hard part is walking away from the table if and when you get ahead and have some winnings.

Now: who knows what the likely worst possible bets are on the craps table. Hint: even someone who doesn't understand the game can quickly figure this out!

 

[fried1765]

Yet you replied to my post (cited) which was about terming any investment as a gamble...

So sorry ......I will take special care in the future, to avoid responding to your posts!