Alan46
Elite Member
Back in the early 80s we went to Lake Tahoe during football season and played the pick 4 at the sports book for $100. Won 1,100, did the same the next Sunday won again! Then we quit! That’s the most we ever won gambling!!!
Anybody here ever make money gambling?
- Thread starter JDgreen227
- Start date
Without writing CHAPTERS on it I'll offer a few notes.
Risk/reward ratios apply, i.e. for high rewards expect high risk.
Example 1) Lotteries have BIG reward, low probability of winning, your $1 , $5 or $10 ticket is a near certain complete loss.
Example 2) Coin flip, head/tails usually low stakes, about even probability.
Wandering a little into the mid ground where I have had a little experience.
Example 3) Horse races.
The favorite will return modest gain IF it wins.
The outsider will return much bigger gains, but has a much lower probability of winning.
So what to do, what to do ?
a) Don't bet, just enjoy the day at the track.
b) Random choice based on LIKING the horse's name - if you know NOTHING you have about an 8 to 1 chance of picking the winner. (Some of my family do exactly this, sometiimes it works other times not))
c) Somewhere down the card there is a risk/return that is about right.
I have done this and on any particular day picked the 2nd favorite in every race.
Other days I have accepted a little more risk in the hopes of a little more return and gone for 3rd favorite.
Both have worked - both have not worked.
My bets were $10 to win, no combinations just straight win, that was the first year or two.
I went to $100 and had a few bad days but more good days.
Bottom line I came out ahead, but it was with money that I could have afforded to lose.
On the days that I lost my consolation was that we had a nice day out - an expen$ive day out, but nice.
I just ONCE had an opportunity to use what I thought might be insider knowledge.
I was to move a horse from the track to her winter home at the end of the season.
The owner kept putting it off but finally set a date and I went to the track the day before.
She was entered and (background story, I know why) her starting price was 38:1, I Put $10 on to win.
Surprise SURPRISE ! She won, I collected $380.
OK, the "game" that owners and trainers play is one of entering or scratching.
The owner of THAT horse had been HOLDING her for over a week - basically to enter her against a field that she would have a very good chance against.
Yes, they ALL play this game and we (punters) have little knowledge of what who is considering in their "poker" game behind the scenes.
Risk/reward ratios apply, i.e. for high rewards expect high risk.
Example 1) Lotteries have BIG reward, low probability of winning, your $1 , $5 or $10 ticket is a near certain complete loss.
Example 2) Coin flip, head/tails usually low stakes, about even probability.
Wandering a little into the mid ground where I have had a little experience.
Example 3) Horse races.
The favorite will return modest gain IF it wins.
The outsider will return much bigger gains, but has a much lower probability of winning.
So what to do, what to do ?
a) Don't bet, just enjoy the day at the track.
b) Random choice based on LIKING the horse's name - if you know NOTHING you have about an 8 to 1 chance of picking the winner. (Some of my family do exactly this, sometiimes it works other times not))
c) Somewhere down the card there is a risk/return that is about right.
I have done this and on any particular day picked the 2nd favorite in every race.
Other days I have accepted a little more risk in the hopes of a little more return and gone for 3rd favorite.
Both have worked - both have not worked.
My bets were $10 to win, no combinations just straight win, that was the first year or two.
I went to $100 and had a few bad days but more good days.
Bottom line I came out ahead, but it was with money that I could have afforded to lose.
On the days that I lost my consolation was that we had a nice day out - an expen$ive day out, but nice.
I just ONCE had an opportunity to use what I thought might be insider knowledge.
I was to move a horse from the track to her winter home at the end of the season.
The owner kept putting it off but finally set a date and I went to the track the day before.
She was entered and (background story, I know why) her starting price was 38:1, I Put $10 on to win.
Surprise SURPRISE ! She won, I collected $380.
OK, the "game" that owners and trainers play is one of entering or scratching.
The owner of THAT horse had been HOLDING her for over a week - basically to enter her against a field that she would have a very good chance against.
Yes, they ALL play this game and we (punters) have little knowledge of what who is considering in their "poker" game behind the scenes.
Last edited:
Torvy
Super Member
My best friend growing up used to be the manager of the sports book at Harrah's in Reno. (He's now the manager of a place in Palm Desert) Back when he was just taking tickets (mid 80s) I visited him and hung out during one of his shifts. (Early morning) Out of boredom, I picked up a horse race sheet and 'picked' the races without actually betting. (I was dirt poor) I wish I would have had $2 per race. I 'won' a lot more than I lost, including some trifecta. Of course, had I actually bet the results would have been different. 
One thing that I forgot to mention about horse racing (probably dog racing too) is that the "ODDS" are set by "collective wisdom" - much like stock market prices.
The "collective wisdom" thinks that a particular horse is most likely to win, so it becomes favorite and the starting price drops accordingly.
Similarly SOME people buy stocks on the fundamentals, others watch those people buy stocks, think there might be an opportunity and follow suit.
If/when enough people believe the same thing there is a rush on the market.
So beware of market followers.
The wisdom of the masses is a whole subject unto itself, may be worth reading up on when there is nothing better to do
The "collective wisdom" thinks that a particular horse is most likely to win, so it becomes favorite and the starting price drops accordingly.
Similarly SOME people buy stocks on the fundamentals, others watch those people buy stocks, think there might be an opportunity and follow suit.
If/when enough people believe the same thing there is a rush on the market.
So beware of market followers.
The wisdom of the masses is a whole subject unto itself, may be worth reading up on when there is nothing better to do
Sigarms
Super Member
I just find it interesting that in the God fearing bible belt NC, it's the house majority that is pushing for casinos in NC.
Like when NC brought in the state lottery, the push was because the schools needed the money LOL
Like when NC brought in the state lottery, the push was because the schools needed the money LOL
Torvy
Super Member
Close. My best friend used to run the sports book at Harrah 's in Reno. I spent some serious time there when he was working his way up from taking bets to setting odds, to managing the operation. He is now the GM of a place in Palm Desert.
Horse racing odds are set by experts. The collective wisdom merely moves those odds to balance the casino risk. Same goes for all sports betting. Otherwise, every race/game would start at even odds
Similarly, stock prices start based on a par value set by the corporation when new stocks are issued. The prices then move based on 'collective wisdom'.. All prices in a free market work on these same principles.
lilranch2001
Super Member
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NC doesn’t seem to be nearly as bible thumping as it may have been once apon a time…..
I think it is slowly being taken over by the libs!
I think it is slowly being taken over by the libs!
Torvy
Super Member
Are you saying the Bible belt is becoming the libel belt?
Pixguy
Super Member
I'm sure it's all about money. Look at the states who have legalized marijuana. They ok'd and control it because it's a money generator. Like the lottery, the problem is that the monies usually come from the least able to afford it.
lilranch2001
Super Member
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