Anybody here ever make money gambling?

[fried1765]

When I was young and in my prime - no, not even then. For about a year, up in AK, I would go out to this local bar with my boss. I would sit - watch - he was a pool hustler. Several times I saw him win $5000+ in one game of pool. He won from a fellow one night and to pay the debt - we went to his store. My boss was measured and had three custom suits made for him.

Then this entire situation got old and I quit these evening activities. I finally came to realize - many of the "players" were pretty shady characters. This was the early '60's - in AK - it was still a tough environment. I was young and still learning.

"I would go out to this local bar with my boss"

The Great Alaskan Bush Company?

 

[/pine]

I haven't read all the reply's and this isn't related to casinos, just a thought. " Anyone who has investments is a gambler".
Al

I would not go that far...there are many worthy investments that have a very minimal or no risk... The ROI may not be so high or as quick...There is a big difference between many worthy investments and basic games of chance...

 

[CobyRupert]

I haven't read all the reply's and this isn't related to casinos, just a thought. " Anyone who has investments is a gambler".
Al

Yes, as is any one who choses to buy insurance (or to not buy insurance / self- insure).

 

[MossRoad]

Not just AK.

When I was a starving student I worked a few hours a week in a gas station. I was just short of 21. Boss invited me to join him at the neighborhood bar. I wasn't really interested but wanted to stay on the right side of him. I'll skip ahead to the outcome: He and his bar buddies tried to set me up with their mutual friend who was newly pregnant ...

I dodged a bullet that time. Oakland CA.

Did she have a boat?

 

[fried1765]

I would not go that far...there are many worthy investments that have a very minimal or no risk... The ROI may not be so high or as quick...There is a big difference between many worthy investments and basic games of chance...

My former neighbor's 31 year old son has won over $1,210,000 in the past 3 years,..... in sanctioned poker tournaments.
Not hearsay!
Documentable, here on the internet.

 

[k0ua]

Did she have a boat?

And send pictures of the boat.

 

[lilranch2001]

I have not read all of this thread, so I am not sure if anyone else has noticed what I have about serious gamblers, but......
In my experience, people who love gambling will NEVER admit to losing more than they win!

I think that is part of their disease

 

[DerbyRunner]

Just curious if anyone knows of a casino wager where the house has no advantage over the player (hint: such a wager does exist.) Does anyone know?

 

[bunyip]

Just curious if anyone knows of a casino wager where the house has no advantage over the player (hint: such a wager does exist.) Does anyone know?

A colt 45 beats 4 aces?

 

[DerbyRunner]

A colt 45 beats 4 aces?

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.

The wager where the house has no advantage is found in every major casino. Does anyone know?

 

[bullbreaker]

The wager where the house has no advantage is found in every major casino. Does anyone know?

Could it be offering free adult drinks with hopes of continuous loose and wild playing from visitors ?

 

[DerbyRunner]

Well, getting the players liquored up is certainly good for business.

But this wager works for anyone-- sober or not. To my knowledge it is the only bet you can make in a casino where you have an equal chance of winning versus the house. No advantage to player, no advantage to house.

 

[/pine]

My former neighbor's 31 year old son has won over $1,210,000 in the past 3 years,..... in sanctioned poker tournaments.
Not hearsay!
Documentable, here on the internet.

Good for him...!
So what is your point?...follow the thread and realize what a reply is...I was merely stating that there are investments that have little or no risk...so how is an investor in such things as (gov. insured) money markets, CD's etc., etc... a "gambler"...??

 

[Fuddy1952]

Good for him...!
So what is your point?...follow the thread and realize what a reply is...I was merely stating that there are investments that have little or no risk...so how is an investor in such things as (gov. insured) money markets, CD's etc., etc... a "gambler"...??

I have a very good friend who moved West about 20 years ago, a math major in college and semi professional poker player.
His first gambling experience was sports betting (horses), unfortunately won $3,000. Unfortunate because he was hooked. Poker (he says) is only thing the odds CAN be in your favor. You can't claim losses, but win and they hand you a tax form as they're reported.
One funny story is once he had $50K winnings, $100 bills rolled up that fell out of his pocket in Vegas. He didn't discover until he got home a couple hours later. He drives back, found money still laying where his car was parked! He says Vegas everyone's looking up at lights, etc.
Gambling is a fool's paradise. As pine says proper long term investing will outperform gambling.
Around here it's lottery tickets. You see poor people driving an $800 car buying them at convenience stores all the time.
Yes some win...more people get lightning strikes though.

 

[DerbyRunner]

You can't claim losses, but win and they hand you a tax form as they're reported.

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.

 

[/pine]

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.

LoL...If you happen to see someone picking up discarded (losing) scratch off lottery tickets...you can "bet" they have recently won a good amount and are collecting the losing tickets to claim losses against a windfall tax

 

[Jstpssng]

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.

The wager where the house has no advantage is found in every major casino. Does anyone know?

Just based on your username, I'll pick "Horse racing for 10000."

Edit; then I Googled it and found out I was wrong... but since I cheated I won't change my answer.

 

[DerbyRunner]

Well, betting the ponies is wading into treacherous waters. Especially the trotters. And there is much to be learned in the stables in the days leading up to a race that would influence your bet. Which of course you should not use such information!

But the wager I refer to is inside a casino. No matter how unskilled at gambling you are, if you make this wager you have a 50/50 chance to win. To my knowledge, the only such bet in the entire casino!

 

[fried1765]

Good for him...!
So what is your point?...follow the thread and realize what a reply is...I was merely stating that there are investments that have little or no risk...so how is an investor in such things as (gov. insured) money markets, CD's etc., etc... a "gambler"...??

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".

 

[Tractor Seabee]

Just curious if anyone knows of a casino wager where the house has no advantage over the player (hint: such a wager does exist.) Does anyone know?

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