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?
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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.
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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 Star 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
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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 Star 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
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Torvy
Super Member
there's probably been one or two. The wordplay was worth it, to me.
Sigarms
Super Star Member
The reality is NASCAR was born in the south for what reason? Running Moonshine.
Believe it or not, moonshine (alcohol) was illegal for a couple of reasons in the past, the biggest because it wasn't taxed by the government.
HOWEVER, alcohol in the "Bible belt" was still a moral sin. Ironic that a sporting event was created by people sinning themselves to death making money.
Our local county sheriff is a good man. Just elected, young, and he's trying to make a difference. His department posted the info below on their facebook page because he is trying to show the county he is trying to make a honest difference by going after that anyone gives him information on.
What I find ironic is what is the difference between two locals owning a gas station and breaking the law vs the state government who decides what "operations" are legal vs illegal because politicians electtion coffers are full of money by people making money because laws are passed making something legal?
Out of respect for the local sheriff, I didn't ask that question on his facebook page, but one can't help but scratch their head on exactly what makes things "moral" because they are legal vs those that are immorale because they are illegal.
It wasn't until around 2005 until booze was legal in Yadkin county. Did the passing of a law change morality? No. It only increased the revenue in the county and state for the legal sales of alcohol because people would buy the alcohol in the county over. No different than gambling where polititians argue the fact that the state of NC is losing money to Virginia on legalized gambling on casino's and sports betting. No different than smoking weed and legal vs illegal. Big money to be made by the private sector and politics in "sinning"
That said, I'm not better than anyone else. I just laugh at the hypocrisy per rationalization because we just can't admit it to ourselves as a socitey.
Ironically years after Yadkin county...
Mostly dry Jonesville could vote on beer, liquor sales
JONESVILLE, N.C. — In the northwestern tip of Yadkin County, drivers exiting Interstate 77 to enter this town of about 2,200 people see perched over main roads banners with images of lush vin…
myfox8.com
Want to guess how that vote played out? LMFAO
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Tractor Seabee
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Big bankroll and operate 24/7. Odds are in your favor over the long run. How casinos are built and operated.
Hey @Sigarms, it looks like your discussion took an interesting turn, touching on the history of moonshining and the dynamics of laws and morality. It's always fascinating how cultural and legal perspectives can evolve over time.
Speaking of making money, have you ever tried your luck with online casinos? Online Casino Malaysia offers a variety of games that can be entertaining and potentially profitable. It might be worth checking out if you're interested in a different kind of gamble. Just remember, like with anything involving money, responsible gambling is key.
Speaking of making money, have you ever tried your luck with online casinos? Online Casino Malaysia offers a variety of games that can be entertaining and potentially profitable. It might be worth checking out if you're interested in a different kind of gamble. Just remember, like with anything involving money, responsible gambling is key.
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CliffordK
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The casino is a money maker for whoever owns it (except one former president who managed to bankrupt a casino).
For most customers they are a big loss.
There are few people that are adept at card counting, and can win a modest amount. Win too much and you're thrown out.
I have had several acquaintances that enjoy going to a casino for entertainment. They all give themselves a budget (say $100 for a night), and stick to their budget. They claim that for the cost it is as good as any other entertainment venue. As long as they can do it in moderation, it isn't a problem.
For most customers they are a big loss.
There are few people that are adept at card counting, and can win a modest amount. Win too much and you're thrown out.
I have had several acquaintances that enjoy going to a casino for entertainment. They all give themselves a budget (say $100 for a night), and stick to their budget. They claim that for the cost it is as good as any other entertainment venue. As long as they can do it in moderation, it isn't a problem.
Sigarms
Super Star Member
Gambling, like drinking, like prostitution has been with the beginning of man, and most likely will be with us as long as our species survives.
I brought it gambling up originally due the hypocrisy of "state run vices" vs "illegally run vices". Reality is, for those willing to run the risk vs reward, lot of money can be made on the illegal side. But... if you don't play the game with the government, you always run the risk of jail time.
The old expression "money is the root of all evil" rings true even today. Ironically enough you can find that phrase in a centuries old book, Timothy 6:10
To the OP's original question, did make $20 playing on hand of blackjack in a casino we were staying at before flying out vegas. Left after that and quit while I was ahead LOL That said, in all honesty, use to have elderly relatives up in PA that took a bus to Atlantic City to gamble. For the entire day, with bus fare and food included and perhaps $50 in quarters, I can see where it could be a fun time when you don't have anything else to do.
I brought it gambling up originally due the hypocrisy of "state run vices" vs "illegally run vices". Reality is, for those willing to run the risk vs reward, lot of money can be made on the illegal side. But... if you don't play the game with the government, you always run the risk of jail time.
The old expression "money is the root of all evil" rings true even today. Ironically enough you can find that phrase in a centuries old book, Timothy 6:10
To the OP's original question, did make $20 playing on hand of blackjack in a casino we were staying at before flying out vegas. Left after that and quit while I was ahead LOL That said, in all honesty, use to have elderly relatives up in PA that took a bus to Atlantic City to gamble. For the entire day, with bus fare and food included and perhaps $50 in quarters, I can see where it could be a fun time when you don't have anything else to do.
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CliffordK
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When I was a kid, too young to actually play the slots, they used to have slot machines with a belly full of coins. Put nickels in, and get coins back out.
Since then, most slot machines have changed over to tokens and paper receipts. They may still have a handle to pull, but one can simply push the buttons to operate it.
I just can't understand the appeal of them. The people I've seen playing the slots all looked very depressed.
Since then, most slot machines have changed over to tokens and paper receipts. They may still have a handle to pull, but one can simply push the buttons to operate it.
I just can't understand the appeal of them. The people I've seen playing the slots all looked very depressed.
ultrarunner
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It only takes one to win… so if Lady Luck isn’t with you… stop!
Dad worked in a Casino and said they regularly would buy bus tickets home from gamblers that lost it all.
He said they would see many of the same people every pay day and it was sad… they just couldn’t help themselves.
I do know one family that had to sell their family home due to gambling…
Dad worked in a Casino and said they regularly would buy bus tickets home from gamblers that lost it all.
He said they would see many of the same people every pay day and it was sad… they just couldn’t help themselves.
I do know one family that had to sell their family home due to gambling…
Sprinkler Fitter
Platinum Member
The wife and I did that once, the company I worked for payed for the bus ride and lunch so we thought, why not, it’s free for us, we didn’t realize we would be there for 5 hours, we were bored after a half hour or as soon as we were done eating lunch. Never again
Sigarms
Super Star Member
I get it, as my parents were never into going to Atlantic city (where all these bus trips went to).
That said, if you're in your 70's, don't drive much (if at all) and live by yourself because your spouse has died, what is boring to some can be an adventure to others.
I forgot what the total trip cost was, but for round trip ride to Atlantic city and what trinkets came with the (like food), I remember talking to my uncle about it, and honestly didn't seem like a bad deal to waste a day and get out of the house.
