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Is Gambling for Idiots?

EGarrett

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E
Joined
Feb 24, 2004
Messages
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No matter what I do, I just can't bring myself to go to Atlantic City or Las Vegas. Maybe at some point, I instinctively figured that it was extremely foolish to go to someone else's house and play a game of their choice under their rules for MY money.

Now, I don't mean skill games against other players (like Poker), I mean the normal Vegas stuff like roulette, slot machines, the big wheel, Video Poker etc.

No matter what, there's just NO way you can have a better than 50% chance of coming out on top. They can't allow it. Isn't that obvious? Or am I missing something?
 
Yes, gambling is for idiots.

But then again... I am the person who went to the arcade with friends in high school and only used my own money to play one round of air hockey.

Later when my dorm had a "casino night", I just wandered in... saw people put their money down, and got to see it taken away. On that night the grip of my fist around what little money I had was very tight, and I did not even drop a dime.

Which is why hubby and I were completely baffled when on the drive from Vancouver, WA (just north of Portland, OR) to Seattle that there were so many casinos!

(though not quite as baffled as we were about the several slowdowns on the freeway in what is essentially "middle of no where").
 
EGarrett said:
No matter what I do, I just can't bring myself to go to Atlantic City or Las Vegas. Maybe at some point, I instinctively figured that it was extremely foolish to go to someone else's house and play a game of their choice under their rules for MY money.

Now, I don't mean skill games against other players (like Poker), I mean the normal Vegas stuff like roulette, slot machines, the big wheel, Video Poker etc.

No matter what, there's just NO way you can have a better than 50% chance of coming out on top. They can't allow it. Isn't that obvious? Or am I missing something?
Click to expand...

You can go to Atlantic City or Vegas and not gamble. I didn't wager a penny at TAM4.

Gambling isn't stupid unless you go to far. Most people are aware they probably won't win. They pay for that small rush. "I COULD win a million. You never know."

To me, it is just like getting on a roller coaster or watching a movie. You pay for the internal feelings, not for the material benefit.
 
HCN hits the point by noting "I am the person who went to the arcade with friends in high school and only used my own money to play one round of air hockey."

For most people who gamble, it is entertainment. It's not all that much different from throwing down $10 for a 2 hour movie.

I recently went to the casino in Colorado, where it is all low stakes. Spent about an hour and a half there. Because it's low stakes, there is no way you can hit it big, but you can kill some time, although in the end, you expect it to cost you some. However, if you think casino gaming is fun, then you get some enjoyment.

I don't presume to tell people what they do or don't enjoy. If you don't think gambling is fun, then, yes, you would be an idiot to do it. But that would apply to any recreational activity.

BTW, I came out $15 ahead from my trip to the casino (and it would have been more but a) I tipped my dealer a couple of times, and b) I wasted $5 in the penny slots on the way out)
 
well....say you were playing for fun on the roulette, had a large bankroll (which you acknowledged you could afford to lose), made small bets relative to the bankroll, and factored in likely long term losses for any particular "strategy" (reds/top third etc...) and were prepared to write that off as your payment for the entertainment, then long term you should be (more or less) breaking even.....

but if you play long term with the aim to get rich, well, you're asking for trouble.....:)
 
andyandy said:
well....say you were playing for fun on the roulette, had a large bankroll (which you acknowledged you could afford to lose), made small bets relative to the bankroll, and factored in likely long term losses for any particular "strategy" (reds/top third etc...) and were prepared to write that off as your payment for the entertainment, then long term you should be (more or less) breaking even.....
Click to expand...

There is a strategy in roulette in which you ramp your bets in an appropriate manner so that you basically will always come out ahead given enough time and a limitless bankroll. Now, you won't come out very far ahead, and that one adventure where you either run out of time or run out of bankroll is going to cost you immensely, but presumbly that is sufficiently low probability to not get you. But you are taking that chance.
 
I think your intention determines if you're an idiot. Gambling for a little fun with the expectation of losing is not dumb. Thinking you're going to win huge sums playing your super-secret-craps strategy is pretty dumb.

I had a friend who was convinced he could figure out patterns in roulette numbers. He never seemed to be discouraged by the fact that he could only see these "patterns" after the fact.:rolleyes:
 
If you do not gamble, then you have no chance of winning.
On the other hand ...
If you do gamble, then there is at least a chance of winning.

So do not spend anymore on gambling than you would flushing your money down the toilet because chances are you will loose it just as surely, but if you can afford to toss a bit of cash, then there is a small possibility of getting back far more than you risk.

Good luck!
 
I just devised a betting scheme where if you have $504 and about 3 hours of free time (113 spins), you will come out ahead on a 37 number roulette wheel (no 00) about 95.5% of the time. Depending on the spin, you will come out anywhere from $1 to $34 ahead. Unfortunately, 1/20 times, you will end up $504 down.

If you are willing to accept a breakeven, it only increase to 114 spins. However, that doesn't increase your chance of winning very much (0.1%)
 
I agree that gambling is a form of entertainment, not an investment strategy. I occasionally buy a lottery ticket, usually when the powerball jackpot is high. I don't use my lunch money. I would never use my house payment. I know I'm just buying a daydream.

I used to go to the dog races in Alabama. The air-conditioned clubhouse was like a big restuarant overlooking the track. I would study the racing forms and bet conservatively. I could usually win enough to pay for admission and dinner for two. It was a fun date. Once I took a buddy with me and we each brought dates. He came back to the table bragging that he had made a good exacta bet. He just knew these 3 dogs would come in that exact order. He showed me the form and I said, "Great, but that is the 6th race. They are getting ready to run the 5th race." His eyes got big and he flipped back a page to see the dogs he had actually bet on. He was very dismayed at his choices. However, they actually did come in that way. He bet $2 on the wrong dogs and it paid him $80. We all were certainly entertained by his luck that night.

As far as gambling idiots go, they usually lose their money but usually not to other idiots.
 
pgwenthold said:
There is a strategy in roulette in which you ramp your bets in an appropriate manner so that you basically will always come out ahead given enough time and a limitless bankroll. Now, you won't come out very far ahead, and that one adventure where you either run out of time or run out of bankroll is going to cost you immensely, but presumbly that is sufficiently low probability to not get you. But you are taking that chance.
Click to expand...

yeah doubling up...but it's kinda silly...

say i bet on reds all the time......

£5 lose

£10 lose

£20 lose

£40 lose

£80 lose

£160 lose

just from a run of 6 against, i now have to risk £320 just to win just £5.....

and say i was really unlucky, £2560 after 9 against.....

chasing your losses basically....
 
Gambling for fun, expecting a loss: I don't see the appeal, but go ahead. Most I'd do for that sort of thing is maybe dump some (literal) pocket change into a slot machine on the off-hand chance of a jackpot.

Gambling for profit: Unless you've been doing some statistics and hard training like those Breaking Vegas card counter people, don't bother.
 
Hydrogen Cyanide said:
Snip....
Which is why hubby and I were completely baffled when on the drive from Vancouver, WA (just north of Portland, OR) to Seattle that there were so many casinos!

(though not quite as baffled as we were about the several slowdowns on the freeway in what is essentially "middle of no where").
Click to expand...

[derail] We drove I5 - from the Canadian border to Kelso on our way to Astora - in both directions last week. The slowdowns puzzled me too, both south and north of Seattle. [/derail]
 
pgwenthold said:
I just devised a betting scheme where if you have $504 and about 3 hours of free time (113 spins), you will come out ahead on a 37 number roulette wheel (no 00) about 95.5% of the time. Depending on the spin, you will come out anywhere from $1 to $34 ahead. Unfortunately, 1/20 times, you will end up $504 down.

If you are willing to accept a breakeven, it only increase to 114 spins. However, that doesn't increase your chance of winning very much (0.1%)
Click to expand...
I have a deal for you. You win 99.99% of the time! I'll roll 2d100 and if they both come up 42, you give me $10,000, otherwise I give you $0.01.

It's easy to come up with betting schemes that have a high "chance of winning". That doesn't mean they're in any way useful though. Like mine. Will you take the bet? I'll accept all comers.
 
I don't know if gambling is for "stupid people"..... but I agree with the rest that your attitude makes all the difference.

I love to go to the race track and watch the horses. If I have money and can afford to lose it, I even bet on them! I only ever bet $2.00 (or whatever the lowest bet that is allowed) and do OK. I once won $50.00 on a $2.00 bet. Exciting, huh?

But I am not there to win or make money. I am there (right beside the race track, so I can feel the ground tremble when the horses race past) because I love to see horses. If I have $2.00 placed on a horse, in a way it makes it a more involving experience to spend that 2 minutes or less (depending on the length of the race) watching the horses.

Now, I simply can not get involved in slot machines. There is simply no draw there for me, I am not interested in sitting in front of a slot machine. But I imagine that for some people, they feel that same excitement I feel when I watch horses.

My only problem with gambling is with people who DO spend the rent money and the money for the baby's formula in a casino. But just because some people abuse something, that does not automatically make it stupid or wrong. Some people abuse pain killers, but I would not think pain killers were stupid or wrong because of that.
 
dogguy said:
[derail] We drove I5 - from the Canadian border to Kelso on our way to Astora - in both directions last week. The slowdowns puzzled me too, both south and north of Seattle. [/derail]
Click to expand...

Traffic waves, people following too close, going too fast then braking, making traffic appear, travel backward and continue to exist long after there's no physical reason for a slow down anymore... There's a neat website about it somewhere. I won't look it up.
 
I don't see the attraction of slot machines or roulette either. Pure luck is no fun if the payout is small.

I know there is some skill in card games and that I would enjoy. I saw a show with Larry Flynt (Hustler magazine) playing blackjack in Vegas. He demands a solitary table with just him and a dealer away from the crowds. He bets heavy and has some strategy. He plays for 24+ hours straight and usually leaves with more than a million of the casino's money. I think he does it once or twice a year. I can see spending the time to figure out a strategy and playing it this way, but I don't have the capital to get into a game like that.

I once got in with some guys who played backgammon for money. They played for $10 per chip you left on the board. If you get gammoned you could lose $150. I'm a pretty good backgammon player so that was fun. They were also pretty good so I really just broke even in the long run.
 
Amapola said:
Now, I simply can not get involved in slot machines. There is simply no draw there for me, I am not interested in sitting in front of a slot machine. But I imagine that for some people, they feel that same excitement I feel when I watch horses.
Click to expand...
I think it must be completely different pathways that are getting rewarded. Watch people at a track, or at a sports better and you see yelling, cheering, jumping up and down, arms pumped in the air, etc. In comparison, walk around Vegas or anywhere there are slots. Almost to a person, they have a glazed, dour look on their face. No emotional response, everything shut down. It's quite unsettling, to me at least.

I've found myself playing stupid computer games (solitaire, et al) in a similar manner sometimes - not enjoying the play at all, but just trying to beat the d*** thing. Then I realise what I'm doing, and do something fun or productive (you know, after I finish just 2 more games).
 
I dearly love poker, though it's hard to get a good game going these days. Our old playing group broke up four years ago (two folks were transferred to other states) and the ESPN/GSN "all poker, all the time" TV craze has made it difficult to find skilful opponents who know anything other than "Texas Hold 'Em." I don't - and wouldn't - play "casino" games like roulette, slot machines and the like.

That said, I despise Atlantic City and Vegas, and wouldn't go back if I were paid to do so. Cheap, sleazy, low-class, over-indulgent - you name it, they're it. Some folks consider them a prime example of Americana; I think they're a blight.

And the food stinks. :)
 
andyandy said:
yeah doubling up...but it's kinda silly...

say i bet on reds all the time......

£5 lose

£10 lose

£20 lose

£40 lose

£80 lose

£160 lose

just from a run of 6 against, i now have to risk £320 just to win just £5.....

and say i was really unlucky, £2560 after 9 against.....

chasing your losses basically....
Click to expand...

Oh, but that is going way too fast. It's much better to play the single numbers (where the bet limit is smaller - you can bet $1 at a time, as opposed to red/black which will have a higher minimum)

My bet sequence is below. 114 spins, with a total drop of $505. There is a 95.5% chance that you will win once in these spins, and if you win, you will at least break even. It's far more conservative than doubling up.

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