Do you gamble?

Mr. DS · April 04, 2009, 10:50:48 AM

My wife and I went to Foxwoods Casino in CT last night. Whenever we go we opt to play bingo. Even if we don't win we drop 20 bucks and we get to stay for several hours playing. I've been to the casino a few times with my father and I've seen how fast 20 bucks can last you otherwise.

I pretty much never gamble though. I feel my money is better off being put towards something I can use. I understand theres always that "chance". However, I'm 1.) unlucky at gambling and 2.) really think the odds are immensely against you winning. Hence the bricks of cash I saw the attendents bringing toward the drop off at the casino yesteday.

So how about you? Do you gamble? If so how often and what do you prefer? Slots, Black Jack, Dog Racing, Lottery, etc?

Psycho Circus · April 04, 2009, 10:53:38 AM

Nope. I never have, as I have enough vices and bad habits as it is. Don't think I ever will either, as I can't stand to risk losing any money, even if it's just a few £'s. I'll make my own fortune.

Jack · April 04, 2009, 11:00:10 AM

Never gamble, just don't get any enjoyment out of it. You see those big multi-million dollar casinos, I think I know in which direction the money is flowing.

zombie no.one · April 04, 2009, 11:38:52 AM

Ive wasted a lot of money on fruit machines, but I don't play them any more.

I think one of the worst things that can happen is to get a big win when you're very new to it, like I did - well kind of, I won 60 quid after putting 50p in a fruit machine just after Id started playing them. If that hadn't happened I probably wouldn't have been so enthusiastic in trying to win more out of them...in the end I was playing them just to try and stay even. they're rubbish things, really

JJ80 · April 04, 2009, 11:39:11 AM

I did have a small wager on the Grand National today and managed to pick the fourth placed horse. I'm not a great gambler despite being a major fan of horse racing. I'm just not much of a a risk taker, especially in financial matters.

ghouck · April 04, 2009, 12:02:25 PM

I usually don't, but I did start an online betting account. I put $50 on the account and when that's gone, I'm through. Enough safe bets to put 5-10 dollars on to build it up over time, , I think. .

Doc Daneeka · April 04, 2009, 12:18:07 PM

Not unless I am sure of winning!

Rev. Powell · April 04, 2009, 05:14:41 PM

Living in Vegas for 8 years, I had plenty of opportunity to gamble, but almost never did. Only when friends came to town and wanted to go to the casinos.

When I got there, I believed that it was possible to make money betting on sports, because it appeared to be a game of skill. Not so, it turns out. The market sets the line fairly at a 50% chance for any bet to win. There isn't any advantage to the player, who will win exactly 50% of his bets over time. Therefore, everyone loses money in the long run because the player can't cover the bookie's cut (the "vig"). You would have to hit over 55% consistently to profit once vig is factored in. This is especially true today with so much info at everyone's fingertips; unless you know a match is fixed, no one has a hot tip anymore that the rest of the public doesn't know.

I like to bet on the horses at Churchill Downs, but only about once a year.

I'll play poker with local buddies every once and a while, with only a few dollars at stake. I'll also play in poker tournaments where the money goes to charity. Poker is a game of skill, but I've heard only the top 10% of all players in the world can consistently make money

Gambling is fun when you set a budget for yourself before you go to a session and quit when it's exhausted. If yoiu win, it';s a nice surprise. Most people can do this, but I've seen a few who can't. In Vegas it's not uncommon to meet people who routinely lose their enitre weekly paycheck a few hours after they cash it.

lester1/2jr · April 04, 2009, 05:25:57 PM

stock market

actually lately

I guess I'm a true sucker though because I don't believe it's gambling. Alot of research and charology goes into the buying and selling and it's based on fundamentals thugh I suppose you could say the same about betting on sports events

Rev. Powell · April 04, 2009, 06:39:50 PM

Quote from: lester1/2jr on April 04, 2009, 05:25:57 PM
stock market actually lately

I guess I'm a true sucker though because I don't believe it's gambling. Alot of research and charology goes into the buying and selling and it's based on fundamentals thugh I suppose you could say the same about betting on sports events

I don't think investing is gambling, although the commodities market comes close. A gambler friend of mine used to make that argument until I pointed every bet has one winner and one loser, but the large majority of stocks go up in value over time. With investing the question is more in putting your money where it will be most profitable, not avoiding losses.

Mr. DS · April 04, 2009, 08:26:28 PM

I have to add in that if there were more games of skill I'd join in more. I'd pony up for a "whack-a-mole" for money.

Wag · April 05, 2009, 07:19:58 AM

I have played cards with family for money - not serious money - just coppers and pocket change. The feeling of loosing money is far worse than the feeling of winning is good, so I don't like it. Add this to my general competative streak and I become the sorest loser and most obnoxious winner when money's involved.

With that in mind, I would never gamble for serious money. It would turn me horrible

ghouck · April 05, 2009, 11:13:22 PM

Yeahhhhhhhhhhh! won big on an online sports betting site, my first time betting and I WON!

asimpson2006 · April 06, 2009, 06:11:36 AM

I do gamble every now and then usually just lotteries like Powerball. I usually only play when the jackpot is fairly high but even when it gets high I will just usually just play 1 night then that will be it.

The Burgomaster · April 06, 2009, 10:15:01 AM

I do most of my gambling when I go to Las Vegas, although I go to Foxwoods and Mohegan Sun occasionally. I never play games I don't understand and I tend to do a good amount of reading before I play. Then I play EXACTLY with the odds . . . I never play hunches and I never place bets on games that have terrible odds. I cringe when I see people at the casino huddled around the Wheel of Fortune, which is one of the biggest rip-offs known to man.

My 2 big games are:

* Blackjack - I memorized every hit, stand, split, and double down scenario and that's the only way I play. I never play tables where blackjack pays only 3 to 2 (like at Harrah's in Las Vegas).

* Craps - I play only pass and come bets (taking advantage of 2X odds, 10X odds, or whatever the casino offers). These bets keep the casino's advantage at a minimum. Just about every other bet on the table is a sucker bet with the odds HEAVILY in favor of the casino. And don't let anyone tell you any different.

I have also dabbled in LET IT RIDE and 3 CARD POKER. Both have worse odds than Blackjack and Craps, but the odds aren't terrible. Mainly, I play these games just when I'm tired of Blackjack and Craps. Never make the "side" bets these games offer (that promise you large payouts if you get dealt certain hands). These are sucker bets and the odds of getting dealt those hands are far smaller than the associated pay-outs.

I also played TEXAS HOLD 'EM when I was in Las Vegas last summer. One of the players at my table was a young Asian guy who was apparently on AMERICAN IDOL a few years ago (and I understand he was a terrible singer, but the audience liked him). I had no idea who he was, but the lady playing beside me recognized him.