Thoughts on Gambling

[Psyber]

I'm bored at work looking at the clock so I thought I'd start a thread and get some thoughts on this.

I recently started going to the casinos about 4 months ago (never really was into it before) and became really into it. I've went 8 times in these few months and have won 6/8 times. I'm not greedy (I don't think I am) - I bring $300, play only blackjack (I've read books on strategies) and a little bit of nickel slots (but rarely) and I leave when I double it or lose it.

This last week I lost over $300, $450 because I was there for 2 days; I usually stop after dropping $300, but since it was 2 days and lost $300 the first day, I put down another $300 and stopped after losing another $150. It was really upsetting and even though I had the philosophy of gambling is only recreational and you can never win, this larger loss (I'm sure you big gamblers out there have lost bigger) put it in things more in perspective. I'm still up but I don't have the Atlantic City itch anymore.

You can never win at gambling because:
- the casinoes wouldn't be in business if ppl consistently win, that's why they are so nice
- even if you think you are a skilled bettor, you can have a string of bad luck and regaurdless of skill, statistically you are still at a loss
- most people that win usually lose it back in the same visit (this doesn't happen to be however, but I know it happens to most)
- even if you do end up winning money you still lose. You want to go back more and the more you go back the more likely you are to lose. Also, you are more likely to spend easy money so even if you do break even at gambling in multiple visits, you still lose because you ended up spending more than u usually would.

 

[MrChad]

The games favor the house. Statistically speaking you are bound to lose money eventually.

 

[AcidicFury]

You can win. It's hard though.

 

[gigapet]

blackjack is the only game you can beat i thought

 

[shimsham]

worst thing that ever happened was winning $5000 on a $5 slot. i eventually put it all back over the course of a few years. i go about once a year now. marriage and family put a stop to that

 

[TheNinja]

You basically summed it up. You CAN win on certain occasions. However if you play enough the house will eventually take your money b/c the games are tipped in their favor. The thing is that most people don't know when to quit after making the money and like you said, will eventually get greedy and keep betting, or come back in a couple of weeks and lose it.'

It's fun though

 

[Psyber]

Originally posted by: AcidicFury
You can win. It's hard though.

I agree, I play blackjack and I can tell when the shoe is good or bad, but I was sleepy when I lost my first $300; bad judgement combined with horrible luck, I would lose with 19s and 20s, the dealers would pull 3 or 4 card 21 counts out of his "you know what". Which is another lesson, don't play when you're drunk or sleepy.

 

[vi edit]

Largely why I almost never do slots or any of the video machines and stick to the BJ tables.

 

[sillymofo]

Yes, you can ever win.

 

[NikPreviousAcct]

There are only two games in the entire casino where the odds are even remotely EVEN (much less in your favor). Poker and Blackjack. In every single other game, the odds are stacked against you.

 

[Psyber]

Originally posted by: Staley8
You basically summed it up. You CAN win on certain occasions. However if you play enough the house will eventually take your money b/c the games are tipped in their favor. The thing is that most people don't know when to quit after making the money and like you said, will eventually get greedy and keep betting, or come back in a couple of weeks and lose it.'

It's fun though

yeah I was getting an extra $300 bux a month - that was sweet. but I always feel so crappy when I lose. I'm still up a bit, but I think I'm a bit wiser - I will down the frequency that I will go and maybe wait till I get my first investment property and make some more passive income before I go again.

I did get a free american flag when i lost my $450 dollars though Whoopee!!!

 

[new2AMD]

craps and blackjack have the best odds for the player.

The way I always look at it is, you know how much you can lose but you have no idea what the max is you can win on a given night. Its telling yourself at a point that you are up that it is enough and walk away. It might be at $10, $100, or $1000. You never know and thats why you keep playing and then the odds catch up with you and its all gone.

 

[HardcoreRobot]

You cant beat the house at BJ, but I think if you follow the strat and given certain favorable house rules, I think you can get the houses advantage down to only a few percent. The only way to win is to get ahead at first, and quit forever. Because if you keep playing, eventually the house will get its due.

My philosophy is only gamble with money I dont mind losing, im playing for entertainment and I like to make it as cheap as possibe

 

[Psyber]

Actually just for next time I go (and actually know anything about blackjack), How do you guys choose your blackjack tables?

 

[UnoSigmaPi]

I don't gamble much, but i when i do it mostly for entertainment. I don't plain to win big money, but to just have a good time.

 

[JzL]

Funny thread considering in 30 minutes I am leaving for the weekend to go to Harrah's with my dad.

I know that I am not going to "win", but it is just so much fun! I am taking $250 with me, that is my "lost" money, if I lose it .. who cares.. the way I figure... its that mcuh fun to spend $250 for a weekends worth of entertainment! I mean hell, I will sit at the poker table (only thing I do there) for like 20 hours!

Good thing my dad gets free rooms !!!

 

[Psyber]

Originally posted by: JzL
Funny thread considering in 30 minutes I am leaving for the weekend to go to Harrah's with my dad.

I know that I am not going to "win", but it is just so much fun! I am taking $250 with me, that is my "lost" money, if I lose it .. who cares.. the way I figure... its that mcuh fun to spend $250 for a weekends worth of entertainment!

Good thing my dad gets free rooms !!!

Well... they're not really free rooms you know:roll:

 

[HardcoreRobot]

If you are a good poker player, you can win. The house does not have an advantage over the player because you aren't playing against the house. They take a rake (% of every hand), so their income is guaranteed and they dont need to maintain an advantage like they do in table games (roulette, craps, bj etc.).

Same thing goes for sports betting. The house advantage is built into the wagering/payout system and is independent of your success. So, if you are knowledgable about sports you can use it to your advantage and win in the long run.

 

[vi edit]

Originally posted by: Psyber
Actually just for next time I go (and actually know anything about blackjack), How do you guys choose your blackjack tables?

Single deck
deal stands on soft 17
lets you double down on a split

I avoid the tables with the autodecks like the plague.

 

[Wuffsunie]

Play long enough, you never change the stakes. The house takes you. Unless, when that perfect hand comes along, you bet big, then you take the house.

 

[RagingBITCH]

Originally posted by: vi_edit
Largely why I almost never do slots or any of the video machines and stick to the BJ tables.

BJ tables? Is this in Vegas? :shocked:

 

[DurocShark]

I generally stick with roulette only because I know how to play the margins. I usually win, and even when I'm losing I only lose a small fraction of what I started with. But it's difficult to win big.

Knowing when to get up and walk away is the key to gambling. My manager went to Vegas with me last week and I watched him make some stupid deicisions. He was playing a $1 slot and hit a $70 winner. I said to cash out, he said no. Lost that $70 in less than 5 minutes.

Out of a whole busload of people from my work, I was the only one that came home with more money than I headed out with. Because I know when to get up from the table/slot machine.

 

[puffff]

i go to atlantic city a couple times a year.. some trips i win $100-$300, other times i'll lose $100-$300. overall lifetime i'd say i'm about even. the one advantage i'd say casinos have over you is they have much deeper pockets than you. even if the games were 50/50, casinos would still have the advantage. if you lose all your money, you cant play anymore. the casino can keep playing until it hits a good streak (for the casino)

 

[RagingBITCH]

Originally posted by: Wuffsunie
Play long enough, you never change the stakes. The house takes you. Unless, when that perfect hand comes along, you bet big, then you take the house.

Been practicing this speech have you?

 

[Psyber]

Originally posted by: HardcoreRobot
If you are a good poker player, you can win. The house does not have an advantage over the player because you aren't playing against the house. They take a rake (% of every hand), so their income is guaranteed and they dont need to maintain an advantage like they do in table games (roulette, craps, bj etc.).

Same thing goes for sports betting. The house advantage is built into the wagering/payout system and is independent of your success. So, if you are knowledgable about sports you can use it to your advantage and win in the long run.

I agree with poker comment, but there are a LOT of good poker plaers out there so I don't really know how good those odds really are...

However, I completely disagree with the sports betting. You are practically guaranteed to lose since the odds are based the sport's teams probabilty of winning. In addition, you pay money to a bookee to bet so if you do actually win, you will most likely roll that money over into the next bet so you'll never see your money - it's an unending cycle.