Emini-mouse
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tar
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nope , because of this Ladbrokes is here more than 120 years ...
Emini-mouse
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Prawnsandwich
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How many times have we said "If only I had taken my umbrella!"
Ah....but if you took your umbrella everywhere with you would that be investing?:cheesy:
I'm afraid that I hate 'em. The downside to that is that I get wet more often than most.
Prawnsandwich
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There wouldn't be a huge amount of rain in Spain would there..? (For some reason I feel tempted to add something about the plain..but I wont)
BlackBison
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So is the owner of a casino a gambler?
Emini-mouse
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i would say definitely yes
BlackBison
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ok so now is he gambling in the way that any business owner takes a risk or is there something else at work?
tar
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ofcourse not , he is a business owner investing his money for a known outcome , it is not important if he makes money every hour , the important thing he has an edge in the long run . Risking money for unknown outcome is gambling , risking money for known outcome is investing .
BlackBison
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come on tar you ruined my fun
Emini-mouse
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BlackBison
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well mouse everything you do in life is a calculated risk. you get a safe job at a large company you forgo possible large returns in return for low risk income. you leave your job and start a business --> high chance of failure, but outsize returns if you make it.
by your definition there is no way to avoid gambling in any walk of life, since nothing in life is guaranteed. its an issue of semantics
by your definition there is no way to avoid gambling in any walk of life, since nothing in life is guaranteed. its an issue of semantics
L
Liquid validity
Tar was right, a casino owner is a business owner.
Why?
Simple - roulette, the zero is the house edge, the profit. You can not win long term.
In bookmaking terms the whole book price is larger than the total return, same as horse racing.
Poker - you can have an edge if you are good, or went to MIT and have a good memory...
By and large Gambling is big business because losers are always attracted by 3 legged rocking horses at 100-1 as they don't have the capital and also believe the lottery is a realsitic chance of money
Trading is the same, gambling traits do surface along with gambling strategies - they never work.
In a way if you define gambling as no guaranteed chance of success, then trading is gambling. Once you utilise money management, risk, strategy etc. you lessen gambling risk to a degree where it becomes a long term edge. Step outside of that edge and you are gambling...
Why?
Simple - roulette, the zero is the house edge, the profit. You can not win long term.
In bookmaking terms the whole book price is larger than the total return, same as horse racing.
Poker - you can have an edge if you are good, or went to MIT and have a good memory...
By and large Gambling is big business because losers are always attracted by 3 legged rocking horses at 100-1 as they don't have the capital and also believe the lottery is a realsitic chance of money
Trading is the same, gambling traits do surface along with gambling strategies - they never work.
In a way if you define gambling as no guaranteed chance of success, then trading is gambling. Once you utilise money management, risk, strategy etc. you lessen gambling risk to a degree where it becomes a long term edge. Step outside of that edge and you are gambling...
Emini-mouse
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to be honest ive forgotten what we are aguing about
Emini-mouse
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Tar was right, a casino owner is a business owner.
Why?
Simple - roulette, the zero is the house edge, the profit. You can not win long term.
In bookmaking terms the whole book price is larger than the total return, same as horse racing.
Poker - you can have an edge if you are good, or went to MIT and have a good memory...
By and large Gambling is big business because losers are always attracted by 3 legged rocking horses at 100-1 as they don't have the capital and also believe the lottery is a realsitic chance of money
Trading is the same, gambling traits do surface along with gambling strategies - they never work.
In a way if you define gambling as no guaranteed chance of success, then trading is gambling. Once you utilise money management, risk, strategy etc. you lessen gambling risk to a degree where it becomes a long term edge. Step outside of that edge and you are gambling...
take your roulette example, it is possible to win inthe long run nomatter how high the odds are against you
L
Liquid validity
I'm hoping for your sake their is a typo in that sentence which should have read:
"isn't possible"
or "impossible".
If its not a typo I suppose you've recently discovered the "wonderful hidden gem" known as the martingale system...
Roulette is for fun or suckers, simple as that.
