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Is casino gambling just a tax on idiots, or should I try it?

Is casino gambling just a tax on idiots, or should I try it?

May 7th, 2002, 04:34 AM
  #1  
Nate
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Is casino gambling just a tax on idiots, or should I try it?

People tell me that it is impossible to win at the casinos after just a few hours of gambling but towns with casinos are booming with visitora who look like they have more money than me- what gives?

Is gambling a tax on idiots?
 
May 7th, 2002, 04:42 AM
  #2  
Dick
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No, lotteries are a tax on idiots.

In casino gambling, the odds and payouts are set up so that the casino always "wins" in the long run. The house take varies depending on the game, but it's always there. That doesn't prevent some gamblers from winning, but if you add up all the winners and losers you'll find that there are more losers than winners by a few percent. It's that few percent that makes Las Vegas what it is.

The best way to view gambling in the long term is as a form of entertainment that you pay for - some can afford it, some can't. Those people who look like they have more money than you would have even more money if they weren't gamblers.
 
May 7th, 2002, 04:42 AM
  #3  
Mike
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Entertainment for some, addiction for others. Probably not dependent on I.Q. in either case.
 
May 7th, 2002, 04:46 AM
  #4  
ronald
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Gamblers love to tell you the great stories about their winnings - they "forget" when they lose. So beware of gamblers spouting tales of their killings on the slots, tables, etc.
 
May 7th, 2002, 05:33 AM
  #5  
thereuare
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I remember when i was in high school somebody i worked with was explaining to me their strategy for roulette because he "always wins."

Well, he lays out the numbers 1 to 36 on a piece of paper and i tell him he forgot the 0 and 00. He says, "forget about those, they never come out."

That was the end of the lesson, as i didn't need to learn from somebody that knew less than me.
 
May 7th, 2002, 05:48 AM
  #6  
ryan
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A little known fact about Alan Greenspan is that he loves to play craps. I wouldn't call the Fed Chairman an idiot.

Dick explains it perfectly both about casinos and the lottery. I'd add that some games have much better odds than others. Craps for example has some of the best odds in the house, depending on how you are betting. You can actually take the house's odds with some bets.

Lotteries are a tax. I did some work several years ago for a supermarket owner in New Orleans. In the year that Louisiana instituted its lottery, supermarket sales in the state declined by about $200 million. A good portion of the people buying these tickets are the one's who can least afford to do so.
 
May 7th, 2002, 06:07 AM
  #7  
Brian
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Gambling is one of two things:
entertainment or a sad waste of money.
For people who are trying to win money as their main goal, gambling is a huge waste of time and money and they will virtually always come out behind in the end.
For people who gamble for the entertainment value alone, the value is dependent on how much they have to spend in order to be entertained, and how much they enjoy themselves.
 
May 7th, 2002, 07:32 AM
  #8  
Ann
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Gambling is a tax only on those who gamble more than they can afford to lose.

It's just like playing the stock market: never put in more than you can afford to lose.
 
May 7th, 2002, 07:50 AM
  #9  
Dick
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Yes, but only if "playing" the stock market is defined as something different from long-term diversified investing, which is clearly not a gamble.
 
May 7th, 2002, 08:27 AM
  #10  
steve
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Dick, 'long term diversified investing' is by all means a gamble. It may be a more prudent gamble than putting all your money on one bet, but it's certainly no sure thing. Despite all of the brokers charts, there is no certainty hat your diversifed stock portfolio will be worth more in 30 years than today. 30 years from now you may have wished that you rolled it all on one bet.
 
May 7th, 2002, 08:41 AM
  #11  
lENORE
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Gambling is really fun for anyone who is winning or "up".....not fun at all for those who are losing or "down". That said, I still love casino gambling and I'm surely "down" over the course of many trips to Vegas, Reno, Tahoe, New Orleans, Niagara Falls, The Bahamas and several cruises. Like others have said, if you view your gambling as a type of entertainment and curtail your spending, it can be tons of fun. The key is to set a limit before you arrive and be willing to stick to it.
 
May 7th, 2002, 08:48 AM
  #12  
Dick
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Well Steve, there's no "guarantee" that we won't all be hit by an asteroid next month, but I don't think it's very likely. Since the 1929 market collapse, which resulted in sweeping changes in how the stock markets operate, U.S. common stocks have returned, on average, something around 10% annually. As they say, past performance is no guarantee of the future, but there is a no reason to believe there has been some fundamental macroeconomic change that would greatly alter that rate of return. In 30 years I don't think I'll be around to care, but much, much sooner than that I'll be entering a comfortable retirement based largely on the fact that I didn't roll it all on one bet.
 
May 7th, 2002, 09:25 AM
  #13  
Statia
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I don't play tables, only slots, so I take a certain amount that I "plan" to lose and when it's gone, that's it. I look at it as paying for a few hours of entertainment. Once in awhile I'm lucky enough to double my money and immediately leave.

 
May 7th, 2002, 10:32 AM
  #14  
Ann
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Dick, I'll say it again. You are gambling if you have more money in the stock market than you can afford to lose. Unrealized gains are called that for a reason: they do not really exist until you cash out. All of it could disappear tomorrow. And don't say it can't happen. Look at everyone who invested in Enron, thinking it was a safe bet. Those same people are also invested in GE, Ford, etc., thinking their money's safe. It's not.
 

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