Gambling is bad mkay

I only play poker, I went to Casino 235 in Manchester for my works doo in Christmas last month. It was my first time in a casino and I sat down bunch to load of chinese guys and won £500 within about 2 hours. I got some great hands, you have to have the patience never to bet on **** hands or know when you are likely to be beaten...laying down 2 pairs is hard sometimes.
 
dunno said:
Never go to casinos unless you are incredibly lucky!
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Theres no such thing as luck when playing casino games, every time you place a bet you give the house an edge depending on the game (~4% roulette & BJ, 10% on the machines???). If you continuously play and you 'win' you do not actually 'win' the game lends you the money then takes it off you at the edge rate of the said game. The only thing that happens when you 'win big' or 'lose big' is 'variance' because you are always loosing at the average of the house edge.
 
Roulette tables blow my mind, as an economics graduate that is. Every single possible bet you can place has a lower expected payoff than the expected value. This guarantees that the casino wins on average.

Choose a bet, count all the possible places the ball can land, work out the probability it will land on your bet. Now compare the payoff of your bet to the probability you will get it. The payoff is always lower than the probability by a small amount, on average, you will always lose.

You might say to yourself, I'll keep betting to get my money back, the casino is laughing because it always wins on average. See that fancy building you are sitting in, all the dealers, security and decor, you are kindly funding this genius business out of your own pocket.
 
I've played fruit machines for most of my adult life. Just change from a round or £20 max if I'm going into an arcade which is full of fruties. I would never play with money that I can't afford. Just don't go increasing your stakes otherwise you end up chasing loses where it was only meant to be for a bit of fun.
 
I normally come out up from a Casino night if I stick to Blackjack for the whole evening. It's all about the maths, yo.

But that get's boring so I normally end up spunking most of it on Roulette. In 30 seconds.
 
iamTakeo said:
Roulette tables blow my mind, as an economics graduate that is. Every single possible bet you can place has a lower expected payoff than the expected value. This guarantees that the casino wins on average.
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As an economics graduate, you should know that choice is a function of preferences. There's no reason why a punter should have a risk-neutral utility function. At least in economics, risk-loving, risk-neutrality and risk-aversion are equally rational. You might as well make the same argument that insurance premiums are also actuarially unfair.
 
Monserrat said:
I've played fruit machines for most of my adult life. Just change from a round or £20 max if I'm going into an arcade which is full of fruties. I would never play with money that I can't afford. Just don't go increasing your stakes otherwise you end up chasing loses where it was only meant to be for a bit of fun.
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i got into fruit machines as a kid when i lived in Folkestone, used to spend all my paper round ££ in the arcades.. then all my weeks wages when i started working :(
i still play fruits now, but i wont put too much in and i quit as soon as im ahead, as an example i went bowling the other day and put £1 in a £70jp DOND machine won nothing, put another £1 in and won £4 then /quit with my nice shiney £2 profit :p
 
Reaper 392 said:
or to count cards

OR to be the friend of a slot machine builder who has rigged them to pay out loads of money of you play them in a certain way (saw this on some greatest gambling scams thing)
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counting cards is over rated.

and if the dealer is any good they will be shuffling quite often.

also most casino's use a continual shuffler nowadays in which case you can only get a count for about 30 cards which is not enough to get the odds moving in your favour.

i have a quiet giggle to myself when people tell me they are counting cards.
 
Never ever gamble what you cannot afford to lose. Also, don't gamble your entire bankroll on one game either.
 
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Screw house games.

Saying that I had absolutely solid hands tonight in hold em and had people betting into my raises with NOTHING then hitting on the river. Lost half my bank roll to 3 runners :(
 
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