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Question for the casino gamblers and poker players...

MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
The way I see it, there are three types of gamblers.

The first type gambles a small enough amount of money that it really doesn't matter, financially, if he wins or loses.

The second type will risk real financial pain but stays within his comfort level, just barely. He does this not so much because he wants to win big, but because gambling isn't fun without substantial risk and reward.

The third type gambles over his head for the same reasons as the second type of gambler, only to an extreme.

The question for the gamblers here are:

Which category do you fall into?

Does your collecting style and budget follow a similar pattern? In other words, how does your coin budget match up against your spending capability?

As for the non-gamblers, feel free to chime in anyway!
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • I'm a type 1 with an occasional type 2 binge
  • IrishMikeIrishMike Posts: 7,737 ✭✭✭
    Heh, funny you should ask, call me risk averse. I love to collect coins and play hold'em and blackjack. But I never felt like sinking a whole lot of money into either. I even learned to count cards back in the 70's when we got our first computer in the bank.

    I played enough BJ to get comped at the old MGM, now Bally's. Lately I have spent my time playing 1/2 holdem with the usual buy in of $300. It's a fun way to make a few bucks and get to know some folks. I wouldn't go near a 5/10 dollar table in Vegas. Too many old ladies and young guns make a living out there playing cards.

    I guess being a banker I'd rather watch my money continue to grow in my retirement funds. So classify me as a number 1. Maybe growing up poor has something to do with it.
  • i prefer the higher risk /reward games where the house advantage is reduced to a minimum

    Pai Gow poker is one

    Craps is another as well as Black Jack if any of the 3 are played properly

    You can reduce the house advantage to less than 2 %

    unlike slots where the house says they pay back 96 % or whatever,that can mean 1 person wins 96 k and the other people that put in a 100 k win nada !

    Coin wise i'm always looking for the most bang for the buck.

    Of course now my mid-life crisis has set in and all my coins r for sale to fund my retirement venues,but the funds i have chosen to "step on the throttle" so to speak will be high risk and high reward types.

    I have been working on mommas funds for 2 yrs and averaged nearly 18 % per year.

    Coins are not gonna perform like that unless you can buy some ultra rarities or some moderns that sell for stoopid money.
    image
  • tradedollarnuttradedollarnut Posts: 20,194 ✭✭✭✭✭
    I'm a number two with occasional forays into number three territory - in both coins and gambling. I've won over $250k at blackjack before.... and I'm happy to say I'm ahead for my lifetime at every casino I play at. image
  • STONESTONE Posts: 15,275
    Um, I'm a number 1. I don't have much money, so when I play with friends, we usually just play w/ $5-20 buy-ins. Not $300 like IM.
  • i once flipped a coin with a partner for each of our shares of a small business we were running. i think you were there at the bar at the time, andy. i'd still say i was a type 1 gambler. maybe a type two drinker.
  • IrishMikeIrishMike Posts: 7,737 ✭✭✭


    << <i>I'm a number two with occasional forays into number three territory - in both coins and gambling. I've won over $250k at blackjack before.... and I'm happy to say I'm ahead for my lifetime at every casino I play at. image >>



    $250K in one trip or session? I won $7K one night in 1986 at Ballys.
  • pf70collectorpf70collector Posts: 6,725 ✭✭✭
    I stick to slots which I know is a losing propositon, but I like the penny slots in Delaware and you can't beat the all you can eat Alaskan King Crab Legs and Prime Rib Buffet for $11.00. I usually do a Homer Simpson when I am there. None of the card or roulette games ever appealed to me. $100 is my limit which averages for me about 5 hours of slot play. After that I am outta there.
  • drwstr123drwstr123 Posts: 7,045 ✭✭✭✭✭
    Love to play the slots and like to win, I did the only reasonable thing......I own them.
    image
  • morgansforevermorgansforever Posts: 8,466 ✭✭✭✭✭
    <<The way I see it, there are three types of gamblers.>>

    Having worked in two large casino's, I found really there are two types gamblers, losers and liars. The losers lose, and the liars lie

    about their losses. Nobody wins long term, unless you cheat, ie count cards at a bj game.
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
    i once flipped a coin with a partner for each of our shares of a small business we were running.

    Is that how I got out of that business? I always wondered about that...
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 24,394 ✭✭✭✭✭
    I'm happy to say I'm ahead for my lifetime at every casino I play at.

    TDN - How many casinos do you play at?

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • IrishMikeIrishMike Posts: 7,737 ✭✭✭


    << <i><<The way I see it, there are three types of gamblers.>>

    Having worked in two large casino's, I found really there are two types gamblers, losers and liars. The losers lose, and the liars lie

    about their losses. Nobody wins long term, unless you cheat, ie count cards at a bj game. >>



    Counting cards is not illegal anywhere, especially in Atlantic City. Its not illegal in Vegas, yet they can ask you to leave but not because you are breaking a law. I am suprised if you worked in a casino you didn't know that.
  • tradedollarnuttradedollarnut Posts: 20,194 ✭✭✭✭✭


    << <i>Having worked in two large casino's, I found really there are two types gamblers, losers and liars. The losers lose, and the liars lie about their losses. Nobody wins long term, unless you cheat, ie count cards at a bj game. >>




    Define long term - I'm up over $500k over 8 years and I don't count cards. I report my winnings on my tax returns - why would I lie and cost myself money?


    $250K in one trip or session?

    One trip. I think the most I've ever done in one session is about half that.
  • fishcookerfishcooker Posts: 3,446 ✭✭

    My speculation style is assuredly not type 1 here, because I don't have time for stuff that doesn't matter.

    I guess you would say I fit into your extreme pile, although in practice I keep my Risk/Reward steady, so that's far from extreme. For example, if I leverage money to buy platinums, that may or may not be risky. Just depends on the asset. It was hardly risky to borrow money to buy AGE sets for resale, right?
  • IrishMikeIrishMike Posts: 7,737 ✭✭✭
    Therefore, let's address this one issue right now in the hopes of preventing any further misunderstandings. To put it as unequivocally as possible: yes, it is legal to count cards while playing blackjack in a Vegas casino. Specifically, even if you're caught performing such an activity, there is no danger that you will be arrested or sentenced for any misdemeanor or felony under Nevada State law. Sounds like a sweet deal, doesn't it? Maybe you should quit your dead-end job and start practicing your card counting skills right now without wasting another minute of your life.

    Link
  • tradedollarnuttradedollarnut Posts: 20,194 ✭✭✭✭✭


    << <i>I'm happy to say I'm ahead for my lifetime at every casino I play at.

    TDN - How many casinos do you play at? >>



    Three - Venetian, Palms and Wynn.


    To bring this back to coins - when I bought the Eliasberg 1885 trade dollar in 1999, I had nowhere near the net worth I do now. And it was by far my largest purchase ever by a factor of almost 10. Definitely type 3!
  • I alway go by the addage if I can't afford to lose I can't afford to play..... Having said that I am probably a type 2 with 3 tendencies. I play mostly on line (did till it got shut down) and was lucky enough to cash out 30k last summer (but only started with $100.00) so for the most part I am up. Since the sites have been nuked by the rep. I don't play much at all. As for coins like most of us I am always looking for the "big one" and have had some luck there too.
    There is nothing more powerful than the power of goodbye
  • tradedollarnuttradedollarnut Posts: 20,194 ✭✭✭✭✭
    ps - the casinos don't care if you count cards. What they care about is if you vary your bet by large multiples at exactly the right times. You can count cards all you want if you don't vary your bet [of course - why would you! image ]
  • Poker is a game of skill, however there is nothing quite as fun as stcking heavy chips in 20 unit stacks.

    Well, maybe a few other things are as fun....

    Sure would be fun to play Poker with 1 oz. Bullion coins of any metal.
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    that is a good response the "liars" will say they one big "last weekend" but will forget they lost ten times that amount over the past six months.

    as far as online gambling I was your first type, now i don't do it anymore, i was always losing and after a nice run, i'd wind up losing it all back
  • Depends on how much money ive got to lose on a particular trip to the casino lol.

    Seriously, I have done quite well with online poker (Pokerstars) Ive played with the same initial deposit of $200 for just over 3 years. Every time I hit 4 figures in my account I withdraw 1/2 and keep playing with the house money. One day ill plunk down $10,000 for a WSOP (World Series of Poker) seat just to say that I did it.

    Happy New Year!
    Leo


  • card counting is not cheating. casinos just want the edge. if they suspect someone is counting cards, they will tell you that your not welcome to play blackjack but can play other casino games such as craps etc.image



  • wtg leo. hope to see you at the final table. i presume you play texas hold'em. if so, how big a game do you play in?

    eddye
  • image to the boards 57loaded
  • WingsruleWingsrule Posts: 3,047 ✭✭✭✭
    Counting cards is only illegal (I believe) if you use some type of mechanical or electronic device to do the counting. If you can do it in your head, there are no issues.

  • DHeathDHeath Posts: 8,472 ✭✭✭
    Type one coin gambler, type two card player. image
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • You can use your chip stacks to keep track of counted cards and they will have a hard time proving that.
    Successful transactions with: DCarr, Meltdown, Notwilight, Loki, MMR, Musky1011, cohodk, claychaser, cheezhed, guitarwes, Hayden, USMoneyLover

    Proud recipient of two "You Suck" awards
  • I would put myself in the Type I class in terms of my poker game and most everything else in life. I tend to stick to the lower levels where I can still get a great enjoyment out of everything, but I don't have to worry about a little bit of variance making me have to go a month without any food. I play cards with my friends on a weekly basis where it's a simple $20 buy-in and you usually can't lose more than $100 a night. I'm fairly anal-retentive so I keep track of every week's winnings and losings, and over the past two years I've profitted about $1000 total from these weekly games. So that helps pay for lunch and gas each week.

    With coins, I just don't feel like getting into the incredibly expensive, high risk area. I don't look at my coin collecting as an investment. Investments are only for things which you plan on selling in order to make a return on. When a coin enters my collection, it does so because I want it. Not because I want to sell it later and make money. This is why I could care less about the grade a coin has. If it looks good to me, I'll buy it. Same goes for raw versus slabbed. I can typically find them much cheaper if raw than if they were slabbed. Since I have no intentions of EVER selling these coins, then I just care if they look good to ME. Yes people will say "What if something happens to you and you need to sell them to pay your debts?" Well if it came to that situation then I'd just rather be dead than to be without the items that make me want to be alive each day. My baseball cards, my coins and my elements will NEVER be sold, EVER!
    I collect the elements on the periodic table, and some coins. I have a complete Roosevelt set, and am putting together a set of coins from 1880.
  • JulioJulio Posts: 2,501
    I reckon in my younger years I gambled way over my head. I was always a looser long term so I quit. Still place some friendly bets on football etc. but nothing major. jws
    image
    image

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