Question for the casino gamblers and poker players...
MrEureka
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!
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.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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Comments
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.
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.
<< <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.
$250K in one trip or session? I won $7K one night in 1986 at Ballys.
Box of 20
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.
Is that how I got out of that business? I always wondered about that...
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
TDN - How many casinos do you play at?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <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.
<< <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.
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?
Link
<< <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!
Well, maybe a few other things are as fun....
Sure would be fun to play Poker with 1 oz. Bullion coins of any metal.
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
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.
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
and it sets us apart from practitioners and consultants. Gregor
Proud recipient of two "You Suck" awards
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!