Earlier quoted context omitted.
Weighted dice. Go back a century and it's much easier to ban gambling using dice than it is to ensure that the games are fair.
Or it was a [poor] way to try and ban certain types of gambling while allowing others.
How 'Advantage Players' Game the Casinos
121–130 of 134 posts
Re: How 'Advantage Players' Game the Casinos
#122Earlier quoted context omitted.
Curious if you can share any more about your approach to fundamental investing. What stage/size companies do you focus on and how do you find an edge? I looked into fundamental investing for a while but came away with the impression that you're trying to guess what the consensus of the market will be rather than finding some "right" answer. ie you can think the price should be x but if nobody else will buy/sell at x…
Sure. I agree that in the short-term (daily, weekly, even monthly) it's largely random, or at least effectively random, as in its no use trying to predict it. My starting point is what I call the Fundamental Theory of Value Investing, the well-known belief that price eventually reflects value. Or, rather, they tend to move in tandem. You can't really prove this, but it has been observed empirically. Really internaliz…
Re: How 'Advantage Players' Game the Casinos
#123I used advantage gambling to help put myself through grad school during the first online casino boom. There were so many casinos vying for players, that many offered a bonus -- say $500 extra to play with if you deposit $500. Of course that $500 had a playthrough requirement -- you may have to wager a total of 20x that to withdraw -- so $10,000. Now you simply find a casino that has a game with odds that beat the pla…
There were also plenty of shady operations in those days. I seem to remember some online gaming authorities were particularly bad about not vetting their casino operators. One time we found a casino that had a game (I forget what it was, maybe a video poker variant?) that had a HUGE (5% or so?) player edge when played optimally because of an incorrect payout structure. That casino was blasted with players betting hug…
Re: How 'Advantage Players' Game the Casinos
#124Earlier quoted context omitted.
There were also plenty of shady operations in those days. I seem to remember some online gaming authorities were particularly bad about not vetting their casino operators. One time we found a casino that had a game (I forget what it was, maybe a video poker variant?) that had a HUGE (5% or so?) player edge when played optimally because of an incorrect payout structure. That casino was blasted with players betting hug…
Sounds like a pretty great scam to me. Open a casino with a "broken" game in an easy regulatory jurisdiction (lots of these, most of them are in places with beaches, too), wait for the vultures to descend with their millions in illegal deposits routed from the US via various dodgy places and then just disappear knowing there is virtually no legal recourse for the people who lost money.
It does sound like the site was "broken" like a fox...
Re: How 'Advantage Players' Game the Casinos
#125Earlier quoted context omitted.
There were also plenty of shady operations in those days. I seem to remember some online gaming authorities were particularly bad about not vetting their casino operators. One time we found a casino that had a game (I forget what it was, maybe a video poker variant?) that had a HUGE (5% or so?) player edge when played optimally because of an incorrect payout structure. That casino was blasted with players betting hug…
Sounds like a pretty great scam to me. Open a casino with a "broken" game in an easy regulatory jurisdiction (lots of these, most of them are in places with beaches, too), wait for the vultures to descend with their millions in illegal deposits routed from the US via various dodgy places and then just disappear knowing there is virtually no legal recourse for the people who lost money.
It does sound like the site was "broken" like a fox...
Re: How 'Advantage Players' Game the Casinos
#126Earlier quoted context omitted.
If he's "good", he must win money. If he wins money, the casino loses. If the casino loses, why on earth would they comp him anything beyond the first couple of times he turns up? Sorry, but I don't believe you. Either your friend has a chronic gambling addiction and is filthy rich and the casinos love him as he's a walking ATM, or he or you is talking nonsense.
Most career gamblers are making money in poker. In big money games, you play against other players and the house takes a rake. If players have stacks in the millions (which they do), the rake is pretty damn big. Not to mention, players will win a million in poker, then go play Baccarat or something. Gamblers don't gamble just to make money...
Re: How 'Advantage Players' Game the Casinos
#127Earlier quoted context omitted.
Sounds like a pretty great scam to me. Open a casino with a "broken" game in an easy regulatory jurisdiction (lots of these, most of them are in places with beaches, too), wait for the vultures to descend with their millions in illegal deposits routed from the US via various dodgy places and then just disappear knowing there is virtually no legal recourse for the people who lost money.
Congratulations, you've invented the Ponzi scam :) It does sound like the site was "broken" like a fox...
Ponzi scam is akin to the "pyramid scam" -- paying early investors with the money from later generations of investors.
What the parent described is a "gather the money and go" operation.
Re: How 'Advantage Players' Game the Casinos
#128I used advantage gambling to help put myself through grad school during the first online casino boom. There were so many casinos vying for players, that many offered a bonus -- say $500 extra to play with if you deposit $500. Of course that $500 had a playthrough requirement -- you may have to wager a total of 20x that to withdraw -- so $10,000. Now you simply find a casino that has a game with odds that beat the pla…
> the best description of playing poker professionally that I ever heard was that it was like playing a game of chess for $1, then flipping a coin for $100. In the long run that chess game is the only thing that matters, but in the short run those coin flips can be brutal Great quote! What books or online resources would you recommend for getting better at poker? Not looking to play professional but do enjoy the game…
Re: How 'Advantage Players' Game the Casinos
#129This article was great. It made me remember reading Scarne's New Complete Guide to Gambling long time ago. https://www.amazon.com/Scarnes-New-Complete-Guide-Gambling/d... He has a great story of how gamblers would get casinos to increase betting limits and allow them to successfully use a martingale system. To this day, casino owners still fall for this and lose substantially. https://en.wikipedia.org/wiki/Table_limi…
Martingale systems definitely do not cause casino owners to "lose substantially" - the bettor cannot match the casino's bankroll and any amount of money won back after the first bet increase is actually the bettor's. The casino can afford to let you double because they are only ever putting the original amount bet at risk.
Re: How 'Advantage Players' Game the Casinos
#130Earlier quoted context omitted.
Sure. I agree that in the short-term (daily, weekly, even monthly) it's largely random, or at least effectively random, as in its no use trying to predict it. My starting point is what I call the Fundamental Theory of Value Investing, the well-known belief that price eventually reflects value. Or, rather, they tend to move in tandem. You can't really prove this, but it has been observed empirically. Really internaliz…
It's super interesting and collapse threads is in beta so please?