Anybody here ever make money gambling?

[JasperFrank]

Remember the late 90's. You could day trade and make more than the Nine to Five job, you still went to? I knew it was bubble, and got out just in time. My domestic partner at the time, stayed in, and lost near everything. There will always be these sorts of bubbles. They are very seductive. In stocks, if there is a fever, get out, and just be happy you only doubled your money. The stock market is rigged also when it gets to a fever pitch. Bitcoin and crypto is like this right now. Just know that only 40 people/holding companies own 90% of all mined coins.

 

[the old grind]

A long-past acct mgr suggested selling half when a stock doubles in share/total value. 100% ROI cashed and taxed accordingly.(gotta spread that out) The remainder is all gravy depending on tax status the year it's liquidated. (if/when) Of course I didn't do that often and have had $10k stock investments tendered at 1-2 hun $k after decades which had me scrambling for tax shelter. (Mylan labs, Multi-Color, ... yeesh!)

The old advice of 'buy and hold' may or may not pay off, maybe for those like me who don't fuss over/read statements, play markets, day-trade, balance checkbooks, etc. (2 yrs of acctg in college but too much thinkin') I didn't do well with BP equity-wise but at a reduced share value since the gulf spill I've gone from ~4% dividend to ~6%. Either way works for me vs CDs, bonds these days, etc.

btw, IMO if you aren't able to '$ave'* on your current income you oughta have fun in retirement when it's typically 1/2 of that. (plan accordingly)

*a word often misused to describe $ we didn't spend on something we didn't need and can't be put in a jar to buy tractor stuff, as if it'd amount to something between buying holiday bling on sale, etc.

Oh, and Paul Harvey said it best: "Spend less than your income" or don't get your hopes up. Regardless, odd of winning Power Ball or Big Game are hundreds of millions to one. Buying 100s of tickets can shave that down to mere millions. I don't recommend that as a retirement strategy, but just in case I buy a lottery ticket every few weeks in case I never win the lottery.

 

[Pixguy]

Does anyone like blackjack? I've played it many times and it's quite interesting

Yes, follow everything but hit when dealer is at 12, I don't

 

[ROUSTABOUT]

For the past month, they have been discussing building a casino in downtown Lansing, and those who support the idea claim the real benefit of such a project is the revenue it will create for the city. Many of those who are opposed to the casino say gambling is basically a tax on the poor, and while that may be true in some ways, I have always felt that gambling is a tax on the foolish.

As for me, I would never waste my time or money visiting a casino 12 miles away, should it ever be constructed, and there are currently casinos operating in Central Michigan an hour's drive either north or west of us. (Firekeepers and Soaring Eagle) We have only been to Soaring Eagle one time, and that was nearly 20 years ago, and only because my mother enjoyed going there so much. To me, since the odds always favor the house, you are basically throwing your money away.

Most nights we can view commercials on our TV that show couples with movie star good looks winning megabucks at those two casinos mentioned above or enjoying one of the other amenities available there (dining, dancing, massages, fancy lodging, etc). My brother and his wife went to the Soaring Eagle casino last weekend, mainly because their oldest son attends college in that city. My nephew later told me my sister in law won $50, but not how much the three of them spent to "win" that much.

Casinos tempt us by saying "you can't win if you don't play"....yeah, have YOU ever played and won? We never did.

Just look at the dump Shreveport has become.

 

[Frankenkubota]

Just look at the dump Shreveport has become.

Atlantic City?

 

[Hay Dude]

Sure! I just bet the Eagles v. Falcons game last weekend and won.

 

[ROUSTABOUT]

Atlantic City?

Never been there.

 

[JasperFrank]

For some reason gambling is in the American consensus as presented as something good. Well, maybe it use to be in the 20th century. We only hear about the winners. And not the thousands of other losers. There is no market, in books sold, to tell you about the losers that gambled it all and lost it all. Of which there is aplenty. But yet, that isn't what America is about. Or maybe that is what it was all about any way.

 

[tshep]

My couple got taken to Bingo once on group date.
I had 2 winning cards in 30 minutes, little old ladies cussing me as I turned them in.
Made $178 as I remember.
Never went back.
I am convinced they gave me winning cards to 'hook' me, as a new face.

OP, I assumed gambling player, could you mean operator?
How could one possibly bankrupt a casino?

 

[PILOON]

Went to Las Vegas a few times on conventions.
I once shared a room with a fellow technician that was on tight budget.
He won $500 on a slot that first night and continued to favor that lucky slot.
Dang thing paid off about 4-5 times that night.
They even provide plastic trays that take $100 per loading.

Next night he went back to 'lucky' and won another 5 times or so.
I was the guy that cashed the chips so I know it's true.
On the last cashier run I pocketed $100. so that he'd not go home broke and went to bed while he kept on feeding that slot.
Next AM he could not even remember how many wins he made but naturally was now penny less.
As we packed to leave I handed him that withheld $100.

Would U not know it but he used up that last $100. in the washrooms at the airport and so I had to pay the cab when we got home.
All in all I think he pulled somewhere like $2,000. from that same slot over 48 hours but still went home broke.
Naturally we both were well kept in free drinks all the while.

Morale is the house always wins! She's greedy.