What exactly is "gambling"?

You hear this term being used for what people on this forums do. But what exactly does it mean? With all the connotations regarding "gambling", such as gambling is bad mmk, gambling is a sin, gambling will make you go bankrupt, etc. I really wonder if people know what're talking about.

Coming from a person who takes "gambling" seriously (me), as an AP there are only 2 relevant concepts to me. Neither seem to fit the way "gambling" is used. One is EV, the other is Variance.

The stereotypical view on a gambler, if I'm even allowed to transfer that concept into EV and Variance, is that he plays -EV and high variance. "Gamble", I guess. But that is nowhere close to true. A professional gambler would absolutely jump any +EV low variance game if he ever gets the chance. Besides, EV and variance not only occur in casino games, they occur everywhere in real life EXCEPT for someone who purely works for someone else (AKA typical "stable job"). For the owner of any industry or company they are constantly weighing decisions, risks, and EV. Why is a stock broker never associated with the negative connotations of gambling even though they are by far much more volatile than professional gamblers?

So yeah, I know EV and variance and I have no clue what you're talking about with "gambling". What exactly do you mean.

It gets worse. I was watching poker on TV and one of the pros 3bet with J6o. And the commentator said "oooh, this guy wants to gamble" And I was just like... *facepalm* this is $100,000 buyin, nobody risks their money randomly for a "gambling rush". He probably thought he could get enough fold equity to justify his -EV if called or raised. He might have thought the guy who first raised was bluffing and he can catch the bluff. He might have thought he needed to project a loose image more. Whatever his reason, "wanting to gamble" certainly isn't it.

Hasn't there ever been anything you've done just because you wanted damn the consequences? Something you had no way of knowing it might not turn out the way you hoped?

To quote Robert California, "everything is sex, life is sex" and it's usually the way gambling is done when money isn't on the line. You never know the consequences of sex or sometimes if it will be good, but people engage anyways.

Quote: onenickelmiracle

To quote Robert California, "everything is sex, life is sex" and it's usually the way gambling is done when money isn't on the line. You never know the consequences of sex or sometimes if it will be good, but people engage anyways.

Well, that Robert California is an idiot. Perhaps that's why he only lasted twenty-some episodes.....lol. Sex is one thing I don't gamble at. You find someone that does it the way you like, or better yet, teach them to do it EXACTLY the way you like, so there is no mystery or gamble involved. :)

Quote: kewlj

Well, that Robert California is an idiot. Perhaps that's why he only lasted twenty-some episodes.....lol. Sex is one thing I don't gamble at. You find someone that does it the way you like, or better yet, teach them to do it EXACTLY the way you like, so there is no mystery or gamble involved. :)

Nothing compares to some strange.
I think I'm just a pig though.

Now this is gambling.

gambling is betting 20 bucks when you only have 10 in your pocket.

Quote: JoePloppy

Nothing compares to some strange.
I think I'm just a pig though.

I completely agree with you......nothing used to get the old motor running like a bit of strange after a long night out on the prowl......

Damn I miss the old days :)

Its taking a chance for financial gain given the money risked. The Banker gives you odds on your chance(s). Almost always the Banker takes a cut (vigorish). A "good gambit" is one that offers a small (or no) vigorish compared to the wager punted. Thats pretty much the definition used here.

Outside of here, finaances are not directly involved, like flying in a jet, changing lanes without signalling, crossing the street, etc. All of these are gambits; there is a chance the outcome is not favorable (crashing, ticketting, getting hit by a car, etc.).

Quote: MrV

Now this is gambling.

He should have put it on 7. With all the people gambling as it is, every casino in the country should have to take any bet. If the casino can't pay, you get 100+X% of the value of the casino in ownership. Tis my perfect world anyways.

Neutrino,

Fixed it, moved the thread, deleted duplicates and your editing requests.

Quote: ontariodealer

gambling is betting 20 bucks when you only have 10 in your pocket.

Did that in bar at 1am, when I was the only white face in there LOL Talk about DUMB !

Quote: Neutrino

You hear this term being used for what people on this forums do. But what exactly does it mean? With all the connotations regarding "gambling", such as gambling is bad mmk, gambling is a sin, gambling will make you go bankrupt, etc. I really wonder if people know what're talking about.

Coming from a person who takes "gambling" seriously (me), as an AP there are only 2 relevant concepts to me. Neither seem to fit the way "gambling" is used. One is EV, the other is Variance.

The stereotypical view on a gambler, if I'm even allowed to transfer that concept into EV and Variance, is that he plays -EV and high variance. "Gamble", I guess. But that is nowhere close to true. A professional gambler would absolutely jump any +EV low variance game if he ever gets the chance. Besides, EV and variance not only occur in casino games, they occur everywhere in real life EXCEPT for someone who purely works for someone else (AKA typical "stable job"). For the owner of any industry or company they are constantly weighing decisions, risks, and EV. Why is a stock broker never associated with the negative connotations of gambling even though they are by far much more volatile than professional gamblers?

So yeah, I know EV and variance and I have no clue what you're talking about with "gambling". What exactly do you mean.

It gets worse. I was watching poker on TV and one of the pros 3bet with J6o. And the commentator said "oooh, this guy wants to gamble" And I was just like... *facepalm* this is $100,000 buyin, nobody risks their money randomly for a "gambling rush". He probably thought he could get enough fold equity to justify his -EV if called or raised. He might have thought the guy who first raised was bluffing and he can catch the bluff. He might have thought he needed to project a loose image more. Whatever his reason, "wanting to gamble" certainly isn't it.

Not sure if you have a question or not.

Gambling IS a SIN in Gods eyes in conventional religion *cough* unless its for the church. Now, if you are an AP, one could argue that they really are not gambling, but using gambling as a source to take care of themselves and their family. If you really want to get down to it. Making money then you need is probably a sin as well, if you believe in traditional God and the standard king James version of the bible.

Stock brokers usually Gamble with other people money, in this case, I don't think its really gambling for them. Just the people who invest are gambling.

I would call any church leader who condemns gambling, but owns stocks a hypocrite.

Quote: onenickelmiracle

Quote: MrV

Now this is gambling.

He should have put it on 7. With all the people gambling as it is, every casino in the country should have to take any bet. If the casino can't pay, you get 100+X% of the value of the casino in ownership. Tis my perfect world anyways.

If the casino can't pay they just fold the casino and you don't get paid period.

Well at least with online casinos anyway