vegas
vegas
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June 10th, 2021 at 1:02:06 PM permalink
Archie came to Las Vegas in the early 90s and started with 50 dollars and turned it into 40 million before losing it all.

https://www.youtube.com/watch?v=UpiVPJkGZ5k
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
jjjoooggg
jjjoooggg
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June 11th, 2021 at 1:46:40 AM permalink
So he was a millionaire for about 3 years? His whole career was 3 years or he kept millions for decades and then lost it in 3 weeks?
Born in Texas and lived in Texas my whole life.
vegas
vegas
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June 11th, 2021 at 2:47:06 PM permalink
Quote: jjjoooggg

So he was a millionaire for about 3 years? His whole career was 3 years or he kept millions for decades and then lost it in 3 weeks?




Archie's problem was when ever he won big money he just upped his bets, so unless he kept winning he was bound to lose it. He made 30 million in one stretch over three months but then lost the30 million in 48 hours. He was a sharp gambler but did not understand money management.
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
jjjoooggg
jjjoooggg
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June 11th, 2021 at 4:46:55 PM permalink
Quote: vegas

Archie's problem was when ever he won big money he just upped his bets, so unless he kept winning he was bound to lose it. He made 30 million in one stretch over three months but then lost the30 million in 48 hours. He was a sharp gambler but did not understand money management.



48 hours, You seem to know more than whats in the video. So, his gambling career was 3 years.

I was playing next to a lady. She wasnt an AP. She made 20k from 500 and lost everything in about 15 min.
Born in Texas and lived in Texas my whole life.
vegas
vegas
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June 11th, 2021 at 5:01:29 PM permalink
Quote: jjjoooggg

48 hours, You seem to know more than whats in the video. So, his gambling career was 3 years.

I was playing next to a lady. She wasnt an AP. She made 20k from 500 and lost everything in about 15 min.





Ya I guess easy come easy go. Archie is very well known and a legend in Vegas. He often played Johnny Chan in poker and usually beat him. Chan was a world champ in the day. His gambling career was much longer but his biggest losses and wins were done quickly
50-50-90 Rule: Anytime you have a 50-50 chance of getting something right, there is a 90% probability you'll get it wrong
Reon76
Reon76
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June 12th, 2021 at 4:58:55 AM permalink
Quote: vegas

Archie came to Las Vegas in the early 90s and started with 50 dollars and turned it into 40 million before losing it all.

/watch?v=UpiVPJkGZ5k



His example is motivating and discouraging at the same time. I think we shouldn't lose our minds and manage the money carefully. Let's learn from the others mistakes
AxelWolf
AxelWolf
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June 12th, 2021 at 8:18:34 AM permalink
Quote: Reon76

His example is motivating and discouraging at the same time. I think we shouldn't lose our minds and manage the money carefully. Let's learn from the others mistakes

Had he managed his money we wouldn't be talking about him as it's his mismanagement of money that allowed such a lucky run.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
billryan
billryan
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Thanks for this post from:
pwcrabb
June 12th, 2021 at 10:17:18 AM permalink
Can one be a sharp gambler without understanding money management? I'd think that for long-term success, money management is perhaps even more important than owning fancy watches.
mcallister3200
mcallister3200
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June 12th, 2021 at 11:31:29 AM permalink
Quote: billryan

Can one be a sharp gambler without understanding money management? I'd think that for long-term success, money management is perhaps even more important than owning fancy watches.



Stu Ungar would probably be an example. Best poker player or backgammon player alive at points, not allowed to play blackjack anywhere. There’s probably a pretty important distinction between “understanding” and able to put into practice here. None of us are perfect and sometimes our faults can prevent us/others from doing the things we know how to do or are capable of doing.

Karas was arrested and pleaded guilty to a felony for marking cards at Barona and was arrested several times in Nevada for cheating. Probably more legendary/ notorious than skilled.
unJon
unJon
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June 12th, 2021 at 12:46:37 PM permalink
Quote: mcallister3200

Stu Ungar would probably be an example. Best poker player or backgammon player alive at points, not allowed to play blackjack anywhere. There’s probably a pretty important distinction between “understanding” and able to put into practice here. None of us are perfect and sometimes our faults can prevent us/others from doing the things we know how to do or are capable of doing.

Karas was arrested and pleaded guilty to a felony for marking cards at Barona and was arrested several times in Nevada for cheating. Probably more legendary/ notorious than skilled.



Gin Rummy too with Ungar.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.

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