Ethics: Teaching Your Kids to Gamble
March 3rd, 2019 at 7:17:15 AM
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Quote: AxelWolfAfter reading the OP I was leaning towards the yes.
After reading this post I would say it depends on what and who is doing the teaching.
What should I have told him???
March 3rd, 2019 at 8:42:43 AM
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Quote: SkittleCar1What should I have told him???
The truth. That the majority of gamblers will lose because that is how the games are designed. So that the casino wins most often, and the players lose most often. However, there are occasionally exceptions, and your dad has figured out a way to identify these exceptions. Show the kid one of these and explain it in detail. I once won a few thousand dollars mostly by playing Asia Poker against a very weak dealer. I explained to my younger son how the house edge is probably 3% or so against me, but if the dealer makes enough errors the house edge was probably 3-5% in my favor. He understood I was lucky to find this advantage, but I made it clear to him that most of the time I am playing at a disadvantage.
If I didn't teach my kids about gambling I'm sure their peers would have.....
March 3rd, 2019 at 9:54:09 AM
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Isn't giving him $200 to start and letting him play until it's gone essentially showing him the advantage the casino has?
March 3rd, 2019 at 10:15:11 AM
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Avoid craps.Quote: SkittleCar1Isn't giving him $200 to start and letting him play until it's gone essentially showing him the advantage the casino has?
♪♪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♪♪
March 3rd, 2019 at 10:29:36 AM
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Quote: AxelWolfAvoid craps.
This was 5 years ago. He liked playing the dark side. ;-)
March 3rd, 2019 at 1:07:30 PM
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I guess it's all the same there's only one difference. -EV or +EV.Quote: SkittleCar1This was 5 years ago. He liked playing the dark side. ;-)
I don't really see much of a difference between playing a slot or craps if you have a set amount of money you lose. Someone might say they have better odds on this, that or the other thing. However, you may not enjoy this that or the other thing.
Of course, you would want to explain the difference between a 9/6 and 6/5 VP machine and various other bad pays in the casino.
♪♪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♪♪
March 3rd, 2019 at 1:43:12 PM
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Quote: SkittleCar1Isn't giving him $200 to start and letting him play until it's gone essentially showing him the advantage the casino has?
Unless he wins.
March 3rd, 2019 at 1:59:09 PM
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When we were in tenth grade, one of my friends parents had an old roulette wheel we found. He'd be the house and was paying 35-1 on single numbers. It wasn't like he was running a casino or anything but he attracted a lot of people to his basement for a few weeks. After he took a scalping, he lowered the payout to 25-1. Within days, we found other things to do.
The older I get, the better I recall things that never happened
March 3rd, 2019 at 4:10:37 PM
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Quote: RSUnless he wins.
I didn't allow him to win. He played until it was gone.
