ncfatcat
ncfatcat
Joined: Jun 25, 2011
  • Threads: 2
  • Posts: 361
October 21st, 2011 at 4:52:27 PM permalink
Quote: Switch

Isn't it the other way around ?

In practical application yes. I work as a business broker and you would not believe the number of entrepreneurs who are losing their butts in business and who would rather lose it all than accept an offer to get out of it because it will not make them whole or give them a profit at the end of the day.
Gambling is a metaphor for life. Hang around long enough and it's all gone.
marksolberg
marksolberg
Joined: Nov 14, 2009
  • Threads: 26
  • Posts: 205
October 21st, 2011 at 7:12:59 PM permalink
When I was a dealer it occurred to me that most people are ahead at some point, I'd say much more than 70%. The problem is knowing when you are up the maximum amount before the cards turn on you.

Mark
MrV
MrV
Joined: Feb 13, 2010
  • Threads: 310
  • Posts: 6775
October 21st, 2011 at 8:09:30 PM permalink
Quote: marksolberg

When I was a dealer it occurred to me that most people are ahead at some point, I'd say much more than 70%. The problem is knowing when you are up the maximum amount before the cards turn on you.



OK, and then what?

You stop gambling forever?

You leave and drive 300 miles home, patting yourself on the back for winning a sawbuck?

I don't think so!
"What, me worry?"
thecesspit
thecesspit
Joined: Apr 19, 2010
  • Threads: 53
  • Posts: 5936
October 22nd, 2011 at 12:18:50 AM permalink
Quote: marksolberg

When I was a dealer it occurred to me that most people are ahead at some point, I'd say much more than 70%. The problem is knowing when you are up the maximum amount before the cards turn on you.

Mark



The number will depend on the variance of the game.
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829
SanchoPanza
SanchoPanza
Joined: May 10, 2010
  • Threads: 34
  • Posts: 3412
October 22nd, 2011 at 8:01:39 AM permalink
Quote: marksolberg

The problem is knowing when you are up the maximum amount before the cards turn on you.

Quote: thecesspit

The number will depend on the variance of the game.


That is a key reason why money management -- in this case a win goal -- provides a reasonable guideline.
thecesspit
thecesspit
Joined: Apr 19, 2010
  • Threads: 53
  • Posts: 5936
October 22nd, 2011 at 9:16:18 AM permalink
Odd quoting there. I'm stating that the number of people who are up at some point on a game will depend on the variance... Not what the win goal or session end point should be.
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829

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