Problem Gamblers?

[Nyden]

Hello there!

I just got to wondering today - if anyone here either suffers, or is effected in anyway by a gambling addiction?

I figured on a stock trading forum, there might be a few.

And on that note - how does it effect you?

Post away, and satisfy my curiosity :

 

[The Mint Man]

Hi Nyden,
I actually posted a thread way back in may 2006 which you may find interesting.
It was titled 'Do you Gamble? and how much $ is too much?'. It also had a poll attached and I was actually surprised to find that most people that participated in the poll didn't gamble.

Heres the link - https://www.aussiestockforums.com/forums/showthread.php?t=3527&highlight=gamble

Feel free to add your reply there!

Cheers

 

[roland]

I used to play the pokies out of boredom a few years back. It got so bad that I had nothing to my name. I remember going to the local pub one evening, and as I was about to enter the door, I moved aside to let an elderly lady out. She was around 80, blue rinse hair and dressed to the nines (looked all dolled up).

She was very upset, tears etc. I asked what was wrong. She said it was her birthday, she had dressed up and gone to the local for a solo night out for some fun and put her entire savings into the pubs' poker machines, and now couldn't afford dinner.

I am no chump and can spot a fake, she was not faking. I gave her a short lecture on the hazards of gambling (that's funny - right, from a problem gambler...). I gave her the last $50 I had in my wallet and told her to go and a nice takeaway Chinese meal.

To cut a long story a little shorter - she changed my life, this little old lady showed me just how devestating gambling can get.

That was the end of my gambling and the start of my investing.

Whenever I see someone put $50 into a machine, I imagine how many Zinifex or BHP shares I could buy with that, I multiply the number of times he feeds the machine those $50 notes, by those number of shares and metally calculate the compounding effect of rolling over the dividends.

I am not totally anal about it, I can still put $5 or $10 through once or twice a year, when me and the wife are on a trip somewhere to a little county town on our BMW bike - I see it as benefitting the local economy.

Seriously, gambling is nowheresville (new word). I am on a meagre self paid salary, and after 3 years I now have the value of a modest house in investment value in the stock market. Still renting, but working hard to work out my next step to home ownership.

The short thrill of a poker machine roll doesn't even compare with making a capital gain on a well thought out trade of the market.

 

[2020hindsight]

Nyden,
I used to go to the casino a bit - when I was single - then (married) mainly when I travelled. Like if I went to Perth for a week I'd probably be at the casino for a couple of nights.

Started when I lived amongst Americans - we used to play craps socially - someone played bank (took turns) - was bludy fun actually

What cured me? - started playing backgammon on the internet! I have seen random dice do the craziest things - like, once I rolled 5 double 5's in a row - then didn't get another one for 6 months lol.

Stories of problem gamblers ? - some terrible ones.

What about that lady in Melb a few years back - Her husband shot himself on their front lawn late one night - couldn't face her - he had been loading up the mortgage on the house and gambling it away (without telling her) - left her and kids with almost nothing - she asked could the casino contribute to the funeral costs - needless to say they "declined".

Then she found a stack of chits - whereby gamblers are entitled to groceries etc at some shops linked to the casino in some promotional deal - It was all she had to buy food etc - so she tried to cash them in on her dead husband's behalf -

They also declined - saying the chits were "non-transferable"

 

[Julia]

Roland: good for you. I hope you continue to make such great progress.
I wonder what happened to the old lady?

Gambling addictions can devastate families as much or more as alcohol or drugs.

 

[2020hindsight]

I recite this to myself whenever I feel like betting

GOLD BLUDY FEVER

Johnny found a gold pan , lying near a stream,
Johnny shook some mud around & thought he saw a gleam,
Pulse became a Latin dance and life a grinning dream,
Since then Johnny's featured in a mental health scheme.!! -
Double check the barricades and lock the little lever,
Johnny's gotta bad case of gold bludy fever.

Billy found a slot machine and stuck in twenty cents
Watched eleven little lemons line up like a fence
Coin-tray just kept overflowing, even filled the Gents,
Billy got a funny look… - then popped his common sense !!-
Straight jacket over here, he's singing like a diva,
Here's another case of the gold bludy fever.

Dave and missus found a seat be-side the roulette table
"Check out all the colours here!" he said to his Mabel,
Put on all his chips like a tower of bludy Babel, and
THAT's where it landed! - and they all became unstable.!!
Tie em up with two inch rope and hide the meat cleaver,
Two more blatant cases of the gold bludy fever.

Molly found a ticket in a lot-to draw,
Headed home and kicked the TV, guess what sight she saw?,
There were all her numbers rolling out the little door,
Now she's in a home crying "MORE MORE MORE!!"
Pick up any telephone and tell the nice receiver,
”GIVE A BLUDY MISS TO THE GOLD BLUDY FEVER".

Get a dose of common cold, lasts about a week,
Get a dose of flu' you'll find you're temporary "meek",
But get the ole gold fever, you'll go madder than a Shiek,
And then it's all downhill my friend, you're past your bludy peak.!!
Work from nine to five my friend, like eager bludy beaver,
Forget the bludy gold or you'll catch its bludy fever.

 

[roland]

Roland: good for you. I hope you continue to make such great progress.
I wonder what happened to the old lady?

Gambling addictions can devastate families as much or more as alcohol or drugs.

I'm not sure - hope she is well. Our suburb here in Ashfield Sydney is dominated by Western Suburbs Leagues Club. They have a huge monolith of a club that sucks the local community of it's wealth. Not only that, but there is the RSL Club and then the Ashfield Catholic Club, the Ashfield Hotel, the Crocodile Hotel and down the road about 2km is the Summer Hill pub - it's actually quite distressing to realise how big a business it all is.

 

[BradK]

I have an ironic story.

My father was a gambling addict, and lost our home and tore apart our family as I was growing up. I have seen first hand the devestation of gambling on innocent kids.

I am now 32 and DETEST gambling - as my big brother is also now a problem gambler. I am glad to say that Dad his under control - $60 every three weeks in a synidcate with 3 mates and they use the money at Christmas.

The ironic part? I have put on a total of 6 bets in my entire life, and picked the Trifecta TWICE!

Brad

 

[Happy]

I have an ironic story.

The ironic part? I have put on a total of 6 bets in my entire life, and picked the Trifecta TWICE!

Brad

This is often mentioned as beginner’s luck.
And I was surprised to hear it a number of times, when people talk about how they started pokies.

They play for the first time and they WIN, swallow the hook and that’s it.

 

[Nyden]

This is often mentioned as beginner’s luck.
And I was surprised to hear it a number of times, when people talk about how they started pokies.

They play for the first time and they WIN, swallow the hook and that’s it.

Yes, too true.

I myself am actually a recovering blackjack addict! I guess my 'beginners luck' was turning $15 into 900-something on the tables (if only I could mimic that sort of % gain on the markets! ), I did manage to get myself out of it all with a small gain as opposed to a loss; but I was never the less out of control.

Recently fell off the wagon you see, hence the thread :


That first experience with gambling is always important, you enjoy the feeling; & want more. It's rarely about the money ; rather the 'high' we crave

 

[marklar]

Both my parents were in the pokie industry when I was growing up, they were able to put a roof over my head, food on the table & give me a good education; they also taught me a lot about statistics.

I usually put a few dollars in the machines out of some odd sense of obligation.

m.

 

[2020hindsight]

Then there was the old gambler addict who went a bit gar gar.

Young fellow met a chick at the pub and, being an eternal optimist, went to the gents to get a spare condom. The old fellow was standing there poking in coins one after another, a great pile of condoms overflowing from the dispensing window.

After a couple of minutes, the young fellow says " hey granpa, surely that's enough! - and I wouldn't mind a go at that machine myself!"

The old bloke turns and says "mmmm, you go get your own machine sonny - this one is paying out like a beauty".

 

[adobee]

" Rich people play shares poor people play pokies "
I think this is pretty true..

I do like to gamble but dont go out of my way to head to the casino on my own etc.. If a few mates wanted to hit it together I would be in, so works out about once every year at most.. I prefer playing texas holdem poker in the garage with mates.. I do love the thrill even if only small and also feel that a sports match is much more interesting with some cash on it.. again not something i do often..

I think there are better odds on roulette than on some shares I have bought in the past.. I once played roulette and accidently put $100 on a single number rather than $1 using the computer roulettte at the casino and then it was no more bets and I couldnt remove it.. Bang my number came up.. and hey presto I thought I could loose I think i ended up leaving with $100 even..

As with most things in life moderation is the key..

 

[BradK]

Hi,

In terms of my 'beginners' luck, as i said, the irony of only 6 bets in my entire life, picking 2 Trifectas is something that is not lost on me.

Because of the path of destruction that gambling wrought on my family (sorry about the hurricane metaphor), I realised beginners luck for what it was!

I also got an incite into gambling. 2o minutes between races - for the 5 minutes after a race, absolute depair! For the 15 minutes leading up to the next race, there is an absolute faith that the next horse will come in - pure joy and anticipation.

So, 75% of the gamblers life is bliss. 25% depair. Not a bad ratio.

Cheers
Brad

 

[ROE]

I take a punt here and there but never a gambler (Melbourne cup).. I buy the odd lottery ticket once every few month.

I like number crunching and gambling number stack up against you so I stay well away.

Pokie: $1 in 97 cents come out (better buy ALL)
Black jack: Casino 54% you 46% chance of winning (better get PBL)
Powerball: 1 in 55 million (better buy TTS)

 

[joslad]

I have nothing against gambling, but it should be in casinos. I really hate ****in pokie machines though. I got hooked on them a while back and was putting a couple of hundred dollars through them a day! Finally woke up to what I was doing and no longer go near them. Still cost me a few thousand. If the wife knew she would have skinned me alive.

One of the things that really pisses me off about pokies is how they have changed the pub scene. I used to, along with a few mates, go the pub after work on friday. Have a bit of a session etc, drink lots of beer, listen to the band, have a bit of a dance, try to get my end away. Basically a good social nite out. Now the pub mgt have ripped out the band stage, dance floor, pool table etc and replaced the whole lot with bloody poker machines. Its killed the pub. Very anti-social!!

You always see the same people in there. They are also the people who can least afford to play them. God only knows how they pay their bills each week.

 

[2020hindsight]

I take a punt here and there but never a gambler (Melbourne cup).. I buy the odd lottery ticket once every few month.

I like number crunching and gambling number stack up against you so I stay well away.

Pokie: $1 in 97 cents come out (better buy ALL)
Black jack: Casino 54% you 46% chance of winning (better get PBL)
Powerball: 1 in 55 million (better buy TTS)

Roe

You're way out re pokies mate .....

So for every $100 punters spend they will lose about $15 on average.

But 1 in 55 million for powerball is correct apparently - I think I read once that if you spend $1000 per week, then provided you live to about 140 years, you will probably win powerball once (would be easy enough to calculate I guess, if you know what a game cost lol - I personally don't have a clue - nor do I want to know)

let's see - $1000 / week x 140 years = $7.3 million investment - sounds about right (assume say $5 or $6 million first prize). - I'm reliably informed it's $6 mill tonight for instance ( but varies week to week)

Winning Powerball: 54,979,155 to 1
Picking the trifecta in 13-horse race: 1715 to 1
Being killed by lightning: 1,603,250 to 1
Dying from venomous bite or sting: 1,159,364 to 1
Being murdered (NSW): 57,036 to 1
Being killed or seriously injured as pedestrian (NSW): 5636 to 1
Marriage ending in divorce: 2.3 to 1

And one more thing: lotto winnings in Australia are tax-free, unless you are a professional gambler.

moral of the story - never fill out a form saying that you are a "professional gambler" lol :-

http://www.smh.com.au/news/investment/odds-dicey-for-gamblers/2006/09/23/1158431941054.html

For gamblers the odds are a little ... dicey
Email Print Normal font Large font Kerrie O'Brien
September 24, 2006

Kerrie O'Brien gives the lowdown on how to make a calculated bet.

We're a nation of gamblers, Bob Hawke said infamously more than a decade ago. But even our former prime minister may not have fully comprehended the extent of it.

Australians spend more than $16 billion a year on gambling, up from $9 billion in 1993-94, says the Centre for Gambling Research at Canberra's Australian National University (ANU).

But which type of gambling would you be better off taking a punt on? We've compiled the odds on the different forms - so you can make a calculated bet.

GAMES OF SKILL

Experts in gambling make a clear distinction between games that involve individual skill, and others. Surprisingly, few forms of gambling involve effort or knowledge on behalf of the punter.

"Blackjack is one of the only casino games you can actually use skill and ability," says John Croucher, professor of Statistics at Macquarie Graduate School of Management.

Blackjack is prime territory for card counters - professional players who try to memorise cards that have been dealt to figure out which cards are most likely to appear next.

The legality of card counting is questionable, with different regulations in different parts of the country.

With a game such as roulette, Croucher says you will maximise your odds by placing all your money on one spin. People profess to spotting number sequences in roulette, but Croucher says it's not possible.

Horse racing is another form of gambling in which knowledge and skill come into play. You can increase your chance of winning by studying the form, knowing the trainers, jockeys, horses and their pedigree.

LOTTO LUCK

A look at the odds of winning lotto - in any of its various forms - reveals low probability but high returns if you do. NSW Lotto and OzLotto offer roughly a one in eight million chance of winning. The odds of winning Powerball are even worse - about one in 55 million.

Even though the odds are extremely low, the good news is that those lucky enough to win tend to have the whole jackpot to themselves. And one more thing: lotto winnings in Australia are tax-free, unless you are a professional gambler.

People tend to be superstitious with their lotto number picking. Birthdays are perennially popular, as is choosing patterns of numbers. Croucher says that more than half the time in lotto, consecutive numbers come up. About half the entries in lotto these days are computer generated, but selecting your own numbers increases the odds of winning slightly.

If you just like winning prizes and are not too worried about hitting the jackpot, Croucher suggests scratch lotteries as the best option. The odds of winning are about one in four, but chances are you will win less than $10.

WAGERING

This category includes any form of betting on events, particularly horse racing but also the trots, greyhounds and so on. People often choose this as a form of entertainment - going to the track, watching the races, enjoying the social element.

Sports betting has become increasingly popular in the past decade. It involves betting on sporting activities other than horse and greyhound racing. Sports betting can be conducted through the TAB and bookmakers, on-course and off-course, by telephone or via the internet. The Centre for Gambling Research says in 2003-04 recorded sports betting expenditure totalled $150.02 million, up from $78.01 million spent in 2002-03.

POKER MACHINES

For poker machines, the minimum payout is 85 per cent, while at the TAB it is about 84 per cent. So for every $100 punters spend they will lose about $15 on average.

Contrary to popular opinion, a poker machine that hasn't paid out for a while is no more likely to pay out than one that just hit the jackpot. Likewise, sitting on the one poker machine all night will not improve your chances of winning.

The one thing to keep in mind is that if you are lucky enough to win big on the pokies, leave immediately.

"The longer you play, the less likely you are to win," Professor Croucher says.

The highest payout amount for a poker machine in this country is $10,000. Expenditure totals $10 billion a year.

Twenty per cent of the world's poker machines are in Australia. There are more machines here - about 200,000 - than in Las Vegas, which has about 150,000. Crown Casino in Melbourne is Australia's biggest poker machine venue, with 2500 machines.

LIFE'S A GAMBLE

Poker machines account for almost 60 per cent of gambling expenditure. Each person in NSW put an average of $914.93 through the pokies in 2003-04.

Figures from the Centre for Gambling Research show a decrease in racing expenditure - from about 22 per cent of the gambling total in 1993-94 to about 13 per cent in 2003-04. An increase in spending at casinos appears to have peaked. Casino expenditure reached a high of about 20 per cent of total gambling in 1997-98, but declined to about 17 per cent in 2003-04.

Spending on lotteries declined from 16 per cent to 10 per cent.

WHAT ARE THE ODDS?

Winning Powerball: 54,979,155 to 1
Winning Oz Lotto: 8,145,060 to 1
Winning Lotto: 7,059,052 to 1
Winning 6 from 38 Pools: 2,760,681 to 1
Picking the trifecta in 13-horse race: 1715 to 1
Rolling total of seven with two dice: 5 to 1
Being killed by lightning: 1,603,250 to 1
Dying from venomous bite or sting: 1,159,364 to 1
Winning $2 Lottery: 180,000 to 1
Winning $5 Lottery: 140,000 to 1
Being murdered (NSW): 57,036 to 1
Being killed or seriously injured as pedestrian (NSW): 5636 to 1
Marriage ending in divorce: 2.3 to 1

Source: Centre for Gambling Research, ANU

 

[2020hindsight]

Thought for the day ...
suppose it's (roughly) 8 times easier to win Ozlotto (or Lotto) than it is to win Powerball,

and suppose you win 1/8th as much

which would you prefer?

Winning Powerball: 54,979,155 to 1
Winning Oz Lotto: 8,145,060 to 1
Winning Lotto: 7,059,052 to 1

How many people really need more than a million ?
and/or
how many have been less happy that they thought they'd be when they did win it?
and/or
how many have regretted winning lotto ?

[ c'mon, own up !!.. (lol) ]

and most importantly ,
I would guess that you'd be equally as likely to be happy with 1 million as with $8 million

especially as there's 8 times the chance to win ( extremely approx here - in fact guessing at the typical payouts - trouble with Lotto is that you often have to share the winnings etc)

 

[2020hindsight]

http://www.fool.com/personal-finance/retirement/2005/02/04/rats-i-won-the-lottery.aspx

Rats, I Won the Lottery!
By Selena Maranjian February 4, 2005
(Consider sending this article to a friend or two, to warn them of the incredible danger that they may be in.)

Who among us hasn't dreamed of winning a lottery jackpot? I certainly have. (But my dreams remind me of that old joke, where the punch line, exclaimed by God, goes something like this: "But meet me halfway -- buy a ticket!")

Most of us think of winning the lottery as a good thing. We see it as an answer to many of our prayers. It can ensure that Junior gets to go to the college of his choice. ....Winning the lottery might secure us a comfortable retirement, too. ....

I hereby suggest to you, though, that winning the lottery is a bad thing. A very regrettable development. An event you should strenuously avoid at all costs. Don't believe me, though. I haven't had the misfortune of winning a lottery and being able to relate to you my grisly first-hand experience. (Phew! Dodged a bullet there.)

Lottery winners. or losers
Instead, learn from some people who have actually won lotteries. Here are a few, courtesy of Bankrate.com:

Evelyn Adams, something of a statistical freak, won the New Jersey lottery twice, in 1985 and 1986. (Notice that she hasn't won lately? She must have learned something and stopped playing.) Her total take was $5.4 million. What does she have to show for it now? Zippo. She lives in a trailer and recounts that, "Everybody wanted my money. Everybody had their hand out." Her own hand was out, too, at gambling venues.


In 1988, William "Bud" Post won $16.2 million in the Pennsylvania lottery. Says the man who, after declaring bankruptcy, now lives on Social Security and food stamps: "I wish it never happened. It was totally a nightmare." (These quotations are real.)


Willie Hurt won $3.1 million in 1989. "Two years later he was broke and charged with murder. His lawyer says Hurt spent his fortune on a divorce and crack cocaine."

Janite Lee was unlucky enough to win an $18 million jackpot in 1993. She shared her wealth with many charitable organizations, but before a decade had passed, she had filed for bankruptcy and had just $700 in the bank.

Do these folks sound like members of a club you'd like to join? These aren't even the only examples. After I wrote an article in December about a bankrupt man who won a lottery, a reader wrote to tell me about two other winners:

"The first (story) is about Jack Whittaker, who won the largest undivided jackpot in U.S. history. Since then he's been robbed numerous times, arrested twice for drunken driving, pleaded 'no contest' to a misdemeanor assault charge, and faces other legal trouble. This is in addition to the predictable line-up of people looking for a handout. His wife wishes she would have torn the ticket up.

"The second story is about a Portuguese textile worker (Domingos Oliveira) who says that his life has become hellish since his big win. His family has been on the run since he won, trying to avoid calls from friends and relatives and fearing a kidnapping attempt. 'It was always my dream to have so much money. But in these past few weeks I have told myself that I prefer my old life.'"

See? Winning a lottery is something you should only wish upon your enemies. Instead of using curses such as, "May the sweat of a thousand camels infest your armpits," try: "May you win the lottery -- and I mean a big jackpot!" That should give you some satisfaction, no?

What happens when you win
When you win the lottery, you get a lot of money. Fine. But some other things happen, too. Friends and relatives come out of the woodwork -- hinting at, asking for, or demanding money. Even acquaintances may have their hands out. Some people sue you in the hope of getting some of your moolah. Other people want you to be their business partner in some wacky new ventures. Some loved ones may even suddenly start thinking of sending you to the great convenience store in the sky so that they might inherit your fortune. (These things have really happened.)

Perhaps most troubling is that your relationships with many of your loved ones changes. In the back of your mind or theirs will always be the fact that you're suddenly wealthy and they're not. It's just human nature, isn't it, for them to be jealous and perhaps even resentful? When you meet new people, if they're aware of your good fortune, you'll never know whether they're interested in you or your money. These headaches may seem worth it, in light of your riches, but to many people, they prove to not be worth it.

Good news.
Here's some very good news, though: The odds that you'll win the lottery are remote. Very, very remote.....


Perhaps, instead of betting on 1-in-80 million odds, you might invest in some shares of companies that can much more reliably, and safely, reward you.

....

Prepare to win the lottery, anyway
If you're now kicking yourself for having bought some lottery tickets, I don't blame you one bit. If I had an outstanding lottery ticket in my pocket right now, I'd be quaking in my boots. Make the most of this dangerous situation, though, and prepare yourself. Here are some steps you can take to minimize the damage:

First off, stop buying tickets! Or at the very least, rein in your habit so that it's merely an occasional recreation -- perhaps a ticket or two per month.

Next, don't move to Rhode Island. It has the ignominious honor of being the state that spends the most per capita on state lotteries and gambling, averaging $1,195 per person per year. Just think about that -- that's about $100 per month. Invest $1,000 per year in the stock market instead and you'll be pretty much assured that over the long run, you should lose little to no money and are rather likely to increase your wealth -- quietly.

..... etc

 

[Barrw]

never was a great russel crowe fan, when i heard he was taking pokies out of the rabbits club i changed my view on him, what a great thing to do. Screw the money pokies wreck too many lives we need more people to follow his leed