Gambling Threads

[tech/a]

Whats the story.
Conventional methods of income producing sources
No longer appealing?
To hard?
Takes to long?

 

[Trembling Hand]

Re: Gambling Threads.

Nah. Too scared & too lazy to act, work, think, try.

My first part time job was in a horrid factory surrounded by life time minimum wage earners. They were for what ever reason completely beaten for spirit, zero real optimism and every sunny day had a dark cloud coming to spoil the picnic.

The only universal hope they ALL had was winning the lotto. Luck. The new opium for the broken.

A lot of that on this forum now.

 

[MRC & Co]

Re: Gambling Threads.

I think some people, even knowing the odds are highly against them, enjoy it for some odd reason.

I know of HUGE traders, who have a big gambling streak in them. Yet they still consistently, outperform, by giant margins, those who don't have it in them. The most obvious and glaring example, is Paul Rotter.

 

[paulchow2k]

Re: Gambling Threads.

Nah. Too scared & too lazy to act, work, think, try.
My first part time job was in a horrid factory surrounded by life time minimum wage earners. They were for what ever reason completely beaten for spirit, zero real optimism and every sunny day had a dark cloud coming to spoil the picnic.
The only universal hope they ALL had was winning the lotto. Luck. The new opium for the broken.
A lot of that on this forum now.

Don't forget to mention the Casino. I've heard the car park is also a great child minding center....

 

[So_Cynical]

Re: Gambling Threads.

Whats the story.
Conventional methods of income producing sources
No longer appealing?
To hard?
Takes to long?

Tech some would say this is a forum full of gambling threads with many many posters in denial.

 

[awg]

I have little gambling knowledge, so please excuse me.

Read a very interesting post on another forum recently, regarding an individual in Australia that was allegedly making money on sports betting.

I cannot locate the link, and the story may have been apocryphal, but it had detail that suggested it was factual as the article was written to be that way.

The gent was allegedly turning over around $350m per year, mainly via Betfair.

He actually loses a small amount, but because of his very high turnover, receives a rebate, which may have been mentioned as high as as 4%

So the profit was 4% - (small losses + expenses of his employees) X $350m turnover

went on to quote name, something Yugoslavian or similar sounding, biggest gambler in Oz and many other details about his mathematical expertise etc.

anyone else heard of this story?

I dont know whether;

a) rebates are paid on turnover?

b) the maths of that scheme, even based on break-even and no costs, but superficially, based on a 50/50, you would only need a capital of a few million

 

[waza1960]

Trading and gambling can co exist .I gamble for fun and trading is a calling that I aspire to admittedly I gambled in early trading but was too naive to realise this.The enjoyment I get from gambling (99% Blackjack) is studying human psychology at the table practising self disicipline see money management and simply the game itself.In the over twenty years that I have played I am no more than 2k down but I always have a limit and I stick to it.I always have fun unless I lose very quickly which sometimes happen

 

[gordon2007]

Who determines what is conventional? I think you would find that being a professional gambler requires just as much discipline as a trader. Gambling is just as legal as investing. As for it no longer being appealing, it seems you are assuming it was appealling at one time to the gambler.

Some people like chocolate, others vanilla. Not everyone who gambles is some lower quality of person selling their wristwatch at cashconverters.

Whats the story.
Conventional methods of income producing sources
No longer appealing?
To hard?
Takes to long?

 

[motorway]

Trading and gambling can co exist .I gamble for fun and trading is a calling that I aspire to admittedly I gambled in early trading but was too naive to realise this.The enjoyment I get from gambling (99% Blackjack) is studying human psychology at the table practising self disicipline see money management and simply the game itself.In the over twenty years that I have played I am no more than 2k down but I always have a limit and I stick to it.I always have fun unless I lose very quickly which sometimes happen

When Jupiter's at the Gold Coast started
they had 5 deck games with a small cut
Found I could do reasonably well

And Yes the Psychology was very interesting

The game went to 6 and 8 decks
and then continuous shuffle machines

It also became more like a Slot Machine emporium

Have not be back for some years

motorway

 

[JTLP]

Interesting thing at Crown is that when you play Blackjack and you get to 'Cut' the pack...you must do it in the middle. I tried to do it close to the edge (for obvious reasons) and told this was 'disallowed' due to Casino rules. As if the house doesn't have enough of an advantage already...

 

[Naked shorts]

I have little gambling knowledge, so please excuse me.

Read a very interesting post on another forum recently, regarding an individual in Australia that was allegedly making money on sports betting.

I cannot locate the link, and the story may have been apocryphal, but it had detail that suggested it was factual as the article was written to be that way.

The gent was allegedly turning over around $350m per year, mainly via Betfair.

He actually loses a small amount, but because of his very high turnover, receives a rebate, which may have been mentioned as high as as 4%

So the profit was 4% - (small losses + expenses of his employees) X $350m turnover

went on to quote name, something Yugoslavian or similar sounding, biggest gambler in Oz and many other details about his mathematical expertise etc.

anyone else heard of this story?

I dont know whether;

a) rebates are paid on turnover?

b) the maths of that scheme, even based on break-even and no costs, but superficially, based on a 50/50, you would only need a capital of a few million

There was someone who started a thread on ASF a little while ago, asking what it would take to start a Hedge fund that bet on sports.

I laughed and closed the window.

 

[son of baglimit]

i know for a fact (by working at tabcorp HQ years ago) that one particular gent had a team of uni grads working for him running various programs to determine bets on racing from the wagering data supplied by tabcorp. they would feed directly into the host thousands of bets per race (mainly melb & syd, or other major races) attempting to collect their margin. various jackpot pools attracted most interest. an old bet type called straight 6 once had a pool in excess of $8m, to which he contributed around 20%.

considering the way betfair allows both buying & selling of bets, id expect these types would now prefer that facility for win & place, but remain with tab's for the exotic bets.

whilst rebates werent paid, tabcorp gave these types of clients every possible assistance, from supplying the hardware, paying the telstra setup & ongoing costs, to various 'rewards' for being such wonderful clients.

the payback to tabcorp was the commissions on all bets (14 to 20%) and the fear of losing their business to other tab's (in those days the tab's were all separated.)

 

[Largesse]

playing for rebates.

pretty much all the happens on the NYSE nowadays aswell

 

[Trembling Hand]

I started that thread, and I don't think that it is as joke-worthy as you make it out to be.

Billionaire Mark Cuban, according to Forbes, the 296th richest person in the world has started/is in the process of starting a sports betting hedge fund.

Fair enough if you believe trading sports is too risky/low-rent for you. But let me ask you this, what sort of return do you aim to see on your share portfolio?

I've been trading sports instead of stocks and have made 660% exposed to minimal risk in 15 months, starting with $10k that I was prepared to lose.
My stock portfolio during this time has taken a beating.

Should i have been trading my cash in stocks/bonds in that time frame? Would that have been more risky than backing Roger Federer and Andy Murray in the second round of Wimbledon?

Interesting. You may want to read this about Alan Woods. An Aussie who ran something of a betting fund who died last year.

Woods, 62, was universally recognised as among the top three punters in the world.
Woods, born and raised at Murwillumbah in northern NSW, who was the co-pioneer of computer betting syndicates in Hong Kong and a key man in the development of computer analysis for betting.

His fortune at the time of his death was estimated at $670 million.

The Woods betting syndicate became legend in the cauldron of Hong Kong racing, where huge amounts of money are invested into the totalisator pools.

For the 2006-07 racing season which ended last June, the Hong Kong Jockey Club recorded a betting turnover of $US64billion ($71.46bn). It has been estimated the input to annual turnover by Woods and his syndicate was about 2 per cent.

http://www.theaustralian.news.com.au/story/0,25197,23145725-5013405,00.html


EDIT: ha??????????? where you go?

 

[Timmy]

EDIT: ha??????????? where you go?

Was going to ask the same thing myself.

Had a question for the poster too.

 

[Naked shorts]

EDIT: ha??????????? where you go?

Good catch TH!


@carlm94

660% on $10K doesn't impress me, if you made that much on $200M, I would be (think John Paulson's credit fund).

The thought of some guy making bets on sporting events with OPM and calling it a "hedge fund" doesn't seem right to me. Everyone wants to be called a "Hedge Fund Manager" these days, and people are coming up with ridiculous ways of making money and then labeling themselves "Hedge Fund Managers" so they can feel good about themselves. The "Hedge Fund" "AdultVest", is a perfect example of this douchbaggery. The guy running it isn't trading anything, he is a Venture Capitalist who specialises in the pr0n industry. Yet he calls himself a Hedge Fund manager.

Also, just because a billionaire doesn't know how to trade his way out of a paper bag (evident by his run-ins with the SEC, and his Sharesleuth.com idea), but wants so badly to be called a "hedge fund manager" that he is starting a sports betting fund, doesn't mean its right.

 

[$20shoes]

Kudos to this guy who took down Pools Lotto. He did enough homework to find an edge. He basically became the house, so to speak.

He talks about all the things traders might take into consideration too, as part of finding an edge and expectancy

https://hackernoon.com/gaming-the-lottery-how-one-winner-used-math-to-overcome-the-odds-71c8f688cedd