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mit said:So not all "punters" are gamblers either. My definition of a gambler is someone who speculates with a negative expectancy.
MIT
So what does that make the ("gambling"?) addict who hangs on the hope that they are going to win it all back "in the next hand/round/pull of the lever"??? A "serial punter" perhaps.....mit said:So not all "punters" are gamblers either. My definition of a gambler is someone who speculates with a negative expectancy.
Monopoly said:So what does that make the ("gambling"?) addict who hangs on the hope that they are going to win it all back "in the next hand/round/pull of the lever"??? A "serial punter" perhaps.....
I see what/ where you're coming from MIT and yes that makes sense in the world of logic, but frankly (outside the walls of rationalisations/ "expectancy" forecasts based on historical data analysis) which you and I may employ to strategise our next move, your definition affords the average (slot machine lever pulling addict) "gambler" with waaaaaaaaaay too much credit!!mit said:expectancy is simply a statistical measure of expected profit per transaction. A gambler has a negative expectancy.
Obvious inefficiencies in odds will disappear but remember that you are doing the opposite of the mug punter and if the bookmaker skews the odds too much he might start favouring the gambler. Most people on the site mentioned above seem to use TABs or some sort which base the odds simply on how much is bet on each horse.kissfan said:Have heard of "spread betting" & "arbitrage" etc, but I think that once the bookmakers get wind of these systems they come up with their own ways to put the odds back in their favour. A bit like any new car alarm that comes out. It doesn't seem to take the pro car thiefs too long to devise a way around the alarm.
I know a chap who is a "professional" gambler. That's all he does. His main game is poker and he was only a few years back considered number one in Australia and had his pic on the cover of some poker magazine (yes, they have their own magaine). He has played in tournaments all over the world and was consulted upon for movies such as Boiler Room etc. I have often debated with him that poker etc is a game of luck/chance but he swears blind that there is a lot more to it.
Waaaaay too risky for me (plus I don't have the nerve), but he seems to do very nicely.
As a sidenote; to look at, you'd never pick this bloke as someone that has "a fair bit" of $$$$
Regards
Marty
Peter Spann has mentioned poker. He mentioned at the investor update that he was playing in a high stakes poker tournament recently- bluffing on a $32K hand, waiting 10 minutes for the other guy (with a better hand) to fold.kissfan said:I know a chap who is a "professional" gambler. That's all he does. His main game is poker and he was only a few years back considered number one in Australia and had his pic on the cover of some poker magazine (yes, they have their own magaine).