Gambling

Gambling was invented 2300 B.C. by the Chinese who played a game of chance using tiles.

The history of gambling can be linked to humanity as far back in the ages, as there are signs recorded of people gathering in groups.

1. What is gambling?

Gambling is the spending of money, or wavering something of value, on an event, or probable happening, with an uncertain, unfamiliar outcome, with the main intent of winning money or other material goods.

2. What is considered as gambling?

Gambling requires 3 elements to be present, that is, Consideration, Chance and Price.
We are all familiar with gambling in casinos. The card games: like poker and blackjack. We know the slot machines. We know lottery tickets and scratch cards. We know betting on horse racing. We also know there are sport stakes and even betting on a game of skill (such as a live video game) is seen as gambling. Certain cultural games such as ‘Mah-jong’ are considered gambling.

BUT … did you know that BINGO is gambling? AND did you know that the Raffle tickets and Tombola table at the Church fair is gambling? What about taking a wager on a friend doing something ridiculous for fun?

3. Is playing the Stock Market gambling?

Investing in stocks is just like gambling but also different. When making trades without knowledge and control, it becomes gambling.

4. Taking out Insurance; is that gambling?

The risk in Gambling is ‘speculative’ risk. Gambling creates an opportunity for risk. A risk for gain as well as for loss. Insurance deals with ‘pure’ risk. With ‘pure’ risk there is the possibility that an event, like an accident or illness, MIGHT occur.

5. Eve. Taking the apple in the Garden of Eden; was she gambling?

For Centuries Gambling has been a form of ENTERTAINMENT and FUN for millions of people. But somewhere it changed to becoming more to some people. More work related, even though still a game or fun. For some it became a JOB.

Whenever a chance to lose money or belongings is taken, and when winning or losing is decided mostly by chance, you are gambling.

Learning the Topes of Gambling

Let’s get SHARP with a little bit of Gambling Terminology

1. SHARP: Wise Guy
2. TRIPLE SHARP: The sharpest of the sharp
3. SQUARE: Unsophisticated Gambler
4. PUPPY: Underdog
5. DEGENERATE: Compulsive Gambler
6. SHORTSTOP: A small Bettor
7. PLAYER: Bettor, Gambler
8. HANDICAPPER: One who studies sports and predict outcomes
9. SCALPER: One who attempts to profit from the difference in odds from book to book by betting both sides of the same game at different prices
10. CHALK EATER: Favourite Bettor

More Gambling Terminology

1. Action: A bet
2. Get Down: Make a bet
3. Scratch: Withdraw or cancel
4. Earn: Practical hold percentage
5. Edge: Advantage
6. Take a Price: Bet the Underdog, take the points
7. Sucker Bet: Bet with a large house edge
8. Straight Bet: Bet on only one
9. Handle: Total amount of bets taken
10. Rundown: Line update
11. Deal: A card is dealt to each player
12. Dealer: A representative of the casino that deals out the cards
13. Deck: Standard 52 cards in pack
14. Draw: A player takes an additional card
15. Hand: The set of cards each player was dealt for that round of play

Even more Gambling Terminology

1. OVERLAY: When the odds on proposition are in favour or Bettor, and not the house
2. UNDERLAY: When the odds on proposition are in favour of the house
3. TOSS UP: Game where the line is close to Pick-em
4. SCORE: Win a lot of money
5. GROSS WIN: Winnings before expenses
6. PUSH: Tie
7. FIRING: Betting a lot, wavering large sums of money
8. PRESSING: Betting larger amounts than usual
9. TAPPED OUT: Broke, busted, a common result of pressing
10. BAD BEAT: Tough Loss
11. BEEF: Dispute

Always remember to only bet what you can afford to lose.

Educate the Gambler

4 Recommended books to help your gambling perspective

1. Antifragile by author, Nassim Nicholas Taleb
Most things in nature gain from disorder. So rather than collapse, it grows stronger.

2. The Real Story about Risk: Adventures in a Hazardous world by author, Glenn Croston
The book explore the wider story of risk. The ultimate goal of taking risks is to be in control.

3. Thinking, Fast and Slow, by author Daniel Kahneman.
The book opens your mind on how to make better decisions in times of uncertainty’

4. The Signal and The Noise by author, Nate Silver.
The book provides valuable insights into the skill of predictive ability.

There are 6 types of gamblers.

1. The Professional gambler make their living by gambling and therefore sees it as a profession. They are skilled and can control the amount of money they use and know when to stop playing.

2. The anti social gambler use gambling as a way to get money by illegal means. They are likely to fix races, play with loaded dice and marked cards.

3. The casual social gambler, gamble for recreation, entertainment and being social. Gambling does not interfere with his normal, everyday life.

4. The serious social gamblers spend more time and money on gambling. Gambling is a major source of relaxation and recreation. But these gamblers tend to put family and work first and gambling as a second choice.

5. The relief and escape gamblers, gamble to find relief from anxiety, depression, anger, boredom and loneliness. They use gambling to escape from problems and difficulties.

6. The compulsive gamblers have lost control over their gambling. For the compulsive gambler his gambling has become an addiction that influences all aspects of his life.

As in all other things in life, you can be educated in being a Gambler. There are schools and colleges especially for gamblers and for casino personnel. There are books that can be read and used as study material. Professional gamblers probably studied at a college or school for gamblers. For the rest of us a few books to read would be more than enough education about gambling.