is gambling fix your life? or wreck your life?

[gerXhonza]

That is a crazy thread you have created there OP. I very much doubt anyone has become a billionaire threw gambling, well the type of gambling you are talking about because even if they did they would end up losing it.

I do enjoy some gambling but only that which requires some skill what will give you an edge, that is why I only play poker, but now and again I do bet on the football as I'm not a newbie to football.

Over all it has done neither destroyed or fixed my life because I won't let it, just play in moderation and have fun.

[subSTRATA]

gambling can never fix your life but can wreck it also can have no effect play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place 

[glorg44]

gambling can never fix your life but can wreck it also can have no effect play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place 

hhahah... well said buddy!

[pureelite]

i found my self broke because gambling
i found my life in a mess because gambling

but because gambling too suddenly rich, suddenly be a billionaire
because gambling too you know what it is the real have fun

how about you?

is gambling fix your life? or wreck your life?

   


I've gambled a long time. At the beginning I invested a little money . As time went on , I started to invest more and more . I managed to get a few hundred euros, but when I first got that much money , I started losing more and more , but worst of all is that I could not stop gambling because all the time I thought I could get the first time. So I was losing more and more money, and began to borrow. Luckily , I talked with my family about it and I decided to stop. Now just play sports prognosis for pleasure.

[Bardman]

That is a crazy thread you have created there OP. I very much doubt anyone has become a billionaire threw gambling, well the type of gambling you are talking about because even if they did they would end up losing it.

I do enjoy some gambling but only that which requires some skill what will give you an edge, that is why I only play poker, but now and again I do bet on the football as I'm not a newbie to football.

Over all it has done neither destroyed or fixed my life because I won't let it, just play in moderation and have fun.

There are few people that can benefit and profit from gambling, poker player vs player or sport betting but only a few like everything in life, its hard and not recommended, some people think they can do it as well but in reality they cant, at least most of them wont be able to.

But there is people winning millions through gambling

[adaseb]

Gambling destroyed my life.I lost control over how much time and money I used to spend gambling.When I was in the nascent stage of being a gamster I had mixed feeling about it.Thats why I never stopped!
I took loans so that I can never stip rolling. I still have to  repay a loan worth 5 BTC!

Wow! I feel bad for you. Just be glad that the loan is only 5 btc and not in the hundreds of thousands of dollars.

[letyouearn]

Gambling on any site with real money got me too much depression now. From the day of my biggest loss on satoshimines, I left gambling on it and whenever I get any amount of btc, I just exchange them without any delay. That's my trick to save btc from playing gamble.

Overall, I can say, gambling wrecked my life totally.

[adaseb]

gambling can never fix your life but can wreck it also can have no effect play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

Yes that's true but its also very possible that a high roller can clean out a casino and make it go bankrupt. It happens all the time with small casinos. Its risky for them also.

[mladen00]

gambling can never fix your life but can wreck it also can have no effect play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place 

Even some kind of dice/btc casino?
For dice/btc casino you don't need 1million USD

[Shogen]

gambling can never fix your life but can wreck it also can have no effect play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

Yes that's true but its also very possible that a high roller can clean out a casino and make it go bankrupt. It happens all the time with small casinos. Its risky for them also.

With a good bankroll management (according to Kelly formula, if the house edge is 1%, the max profit per game should be set as 1% of total bankroll), it is very unlikely for the house to lose significant amount.

[arallmuus]

I very much doubt anyone has become a billionaire threwthrough gambling

There is no doubt that there are some people that are rich through "gambling". It need some skill and "luck" which most people dont have. The winner of the WSOP will receive millions of USD which serve as a fact that some people are rich through "gambling". PrimeDice 100 BTC leaderboard would serve as another fact that someone could be "rich" from gambling and thats of course is just a niche of the whole example

if they had the money to open a casino in the first place

Just to be clear, you can open up a casino of your own without any need to provide your own bankroll . Moneypot API allow anyone to open up their own gambling sites with no risk at all and your own bankroll is unneeded

For references : https://bitcointalk.org/index.php?topic=1020726.0

according to Kelly formula

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll 

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

[BigMac]

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll 

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

But how is Just-dice able to set their max profit so high?
The number I see there:
Site invested: 554,737.47504713
Max profit: 136,569.72

[scat]

Not really? I mean of course everyone deposits money to dice sites to win money, no one plays dice for fun but you dont call that greed. Greed and emotions wont affect your bet results, the only thing greed can do is make you come back after loosing to lose more which is what gambling addicts do

greed and emotions are part of psychology i think, and its could take an effect on your bet decision.
i agree with this, recovering all what you have lost in gambling was bad idea one of reasons people did it is greed.desire to get profit, impose themselves. everyone suggest to never do that.

[Altcoin4life]

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll 

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

But how is Just-dice able to set their max profit so high?
The number I see there:
Site invested: 554,737.47504713
Max profit: 136,569.72

Good question  maybe that number is so high because he knows no one would be crazy enough to risk it. Who knows with the older sites.

[rivoke]

I very much doubt anyone has become a billionaire threwthrough gambling

There is no doubt that there are some people that are rich through "gambling". It need some skill and "luck" which most people dont have. The winner of the WSOP will receive millions of USD which serve as a fact that some people are rich through "gambling". PrimeDice 100 BTC leaderboard would serve as another fact that someone could be "rich" from gambling and thats of course is just a niche of the whole example

The most lucky man, Hufflepuff is the example although and it end he was being accuse for cheated but at least he can successfully withdraw his huge winnings and he was spend his quality time for fun.
I'm wonder he will back again for try another luck but usually when people want to try another luck, mostly will busted

[BigMac]

But how is Just-dice able to set their max profit so high?
The number I see there:
Site invested: 554,737.47504713
Max profit: 136,569.72

Because most sites you risk a % of the money you invest, while Just-Dice allows you to risk a % of your total bankroll, even if only a small fraction of it is on-site. Like for most things, Dooglus has a great FAQ and full explanation if you're interested

Thanks for the advice.

Just checked the FAQs and if I get it correctly, Just-dice set its max profit as 0.5% * onsite+offsite bankroll, so it should have 27,313,944 invested in total. But then the clam block explorer http://www.khashier.com/ shows there are only a total of 15,386,074.16439007 existed at the moment. How is that possible?

I re-read the FAQs and realized investors can declare offsite coin before proving its existence. It looks like lots of investors have declared a crazy amount lol.

[bitcoinmar]

I very much doubt anyone has become a billionaire threwthrough gambling

There is no doubt that there are some people that are rich through "gambling". It need some skill and "luck" which most people dont have. The winner of the WSOP will receive millions of USD which serve as a fact that some people are rich through "gambling". PrimeDice 100 BTC leaderboard would serve as another fact that someone could be "rich" from gambling and thats of course is just a niche of the whole example

The most lucky man, Hufflepuff is the example although and it end he was being accuse for cheated but at least he can successfully withdraw his huge winnings and he was spend his quality time for fun.
I'm wonder he will back again for try another luck but usually when people want to try another luck, mostly will busted

They not only bust they busted badly I watch many examples around me many won and then came for try again and lost more then win they have lost time because lady of luck not works every time

[arallmuus]

-snip-

The most lucky man, Hufflepuff is the example although and it end he was being accuse for cheated

What are you trying to say exactly? No Hufflepuff is not a lucky guy but he cheated PrimeDice by exploiting a flaw in their system and of course a disgrace

For references if you had not read Stunna's article yet https://bitcointalk.org/index.php?topic=208986.msg11755637#msg11755637

because lady of luck not works every time

This is how typical delusion to believe that it is pretty much everything is about luck. Most things is about luck however you can always get the upperhand and proffited yourself if you "know how" to get a Positive Expected Value (+EV) . By getting some sort of bonusses, giveaway and such that is lowering the house edge and thus some sites actually give a chance for their player to get +EV


Sites that give chances to the players to get a +EV if they "know how" is :

#1 Bustabit / TTM : with their bonus system per round and if you know how to do it properly then it is a +EV for you

More references here : https://www.bustabit.com/faq#bonusfunded

#2 Dadice : their jackpot system allow the player to have a massive edge over the house.

#3 All sites that have investment feature : being part of the house means you are getting the +EV yourself

[pooya87]

gambling is going to wreck everyone's life except the house.
all users are going to lose a lot of money on gambling while the house gathers all those money and gets richer and richer

[NASGambling]

I think the important part is to have a strategy to cover your loses and retain your game. If someone is in loss he has to have a cap on how much more he can afford to loose to recover the losses.