Gambling can be profitable in the long run! It is possible!

[tommorisonwebdesign]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

[TwitchySeal]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

Binary options...also gambling.

[Alvin Fahriza]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

Binary options...also gambling.

yeah binary is gambling dude. you can not predict the price with a very short time

[futurebit640]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

Gambling is not meant for long term profits because if any one play for long term as you said they will lose more than winning but it is meant for some fun and entertainment purpose so it good to gambling only some times than gambling regularly.

[uname]

i think everythink that have big risk. not suitable to be used as a job or income for the long term

[pooya87]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

i agree. gambling is not a way of making money at all.

it is possible to make money through gambling though, since it is a game of chance it would be like winning a lottery and getting rich. but it is based on luck so you cant count on it.

besides those professional gamblers who are making money through gambling are seasoned players of games they can control like Poker and they play it face to face and not online

[dupeddonk]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

This guy somehow fooled himself into thinking people this we were talking about how we made money gambling.

(talking about if its possible or not, dumdum)

[RealBitcoin]

(I could easily be a billion or so off somewhere)

Nobody gambles a billion dollar. Or have a billion simulations.

Most of us wont even have 5000 in total, so the sample size is too big.

Nobody reaches long run. Which is why we have to use math.

The bigger and bigger the sample size gets, the closer and closer the result will be to our theoretical value.  Bigger sample size = More  accurate.

The bigger the sample size of your life is, the closer you get to death, and at some point it becomes inevitable.

So what that doesnt mean you cant live a good life?



Based on your logic, you should also be able to win big in a casino, in a limited amount of time. IN REALITY THERE IS NO INFINITY, ONLY LIMITED TIME!!!!!

[TwitchySeal]

(I could easily be a billion or so off somewhere)

Nobody gambles a billion dollar. Or have a billion simulations.

Most of us wont even have 5000 in total, so the sample size is too big.

Nobody reaches long run. Which is why we have to use math.

The bigger and bigger the sample size gets, the closer and closer the result will be to our theoretical value.  Bigger sample size = More  accurate.

The bigger the sample size of your life is, the closer you get to death, and at some point it becomes inevitable.

So what that doesnt mean you cant live a good life?



Based on your logic, you should also be able to win big in a casino, in a limited amount of time. IN REALITY THERE IS NO INFINITY, ONLY LIMITED TIME!!!!!

I'm agreeing with you that Gambling can be profitable in the long run.

But you try to prove this by using an example of how one might win in the short term.

To be profitable in the long run, all you need is an edge and a bankroll.

If you play that slot machine with a 1% house edge, no matter what, you will not win in the long run.

Get it?

[RealBitcoin]

I'm agreeing with you that Gambling can be profitable in the long run.

But you try to prove this by using an example of how one might win in the short term.

To be profitable in the long run, all you need is an edge and a bankroll.

If you play that slot machine with a 1% house edge, no matter what, you will not win in the long run.

Get it?

But even with a negative edge you can be profitable in the long run, because you dont need to be for infinity.

The EV theory only applies to infinite sample size. But in the finite world (reality) you can have a lucky winning streak, or just a variance temporarly (which can last your lifetime) tilted in your favor.

The end EV is negative, but the local EV can be positive.


I saw casinos go bankrupt, there was a casino near my house ,that got closed a few years ago because a slot machine player won big and the stupid owner didnt have enough cash to pay his rent after he paid out the winner.

So maybe not Caesars but smaller casinos still go bankrupt.

[BTCevo]

Everyone in this thread saying gambling makes them money are only fooling themselves. Are you guys accounting for the losses versus the wins? I'm sure if you add everything up you've lost more than won. You may as well do binary options, at leas you have some prediction.

Yes it will be true that it is always like that lose is more than win but did you calculate their profit? Although some of them are lose much but for the total profit I guess it is still good enough. Yes gambling is risky but with this risky thing we can earn more with a good payout too

[emberbekas]

Gambling will lead you to the poverty (no doubt about it) unless you can cheat the system!
That's why gambling are illegal at some countries and most religion doesnt allow gambling activities too!

[TwitchySeal]

I'm agreeing with you that Gambling can be profitable in the long run.

But you try to prove this by using an example of how one might win in the short term.

To be profitable in the long run, all you need is an edge and a bankroll.

If you play that slot machine with a 1% house edge, no matter what, you will not win in the long run.

Get it?

But even with a negative edge you can be profitable in the long run, because you dont need to be for infinity.

The EV theory only applies to infinite sample size. But in the finite world (reality) you can have a lucky winning streak, or just a variance temporarly (which can last your lifetime) tilted in your favor.

The end EV is negative, but the local EV can be positive.


I saw casinos go bankrupt, there was a casino near my house ,that got closed a few years ago because a slot machine player won big and the stupid owner didnt have enough cash to pay his rent after he paid out the winner.

So maybe not Caesars but smaller casinos still go bankrupt.

There is no official definition for "long run" so I guess I's pointless to debate what the "long run" even is.

Generally though, when someone refers to the "long run" in gambling, they are referring to a sample size that is big enough so that the variance is minimal.


Here are the results of a simulation of 100 users making 1,000 even money bets with a 49.5% chance to win.  (The house edge is 1%)

The green line is the theoretical value.



There are almost the same amount of winners and losers.

But if they were to do that 99 times more (or for 100,000 bets total)
They are all clearly losing at least 3-400 bets.



The second one could be considered the long run, the first should not.

(I stole these from dooglus' post, he was using them to prove a different point and pokerdope isn't working right now)








 

[sishendaoye]

Its possible of course but it mostly not will happen at the most people on a long term.
The most people will lose a lot on a long term so you need pure luck to have it.

[teilwalL05]

You had quite a research about this don't you, well on account for gambling a long term of 1 to 10 years can be profitable? yes it can but it can also be a non profitable because like you said it is base on luck but gambling for me has a great significant because of signature campaign I have known a gambling and earn a lot because of this!

[AMR008]

holy mother of gamblers... such a  nice explanation .. loved it ... coolest

[klf]

Its possible of course but it mostly not will happen at the most people on a long term.
The most people will lose a lot on a long term so you need pure luck to have it.

Because gambling is not meant for making money so in the long run no one can make money. But most of the people thinks that, they can make lot of easy and fast money from gambling and end up losing all there money in gambling. So just gamble for fun and enjoy the fun part of gambling.

[RealBitcoin]

I`ve lost yesterday 0.9 BTC in gambling, it pretty much sucks very much, but thats how it is.

Sometimes you win, sometimes you lose. I`m a disciplined gambler and I never bet huge amounts, and it was fun really.

[dupeddonk]

I`ve lost yesterday 0.9 BTC in gambling, it pretty much sucks very much, but thats how it is.

Sometimes you win, sometimes you lose. I`m a disciplined gambler and I never bet huge amounts, and it was fun really.

Guess that makes you a long term loser again maybe tomorrow you'll be a long term winner good luck m8

[RealBitcoin]

I`ve lost yesterday 0.9 BTC in gambling, it pretty much sucks very much, but thats how it is.

Sometimes you win, sometimes you lose. I`m a disciplined gambler and I never bet huge amounts, and it was fun really.

Guess that makes you a long term loser again maybe tomorrow you'll be a long term winner good luck m8

No it's not, I`m at breakeven now, and i`m very disciplined in my gambling. I only do it for fun, i dont expect to get rich from it.

But if I do then that will be nice. A passive atitude is very important.