Give Him a loan Or Partner With Him

[gabbie2010]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

The fact that he is good in horse racing wouldn't stop me from giving him a loan to continue with his racing bet, of course there isn't any straight or consistent winning streaks in betting whether horse racing, soccer, tennis etc there are always some period of losses and   there is the tendency that he would bounce back after he had recuperated from his illness, a wise statement says “A Friend in Need is a Friend Indeed” whatever help I can render  him I would do so instead of partnering with him to share out of the money he would earn, if he eventually win some bets I believe he would pay back his loan without any qualms.

[bitzizzix]

If it were me, I would say emphatically not to loan it out. And according to my logic, he lost his fortune betting on horse races.
And if I lent him with the intention of recovering his fortune, I don't think that makes sense. Since most gamblers aim to chase losses, it will only make them suffer more and I don't want that to happen to me.
And I also care if he is angry or upset because I didn't lend him, because I don't want to lose my money and I don't care about losing it either.

[YOSHIE]

What's your best course of action in this scenario?

@robelneo, it's easy to deal with a friend like that, there is a wise scenario if you respond positively, of course you don't look at him in a negative light/the desire to gamble is caused by borrowing money.

For me, of course I will take a policy for that friend, because he is sick and he is an expert in horse racing betting, you are a wise thing to consider.
1. Give him money, but not a loan, give him money for free, you don't need to know what the money is used for, gambling or other things, what is certain is that you have helped your friend for the first time with money.

Tell your friend, there is no borrowed money, but here is some money that I have, take it and use it wisely, regardless of whether he is gambling or not, maybe it's better from your side to help your friend who is sick, If he uses his money to bet wins, it means you have helped him positively and if he loses, it means you have nothing to lose in assessing your help, at least you have helped your friend.

[madnessteat]

~snip~

I do not lend money and do not cooperate with people in whom I have doubts, as I have met many times both with fraudsters and unpunctual people who do not honor the terms under the contract. As I understand the person who told you this story doubts this person, so if he still intends to cooperate with him or lend him money, let him draw up a contract and notarize it, so that then there were no unpleasant situations.

[Sim_card]

To be honest with you,if gambling is the only option,I wouldn't give him a dime,I will humbly tell him that I don't have money to help him with, because he will end up losing it. Gambling is a game of luck and there is no guarantee that he will win as he said. It is better he goes somewhere else to look for a loan or partnership to avoid any problem in our friendship. It is only a lazy man that will believe that it is only through gambling that he can make it. There is no need to gamble when you don't have money no matter how much you believe in yourself because you will end up gambling in an unhealthy state.

[Finestream]

If it were me, I would say emphatically not to loan it out. And according to my logic, he lost his fortune betting on horse races.
And if I lent him with the intention of recovering his fortune, I don't think that makes sense. Since most gamblers aim to chase losses, it will only make them suffer more and I don't want that to happen to me.
And I also care if he is angry or upset because I didn't lend him, because I don't want to lose my money and I don't care about losing it either.

Same here, I will not loan him a money but not because I don't trust his instincts towards horse racing, nevertheless if he's good at it or what's his situation that might be a hurdle in wagering, but because I don't want to put our friendship in vain as I know that money can always be one the reasons why relationships will be severed. And even if he's good at it, there's always a chance that he will get it lost as there's always two sides of the coins.

[Shishir99]

@everyone I think it's a good point just give him what you can afford to give or better have a group session so all our friends will give what they can afford to give, I don't think he can find work with his condition he is a diabetic and he has his left foot amputated and he is in maintenance his gambling might have an impact on his health, but if ever he still good in betting I will encourage him if he recovers his fortune to just maintain a variety store, there's too much stress in gambling for someone like him with a lingering illness.

We will have a chat tomorrow morning.

I am sorry to hear that he has a bad health condition and he is unable to work. Now I am wondering how he will live his life. I feel sorry for him. For some reason, I believe gambling cannot be a primary income source. Gambling is all about winning and losing. Even if he has a long-winning streaks, a single losing streaks will bankrupt a person and this will worst in his case.

It would be best if you an gather all your friends and sum up a good money and establish a small business where he can make money and live his life. If he can grow his business, he can repay you later.

[Stable090]

If it were me, I would say emphatically not to loan it out. And according to my logic, he lost his fortune betting on horse races.
And if I lent him with the intention of recovering his fortune, I don't think that makes sense. Since most gamblers aim to chase losses, it will only make them suffer more and I don't want that to happen to me.

One of the reasons why gamblers always lose more money is when they chase after their losses. When gambling and you lose a large amount of money, trying to win back the money shouldn’t be the next thing to be done. Just take a break, and when you are coming back, just gamble normally. You shouldn’t try to win back the amount lost within a short period of time, or you might end up losing more money during the process.
 
Also, if you are trying to gamble and you think the best thing to do is to take a loan, that’s also wrong because when gambling, the pressure will be kind of high because you know the money you are using is not yours, and you might end up losing even after making a little mistake.
 
I can say the Op friend is trying to make two mistakes. firstly, he is trying to chase his losses, which is very wrong in gambling, and secondly, he is trying to take a loan to win back all the money lost. He is so desperate to win back the money lost that he might end up losing the money he took from the loan also.

[tjtonmoy]

~Snip

By 'recover his fortune' do you mean he is chasing his losses and wants to win back what he lost? If that's the case, don't lend him money or partner with him. Chasing losses is the biggest problem for many gamblers losing their everything. So I don't think it will be a good idea to deal with something like this. Make sure that the person you are lending money to is capable of returning it, or has what it takes to pay you back. If not, then stay away.

Betting is a 50-50 chance. What if he loses and isn't able to pay you back? That will ruin your relationship with him. So be sure to check these things before lending money to others.

[crwth]

That's going to be a pretty challenging place to be in because he is your friend and you have a belief that he can recover somehow, how he "was" before where he had a lot of money but then lost everything in gambling.

I'm quite confused about this part

who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness

Did he lose it because he was hospitalized? Or did he lose it in gambling? Because there are two ways you could go with this.

If he lost it due to health complications: Go lend him the extra money that you have since it's not because of losing.
If he lost money to gambling: Don't lend him money. It might not come back to you. That's going to be a problem in the long run. You will just get stressed.

I hope you make the right decision with this OP.

[maydna]

The scenario I once experienced was a friend coming to my house. After chatting for a while, he then wanted to borrow some money. As is my custom for friends who want to borrow money from me, I always ask first what they borrowed the money for. He said it was originally to buy food, but I hesitated to lend him the money since I knew he was a card player in my neighborhood. Suddenly, there was a call from his brother asking if my friend was at home. I said yes, he was here chatting with me.

Then his brother said if he wanted to borrow money to buy something, don't lend him money. He had lost playing cards with his other friends. He comes to your house and wants to borrow money. Tell him I was told by your brother not to lend you money.

Well, finally, I was saved by a call from her sister. But I also don't know if the money will be used for playing cards

But I was already suspicious when he wanted to borrow money to buy food because he did not have difficulty with money, at least for his family. He leaves me desperately because of his brother's phone.

[Yatsan]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

Won't be minding how long he's been away from playing or betting in such kind of game but rather would consider his capability of paying. If he's solely dependent of the outcome once he bet the borrowed amount, then that's obviously a no. No matter how bad he knows he can win with the amount he's about to borrow, no one has the guarantee. Practical and obvious calidation is the fact that he lost huge amount of money. Thus, there'll be no assurance of him being able to give it back in an instant unless he has a high paying job which you can lean on or unless you are too kind to trust him. It's on you basically.

[ChiBitCTy]

First off I don't condone horse racing (or animal betting of any type) as it's extremely cruel.  Eventually there will be no more horse racing (just as dog racing has all but died in the United States) as people are finally starting to wake up to the cruelties of it.

That being said, I wouldn't loan any friends any money period. Even if he's good at betting horses, that doesn't guarantee he's going to win you or his money back, plus he's more likely to be reckless being that it's a loan.

[Cryptomultiplier]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

Won't be minding how long he's been away from playing or betting in such kind of game but rather would consider his capability of paying. If he's solely dependent of the outcome once he bet the borrowed amount, then that's obviously a no. No matter how bad he knows he can win with the amount he's about to borrow, no one has the guarantee. Practical and obvious calidation is the fact that he lost huge amount of money. Thus, there'll be no assurance of him being able to give it back in an instant unless he has a high paying job which you can lean on or unless you are too kind to trust him. It's on you basically.

A friend in need is a friend indeed. If my friend was in such a delimma, I don't think it really matters if I partner or loan the friend the money.
Whichever one it boils down to, the notion of borrowing to gamble is already risky and not advisable, but if I could gift him money close to the amount he requested without bothering on what he does with it, but with the warning that that's all I can do, I would have done enough.

In this case, I have to pick an option and  I would think that partnership with him is better, at least I get to watch him at his word, gamble, while I learn or try to understand the game better and hold him accountable if he loses, so he doesn't come up with such a genius idea next time.

After all what are friends for, if not for inconveniences.

[MainIbem]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

It is assumed that you knew such person in toto and at some points had helped you before or maybe you guys are into gambling together, I have no option to loan him that money because knowing too well that any money used for gambling is not worth counting on except that person win's a bet before we could say the money had generated profits otherwise any money using for gambling can be consider a lost one. Loan him that money means you are also taking precaution anything is possibly to happened because gambling is not a guaranteed game that he would play and win as his mind tells him.
My advice is that, loan him a money you know that you aren't in haste to use it or something you can easily forget for him if he weren't able to pay it as quickly as you think.

[Marykeller]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

What's your best course of action in this scenario?

Before giving a friend a loan for gambling, you should keep in mind that it will always be too difficult to get your money back. You should consider how he would be able to repay you in the event that he was to lose money gambling. After all, it appears that this is how he makes his life. There is no other source of income he has apart from gambling. Repaying your loan to you will be based on whenever he wins in his horse race gambling and recovers his losses. 

The best option in this scenario is to give him the amount you know, it won't give you a headache if he refuses to pay you back. As for loaning a friend money to gamble is what to avoid. If you still want to be friends with him.

[FatFork]

<cut>
We will have a chat tomorrow morning.

I don't want to sound insensitive, but I think this is a legitimate question. Have you considered the possibility of his health deteriorating or, even worse? Aside from the risk of investing in such a gambling venture, I believe you also need to think about what will happen to your investment if the worst-case scenario unfolds.

Well, I genuinely hope your friend makes a recovery and manages to find some enjoyment in the rest of his life.  Sadly, based on my own experiences, it can be quite challenging to bounce back from such an illness, and often, the condition tends to deteriorate over time in most cases.

[Rabata]

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

First let me say that emotions should not be prioritized over finances. But as a friend he can claim money or loan. But it is better not to give it for any gambling purpose. Because when one loses in gambling he can spend more to recover the money. He can even bet on borrowing or lending money. It is necessary to first ascertain the situation of your friend whether he is an addict or not. If he is not an addict and you have confidence in him then you can lend him money. Also if you think he is an experienced player then you can take risk as partnership. It will totally depend on you.

[Xxmodded]

First let me say that emotions should not be prioritized over finances. But as a friend he can claim money or loan. But it is better not to give it for any gambling purpose. Because when one loses in gambling he can spend more to recover the money. He can even bet on borrowing or lending money. It is necessary to first ascertain the situation of your friend whether he is an addict or not. If he is not an addict and you have confidence in him then you can lend him money. Also if you think he is an experienced player then you can take risk as partnership. It will totally depend on you.

In the reality, many our friend reason ask loan not for using to gambling but they want to buy some medicine to his family or his children, we can't reject for giving our friend loan because know what he fell and our emotion what happen if his children can't help, but many of them are giving wrong reason when asking loan and use it for betting.
I don't think any our friend will telling true when asking loan because not easily any people want to give loan use for betting. Not guarantee for winning and there are not chance for repayment back our loan when giving to them use it for gambling, better keep away with this kinds of friend if won't something bad happening in the future.

[freedomgo]

First off I don't condone horse racing (or animal betting of any type) as it's extremely cruel.  Eventually there will be no more horse racing (just as dog racing has all but died in the United States) as people are finally starting to wake up to the cruelties of it.

That being said, I wouldn't loan any friends any money period. Even if he's good at betting horses, that doesn't guarantee he's going to win you or his money back, plus he's more likely to be reckless being that it's a loan.

I share your sentiment, I know that it will take some time because this horse racing or other games that are involving animals in general that are part of betting are somehow a part of the culture or history as these kind of games has been with us since time immemorial. We cannot even trace it back from where it started because of the very long time that has passed but it's sure that these day and age, games like these are getting minimized until we can take it out in our lifetime.

Now for the OP, if I'm in that position, I'd take a stand and reject his idea because there's no good in that. I know that he can always go to somebody else and that's okay as long as he knows that when it comes to money specially for betting, I'm not his man whom he can borrow.