The Professional Gambler Paradox
Andre Sanchez - July 14th, 2008 .This is a debate I’ve had with a friend while watching the WSOP this week; sports betting is it gambling? The answers is yes and no. It’s a game of skill and luck.
First lets define investing. It is the act of laying out money or capital with the expectation of earning a profit in return.
Gambling on the other hand can be defined as staking your hard earned in the hope of earning a return, but with no logical reason. Playing the lottery is a good example. Most people know that the odds favor the house. Only about half of the money contributed to the total lottery pool is paid out to the winners. That equates to a vigorish of more than 150% or 1.5. And there is no skill that will improve your chances of success. Playing the lottery is simply an end. It’s not surprising that people often describe state lotteries as a "tax on stupid people."
Too often however, betting on sports, poker and playing the lottery are considered to be synonymous. Yes, poker is a game and sure you can gamble at it. But you can also gamble on Monopoly, hopscotch or even the flip of a coin.
Games of chance must be distinguished from games which combine both skill and luck.
Poker or sports betting is not necessarily gambling. If you’re talented for example, poker could be a form of investing because you’re staking your money with the realistic expectation of earning a return.
If you have a reason to believe that your bet will be profitable, such as a record or a proven track record, then your gambling becomes a form of investment. If you find that poker loses you money, then playing poker isn’t investing, that would be gambling.
Yes for the majority of people poker is gambling. However for those who make their living playing poker, it is more than gambling, it is in fact investing. There for the term professional gambler is in fact a paradox, anyone who makes money on Poker or sports betting is investing, not gambling. In the long run the so called “Professional Gambler ” risks or gambles nothing.
Think you can make it as a pro, choose only the best. Bookmaker.com is my recomendation when it comes all your sports betting and poker needs.
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2 comments | Add One
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1 Kevin Strydom - 02/19/2009 at 6:37 am
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2 edopush3r - 02/19/2009 at 10:26 pm
An excellent post, explains the misconception and paradox perfectly.
Hello
Considering myself a proff-gambler/investor, I think this article hits home & summs it up nicely.