Is gambling a waste of money

Announcements
    Offline

    3
    ReputationRep:
    (Original post by I feel myself)
    Some people do it as a form of entertainment. What's different between betting £50 on the euro, and spending £50 in the club on a night out
    The ideal is to combine both. No better feeling than being very happy in a club after a nice touch.

    The women just gravitate towards you. It's the law of nature or something.
    Offline

    3
    ReputationRep:
    (Original post by struggler07)
    Trust me matched betting is the way to go, gambling is like drugs it just hooks you into it where you don't realise how much your spending
    Yeah. That's why bookies allow matched betting to go on of course.

    A certain % of people who join bookies to just do matched betting start betting.
    Offline

    3
    ReputationRep:
    (Original post by I feel myself)
    What about if you won £100, then gambled £50, then stopped
    Interesting thing about that scenario is that there is a whole section of society that would be capable of doing just that but another section that pretty much would have to try to get the other £50 back.

    What section of society could quite easily win £100 then lose £50 and stop? (Though of course there are exceptions)
    Spoiler:
    Show
    On the whole women are less likely to chase losses.
    Offline

    3
    ReputationRep:
    (Original post by struggler07)
    No ones bad at gambling it's all about the luck
    Actually psychology plays a massive part in gambling and so there are indeed many people who are bad at gambling because they just don't have the psychological make up to make a success of it even if they have the intelligence,mathematical knowhow and a reasonable amount of luck.

    (Mind you 'luck ' has ruined more gamblers than almost anything else. Because the second biggest mistake gamblers make is mistaking luck for skill.
    Those that have no luck tend to stop earlier or bet less money)
    Offline

    2
    ReputationRep:
    (Original post by moggis)
    That's a reasonably good answer,however it's not that simple.

    Because the majority of gamblers* aren't getting as much pleasure out of it as they think they are but even if anyone doesn't believe that, gamblers are among the worst people for self knowledge so the idea that they can make informed choices as to the value of what they are doing is doubtful.

    Notwithstanding that however,there is an interesting 'paradox' to this gambling question.

    Those gamblers who are betting in the way they are advised to do so in books and on forums and gambling advice websites are nearly all wasting not only their money but something more precious,time.

    But those gamblers who like to have £5 or £10 accumulators each week and don't do anything else are probably getting value for money even though they will lose 40% + of their stakes.

    This is because they invest little time but receive a great deal of utility from the anticipation of their bet and the sheer excitement afforded them in the time it takes for one of the selections to go 2-0 down.

    Most gambling,if done 'properly'involves a great deal of tedium while affording little chance of regular profit.


    * at least I think the majority bet mainly singles,could be wrong.
    You're making a lot of assumptions about gambling.

    The situation you described isn't a paradox


    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    (Original post by moggis)
    Paying £10 to watch 99% of movies is indeed a waste of money.

    I didn't even know it cost that much.
    Ha ok well u get the idea lol Most entertainment costs £'s
    • Thread Starter
    Offline

    2
    ReputationRep:
    Trust me
    • Thread Starter
    Offline

    2
    ReputationRep:
    It's all about skill tbh, if you play slots that's all pot luck
    • Thread Starter
    Offline

    2
    ReputationRep:
    That's still bad you lost half of your money, what if you continue playing and lose it all
    • Thread Starter
    Offline

    2
    ReputationRep:
    What about matched betting online
    • Thread Starter
    Offline

    2
    ReputationRep:
    I wanna go night clubs one day
    Offline

    2
    ReputationRep:
    (Original post by moggis)
    Many bookies have in fact gone bust or out of business over the last 40 years.
    Mismanagement, lack of customers ect? Same with anything, all manner of businesses go bust for all manner of reasons, but it's not exactly the norm for businesses to sell stuff for less than they pay for it (aside from loss leaders/tactics from big supermarkets ect), in the same way as they'll never pay out more in winnings than they take.

    For example, lack of innovation and loss of market to online/smartphone gambling might be a reason for these companies to go bust. For example, people who used to play on fruit machines down the pub might now be using their phones, so the companies that lease the fruit machines might be going bust, if they don't diversify into something else (just an example, don't know how much people use them anymore at all).

    In any case, the point I was originally trying to make is that the goal of these companies is to try and make money, and that they wouldn't be there playing with you if there was any chance of you winning any real amount of money in the long run. Some inevitably fail, but that doesn't necessarily mean that the players were all winning. And if that is the case, they'll go bust pretty quickly, so it's a pretty good assumption that you're going to be paying them money in the long run if you gamble with them.
    • Thread Starter
    Offline

    2
    ReputationRep:
    That's true it depends on what sport you bet on though, slo and online games are fixed mostly
    • Thread Starter
    Offline

    2
    ReputationRep:
    Sorry for the late reply and online slots she does
    Offline

    2
    ReputationRep:
    (Original post by anosmianAcrimony)
    Is the Pope Catholic?
    I was literally going to type that myself
    • Thread Starter
    Offline

    2
    ReputationRep:
    Why lol
    (Original post by RedSquirrels)
    I was literally going to type that myself
 
 
 
Write a reply… Reply
Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. Oops, you need to agree to our Ts&Cs to register
  2. Slide to join now Processing…

Updated: October 10, 2016
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Poll
Which is the best season?
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.