Originally Posted by JohnAndrew
I read your second paragraph and I realized I have no idea what you're talking about. So, congratulations Gio47, you've actually taught me something: I realized I don't actually know anything about gambling because -- oh wait, here's the kicker -- I don't gamble.
And let's make something clear here: any time you play a game of chance for money is technically considered "gambling", so I don't exactly follow you when you consider me putting down $20 as an "investment". If I have a chance to walk away empty-handed, it sounds an awful lot like it could be gambling to me.
If you make decent money suckering people into silly bets like this, then power to you. I'm sure you've got a great system all figured out and you'll be making it rain in no time. I've got better things to do with my twenty dollars. I can get three cold beers in New York City with that kind of money, and I don't get a feeling of addiction or self-loathing when I pay up.
I'd actually be a little disappointed if you in particular didn't think I sounded dumb not taking you up on that offer. There are worse things in the world than being a moron in the eyes of a gambling man.
It's very easy to understand. It is not "gambling" when you have a clear cut edge. When you bet on sports, you have a 50% chance of winning. Either team "x" wins or team "y" wins so there is zero advantage. In this case though, you have a 65% edge so it is not pure "gambling". You are not just picking heads and tails. You have a clear cut advantage so it is a profitable long term wager that you should always be making.
Please understand that every business man is a gambler as well. If you buy real estate, you are gambling that you can sell the house for more. If you buy stock, you are gambling that the stock will sell for more. Heck even if you work a 9-5pm for 20 years for company X, you are gambling your time that you couldn't go out and create that same business yourself or another business and make a lot more money.
I do personally sports bet (winner long term hitting 58%) and it's funny to me how people frown on the industry as much as they do. 90% of restaurants fail. Yet people that start restaurants aren't seen as gamblers. Starting a business that has a 10% success rate sounds like a HUGE gamble. Heck I'd rather put all my money on a 50/50 sports bet than do that. 95% of stock traders lose money. Yet if I said i traded stocks, I wouldn't be seen in the same light as if I said I bet sports and you wouldn't be bashing me in the same way.