Who has the money to still gamble

[joelouis]

I have a friend that just lost his job, I am retired and have been lucky lately, but for the guy that is struggling to make ends meet is this really the best thing to do until things look up. I heard that the economy is going to get worse, the unemployment rate is going up how is this industry going to survive. I know were all looking for the big hit but is that realistic, serious.

[Stevie Belmont]

Of course it's realistic, were horse players.

[Light]

To put this in perspective,when horseplayers bet $2 on a race in the 1950's,60's and 70's,that $2 was worth alot more than it is today.Think of what $2 got you back then and how little it gets you today. To the sports credit,they did not increase the minimum cost of a bet,in fact they went down so that you now have $1 and 50 cent base bets. A guy losing $100 a day back then was in deep doo doo. My father only earned a little over $100 a week as a banker on wall street in those days as an average Joe salary . Today most make more than that in one day at their jobs. I've never been a big better. You dont need alot of cash to make alot of money in this sport. My best low to high was walking in with $34 (cause I was broke after paying my income taxes) and leaving with $2000. That's one of the things that's always attractive about this game. And you're probably better off today betting $2 to show on a horse than putting that money in the stock market.

[Zman179]

I know someone who walked in with $2000 and left with $34, does that count?

To answer the original question, if someone is barely making ends meet then that person shouldn't be gambling at all.

[robert99]

In England, with near zero takeout and zero tax to pay, only about 4% make a living from the game ie about 25/1 against. Those 4% have the talent and experience to do that - few have that skill or temperament when your future living depends on every decision you make. In USA, with PMU takeout plus tax then odds must be 1000/1 against making an annual profit, let alone a living.
Gambling here tends to thrive even more in a recession as people have more spare time and want to escape from reality. Wish your friend well - perhaps he will find something that he really wants to do besides just a job now he has been given an opportunity.

[cj]

In England, with near zero takeout...

How do you come to this conclusion?

[NoCal Boy]

Historically people still gamble on horses during recessions. There will be an impact on handles, but I believe a far more significant impact on live track attendance and handles. People are far more apt to stay closer to home, and even more likelier to use ADW in their homes, to wager. Why spend the gas, admission charges, program charges and time to go to a track or OTB when you have all the conveniences at home with none of the above costs. I use Youbet and right now I pay nothing for video, replays, forms etc. and I can handicap and play the races while also doing other things around the house or spend more time with the family. Same with TVG, Twinspires, PTC and Xpressbet, among others.

It is a no brainer for me, and likely for many others. Sure there is nothing like being at a race track for atmosphere, but in our world today it simply does not matter. Special days and special horses bring out the crowds. Outside of that, hello ADW's and possibly some OTB's.

[onefast99]

Your friend may want to stay away from the track for a while until he gets a job just in case he loses monies he cant afford to lose.

[maxwell]

When you ain't got nothin', you've got nothin' to lose.

:2b: or not :2b: :)

[beertapper]

i agree that gambling tends to increase in a recession... the problem with horse racing is that it's been in decline for so long, losing market share to slots, lotteries, poker, etc.. i can see those games getting all the attention and money, not the horses. unfortunately, that's the way i see it ...

[citygoat]

One dime can make you a hundred.BET BET BET

[Pcon04]

money goes to money!!! as a fellow handicapper keeps
saying when he wins a bet!!!!boy I hate it when he brags ...... enuff said