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Originally Posted by thaskalos
Unfortunately though...this game becomes the worst gambling game in existence, when it is run by incompetent fools...and that is what we are experiencing now.
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Good post overall with a lot of truth in it (imo).
Adding to the full time simo angle that you have is the amount of churn. If your game has a high take and increases opps, people go broke sooner. The only thing I think I might disagree with a bit is the education angle that you have.
When your rake is high, and you have more opps you are almost destined to go broke.
For 1k bankroll with $100 bets a horseplayer will churn his bankroll 5.4 times at current rates (i.e. make 54 bets before busting). For some other games:
Lotteries 22 bets
Horse racing 54 bets
Sports Betting 221 bets
Poker 238 bets
Craps 705 bets
Video Poker 2955 bets
Black Jack 3553 bets
Some of those are with perfect play etc.
Do we blame people for going to play the pass line at craps for a good time, or Black Jack to have a good time, and shunning racing; or do we shun racing for being so stupid in their churn rates? We certainly should not blamer customers - they are simply being rational consumers.
It is a tough sport. If it took you 54 bets to lose all your money in 1975, you could play many days of races at your local track. Now you could lose that by 3PM.
The obvious solution in the internet world is to give rebates back at the end of the day, so that player has bullets tomorrow to play with. Successful places like Betfair and rebate shops and places like pinnaclesports.com realized it rather quickly and did that; and got some players to keep playing racing. Racing itself has done virtually nothing to help a player churn more - but make it worse, as witnessed by the CA takeout hike last week.
