Quote:
Originally Posted by classhandicapper
That kind of thing always amaze me because my perception of the winning gambler has always been thoughtful controlled wagering when you are fairly certain you have an edge.
The degenerate gambler is the exact opposite. They may want to win just as badly, but they like action so much they knowingly or unknowingly venture off into wagers where they are at a disadvantage.
It never occurred to me that you could be both, but in the poker world it seems like there are a lot of people like that.
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Not just the poker world.
Think about this. What gets people INTERESTED in gambling? We all start off as losers, don't we? So why did we get interested? Because gambling is fun.
Well, gambling does not stop being fun when you start winning. And even very smart people have gambling compulsions, engage in motivated reasoning, are too impatient to wait for spots, and overestimate their own abilities.
How about just within horse racing? How many people do you know who are good handicappers but bet too many races, or bet too many exotics, or are unable to pass races or horizontal wagers? How many people do you know who are good handicappers but who bet a lot on every big race like the Kentucky Derby or Breeders' Cup races whether or not they have any edge? How many people do you know who are good handicappers but put too many horses into their horizontals and verticals because they just want to cash a ticket?
One more thing. The gambling world is full of smart people with dysfunctional personalities. People who can't hold down 9 to 5 jobs. Who have drug habits or spending habits. Well- people like that are super-susceptible to getting themselves into situations where they have to gamble to win the rent money, or the money necessary to get their car out of hock, or whatever. Which leads to gambling in situations where there is no edge.
I love gambling. And I truly love the mathematical side of it. I try to be as rational and patient a gambler as I can be. But in my experience, the truly rational person who never bets in any situation where he or she does not have an edge is the rarest form of gamblers. Many more folks could actually achieve decent winrates if they would try to be that person. But it's really hard for the type of person who gets attracted to gambling in the first place to be that person.
