Gambling can be profitable in the long run! It is possible! - page 49.

BTCevo

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Quote from: Opnsrc on November 19, 2015, 10:04:40 AM

I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

I can say that with $1 you have no risk to make it to $2, although you lose it that is not much you can easily get it back but with $100 It will be hard because you need more balance to try to recover it and it will be like burden to you to earn that back, all gambling things is just depends on luck whether $1 or $100 the percentage of winning is still the same

shanem

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Quote from: RealBitcoin on November 19, 2015, 09:00:43 AM

Quote from: adaseb on November 18, 2015, 09:49:29 PM

Its rare for a casino to go bankrupt. They usually only go bankrupt when the economy is down. But even if there is a large whale, the 99.5% of all losers will cover his wins anyways.

Not sure about that, there are studies that show that when the economy is down, people gamble way more.

Maybe out of desperation (they try to recover their lost money from the bad economy) or just because they dont have anything else to do.

So gambling is one of the only industries that is recession/depression proof.

The problem with casinos is not about the profits. It is more of the regulation which casinos have to follow to get their casino license. These regulation eat up lots of the casino profit and the casino market is always together in a region like Las Vegas. Casino earns money but do not earn as much money as you think.

wearepoor

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Quote from: Opnsrc on November 19, 2015, 10:04:40 AM

I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

Agreed, you can not apply the same logic for all the games ranging from $1 - $100- $1000. Its easy to double $1 but at the same time you can not apply the same trick or strategy while playing with $1000.

TheGeorge

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Quote from: Opnsrc on November 19, 2015, 10:04:40 AM

I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

With martingale, you can double (turn) $1 into $2 after many tries. But the winning is just $1. You cannot turn $100 into $200 because there is an upper limit of the stakes you can put on the table and also how many you have originally. If you lose 10 times, you need $100,000 on stake if your initial bet is $100.

SyGambler

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Quote from: trafficolaa on November 19, 2015, 10:19:23 AM

Quote from: Opnsrc on November 19, 2015, 10:04:40 AM

I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

It depends on our how dare we are to take risk our mind want to keep into safe environment we fee comfortable with little amount and our allow us to play with less lose but huge amount we act totally different so that is the reason why are getting failed with big amount.

theoretically this is not true , the odds of turning 1$ to 2$ playing the same game and following the same strategy is the same of turning 100$ to 200$
also if the games have the same rules like in the first one min bet is 0.01 and max is 1 , 2nd one has 1 min bet and 100 max ... etc
but things are different in games like poker , when you will find turning 10$ to 100$ is much easier than turning 100$ to 1000$ , cause each higher buy in level has more skilled players also there is the pressure aspect that you are playing higher limits and facing more skilled players than before which will affect on your decisions
Other games shouldn't be affected by the " safe environment " or " risk toleration "since you can't change the results and you are following the same steps that you were following while betting micros

trafficolaa

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Quote from: Opnsrc on November 19, 2015, 10:04:40 AM

I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

It depends on our how dare we are to take risk our mind want to keep into safe environment we fee comfortable with little amount and our allow us to play with less lose but huge amount we act totally different so that is the reason why are getting failed with big amount.

Opnsrc

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I would like someone to break down the psychology and logic of the following.

Via gambling,
I can & have turned $1 into $2 over and over again.
But I can not & have not ever been able to turn $100 into $200 using the same methods and logic scaled on a Percentage base.

This conundrum boggles my mind.

(If any common logic is missing from this short comment, assume it was included.)

darkangel11

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Don't let others control your BTC -> self custody

Quote from: RealBitcoin on November 19, 2015, 09:00:43 AM

Quote from: adaseb on November 18, 2015, 09:49:29 PM

Its rare for a casino to go bankrupt. They usually only go bankrupt when the economy is down. But even if there is a large whale, the 99.5% of all losers will cover his wins anyways.

Not sure about that, there are studies that show that when the economy is down, people gamble way more.

Maybe out of desperation (they try to recover their lost money from the bad economy) or just because they dont have anything else to do.

So gambling is one of the only industries that is recession/depression proof.

When economy is down people are not only gambling but also drinking more and you're right, it's to kill time.
Casinos go bankrupt not because nobody want's to play but because it's a competitive market.

RealBitcoin

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Quote from: adaseb on November 18, 2015, 09:49:29 PM

Its rare for a casino to go bankrupt. They usually only go bankrupt when the economy is down. But even if there is a large whale, the 99.5% of all losers will cover his wins anyways.

Not sure about that, there are studies that show that when the economy is down, people gamble way more.

Maybe out of desperation (they try to recover their lost money from the bad economy) or just because they dont have anything else to do.

So gambling is one of the only industries that is recession/depression proof.

Phildo

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Casinos don't go bankrupt because of paying out jackpots, they go bankrupt because they have other expenses that are more than they win in gambling and they are unable to get people to walk in the door and hand them money.

adaseb

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Quote from: RealBitcoin on November 17, 2015, 06:55:52 PM

Quote from: XinXan on November 17, 2015, 06:09:50 PM

Quote from: unholycactus on November 17, 2015, 05:52:23 PM

I doubt OP understands correctly what "the long run" means.
Nobody is luck or unlucky in the long run and the house always wins unless they have an incredibly poor bankroll management.

Well OP is right, mathematically it can happen, maybe you dont know what you are talking about. It's definitely unlikely to happen but it can. The house always wins but that doesn't mean someone can't profit in the long term.

Not even the house always wins.

If there were 1 billion casinos, i guarantee you that some of them would go bankrupt, even if they would manage their bankroll conservatively.

Why? Because the odds dictate so, and many jackpots in a row can bankrupt anybody.

Its rare for a casino to go bankrupt. They usually only go bankrupt when the economy is down. But even if there is a large whale, the 99.5% of all losers will cover his wins anyways.

ronaldo40

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Quote from: xuan87 on November 18, 2015, 10:26:41 AM

Quote from: ronaldo40 on November 18, 2015, 10:04:40 AM

Quote from: bering on November 18, 2015, 09:53:59 AM

probably yes for some people but i didn't see any proof that some one really can do it in the long run besides the owners of gambling houses
because i assume only the owners can be profitable in the long run and not the gamblers

yeah i agree, this only applies to owners of gambling houses that will always make profit in the long term. for this player is very unlikely, they will continue to lose

When I played martiangle, I can win for some time but I must know when do I must stop martiangle it since at the end , you will got busted.
But if you keep playing to chase your loss, sometimes it can profitable

yeah but if you are always chasing your losses, not the least you will be losing a lot. at least you do not get greedy and know when to stop and withdrawals

XinXan

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Quote from: michinzx on November 17, 2015, 11:51:06 PM

Quote from: RealBitcoin on November 17, 2015, 06:55:52 PM

Quote from: XinXan on November 17, 2015, 06:09:50 PM

Quote from: unholycactus on November 17, 2015, 05:52:23 PM

I doubt OP understands correctly what "the long run" means.
Nobody is luck or unlucky in the long run and the house always wins unless they have an incredibly poor bankroll management.

Well OP is right, mathematically it can happen, maybe you dont know what you are talking about. It's definitely unlikely to happen but it can. The house always wins but that doesn't mean someone can't profit in the long term.

Not even the house always wins.

If there were 1 billion casinos, i guarantee you that some of them would go bankrupt, even if they would manage their bankroll conservatively.

Why? Because the odds dictate so, and many jackpots in a row can bankrupt anybody.

not really, in a real life casino, there's plenty of staff to kick anyone out who wins too much. and i dont mean "wins too much" as in a few hundred thousand, but those people that come in with never before seen luck and actually endanger the casino's profits. big winners are great for the casino's advertising too.
this can include anyone who's suspicious of cheating as well of course.

Even if they don't kick people out, kicking someone who is winning a lot it's not doing anything really. I have never heard of any casino going bankrupt because the players started winning too much. He said ''the odds dictate so'' But the odds dictate that the casino will never go bankrupt if they manage their bankroll carefully enough.

xuan87

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Quote from: ronaldo40 on November 18, 2015, 10:04:40 AM

Quote from: bering on November 18, 2015, 09:53:59 AM

probably yes for some people but i didn't see any proof that some one really can do it in the long run besides the owners of gambling houses
because i assume only the owners can be profitable in the long run and not the gamblers

yeah i agree, this only applies to owners of gambling houses that will always make profit in the long term. for this player is very unlikely, they will continue to lose

When I played martiangle, I can win for some time but I must know when do I must stop martiangle it since at the end , you will got busted.
But if you keep playing to chase your loss, sometimes it can profitable

ronaldo40

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Quote from: bering on November 18, 2015, 09:53:59 AM

probably yes for some people but i didn't see any proof that some one really can do it in the long run besides the owners of gambling houses
because i assume only the owners can be profitable in the long run and not the gamblers

yeah i agree, this only applies to owners of gambling houses that will always make profit in the long term. for this player is very unlikely, they will continue to lose

bering

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Leading Crypto Sports Betting & Casino Platform

probably yes for some people but i didn't see any proof that some one really can do it in the long run besides the owners of gambling houses
because i assume only the owners can be profitable in the long run and not the gamblers

MR.Seller

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Quote from: Phildo on November 17, 2015, 10:09:08 PM

Quote from: XinXan on November 17, 2015, 06:09:50 PM

Quote from: unholycactus on November 17, 2015, 05:52:23 PM

I doubt OP understands correctly what "the long run" means.
Nobody is luck or unlucky in the long run and the house always wins unless they have an incredibly poor bankroll management.

Well OP is right, mathematically it can happen, maybe you dont know what you are talking about. It's definitely unlikely to happen but it can. The house always wins but that doesn't mean someone can't profit in the long term.

"It can happen" and "profitable in the long term" do not mean the same thing, and neither does "can profit in the long term." you can make a profit, making -ev bets is not profitable in the long term.

Yup its really happen. And actualy its happen to me. I use only 200 free faucet and I won 0.01 satoshi in 3 days I didn't lose just claim for 1 free faucet then I play the 200 free faucet in 3 days and I won 0.01 satoshi first I think I'm lucky on the first day I won 0.0002 and continue winning within 3 days finally I withdraw the 0.01 satoshi and start from 200 again $_$

RealBitcoin

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Quote from: michinzx on November 17, 2015, 11:51:06 PM

not really, in a real life casino, there's plenty of staff to kick anyone out who wins too much. and i dont mean "wins too much" as in a few hundred thousand, but those people that come in with never before seen luck and actually endanger the casino's profits. big winners are great for the casino's advertising too.
this can include anyone who's suspicious of cheating as well of course.

Lol thats a maffia casino Cheesy

I`m talking about real legitimate casinos, that are respectable not ones that cut your fingers off if you win jackpot Cheesy

http://www.imdb.com/title/tt0112641/?ref_=nv_sr_2

StevenLiang

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Quote from: RealBitcoin on November 14, 2015, 07:11:53 AM

This is a response to the threads:
Topic: Everyone looses in the long run https://bitcointalksearch.org/topic/everyone-looses-in-the-long-run-1199744
Topic: Can gambling be profitable in long term ? https://bitcointalksearch.org/topic/can-gambling-be-profitable-in-long-term-1186546

Yes gambling can be profitable in the long run. It is a mathematical possibility. I`m not a gambling shill, but i`m very frustrated when people put out misleading information. The truth is important.

So here are a few facts:
-Gambling can be profitable in the long term for the gambler
-Gambling cannot be profitable in the long term for the gambler
-Gambling can be profitable in the long term for the house
-The house can go bankrupt

All of these 4 scenarios could happen. They are not impossible. It all depends on luck.

Take the following scenario for long term profitability for the gambler:

-snip-

Did you got benefit from all this time playing gamble?

Simply said, gambling is just for entertainment.
People who think can make stable income from gambling will lose their money into that dream.

Gambling cannot be profitable for long run, because all people cannot win againts house edge. More you play/bet on that game, more chance to make you lose. And because gambling is not just between you and the house edge, your probability to win is really small. That's why gambling is pure on luck.

For sports betting, people also cannot always win from their predictions. All teams want to win on the first place. And that's why gambling in sportbooks is not profitable too for long run.

Otherwise, why we need to be satisfied just being a "viewer" if we can be a "player"?
Gambling just for a "viewer". We choose who will win on some match. Whoever win on that match is not the gambler. Gambler is a viewer.

Betwrong

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I stand with Ukraine.

Yes OP, let's assume I agree with you and I accept the notion that the probability of having a positive total profit in the long run is 40%.

How much this statistic affects me personally? Not much actually. For me it will always be 50/50, I will either win or lose, that's all. And I'm not going to think that the chances of winning are pretty big, much bigger than I thought before, so I should try to win some coins with gambling, because this is the way of thinking of of a gambling addict.

Topic: Gambling can be profitable in the long run! It is possible! - page 49. (Read 37356 times)