Give Him a loan Or Partner With Him - page 7.

Fiatless

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

Gambling is unpredictable so you cannot be certain that your friend will recover his loss. If he is not careful he will love more money. Taking a loan to gamble is a very bad decision that can put him into more debt. It is better to gamble with your own money and preferably your spare cash.

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But you have doubts because he is away betting horse racing for a long period and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

Your friend should take a break and take care of himself. Tell him that he cannot pursue his losses in gambling. He needs to gamble responsibly and look for other sources of income. You can partner with someone to invest in a business but a gambling partnership is strange to me.

Westinhome

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

The luck play the major role in the horse race,even the gamblers had huge experience in the game.The loan had many reason,it may include the money for the gambling.But to give the money,you should have some money.The winnings on a bet is not an sure one,So if you have free money you can help your friend.Because apart from the reason,he is your friend.He may help you at the hard time,So if you had money you either help him or join the hand with your friend as partner.Since he had an experience he may give you huge profit from your investment.But you need to believe your friend for the profit on one day.Till that you should need a patience with some trust.Because without trust you can’t wait with some patience.

blockman

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

Sorry but I'll decline.
Even if he's the best horse race bettor, that won't be enough. He's been there and said to be good at it but why he don't have his own money and lost his fortune from it? It's enough to learn the lesson that he's lost his fortune from it and if he's going to ask me money, much better not to include myself by having a potential loss even it's a loan.

bitbollo

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every loan must have collateral! even if it come from a friend or a parent.
Personally I don't care what a friend will do with this money, I care about getting it back.
But this depends also the amount he has requested... in this case, if "friendship" and "gambling addiction" compete, the loan is released on the basis of which of these two aspects will prevail...

Docnaster

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

The fact that he he's been betting on horse racing for a very long time and couldn't still save enough money that he can fall back to on his bad days makes it a very bad idea to give him a loan that he requested from me.
Gambling shouldn't in anyway be allowed to be people's primary occupation so for anyone to prioritize gambling as their main source of income, that person shouldn't be taken serious for anything

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Quote from: robelneo on September 04, 2023, 11:45:53 AM

@everyone I think it's a good point just give him what you can afford to give or better have a group session so all our friends will give what they can afford to give, I don't think he can find work with his condition he is a diabetic and he has his left foot amputated and he is in maintenance his gambling might have an impact on his health, but if ever he still good in betting I will encourage him if he recovers his fortune to just maintain a variety store, there's too much stress in gambling for someone like him with a lingering illness.

We will have a chat tomorrow morning.

This is the best solution. I know this is an off topic matter already but this kind of situation makes healthcare insurance shows how valuable insurance is for hard situations like this.

Yeah, helping him financially is the best thing to do but don’t loan him since he will be pressured to gamble just to pay interest and we all know what’s the implication in case he didn’t succeed. I have a friend like this that asking for loan to fund his job hunting overseas. We gave him the money but he failed the job and just waste our money on job hunting, now he is suicidal because he failed to find job and repaid us which we are not asking to pay us quickly.

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@everyone I think it's a good point just give him what you can afford to give or better have a group session so all our friends will give what they can afford to give, I don't think he can find work with his condition he is a diabetic and he has his left foot amputated and he is in maintenance his gambling might have an impact on his health, but if ever he still good in betting I will encourage him if he recovers his fortune to just maintain a variety store, there's too much stress in gambling for someone like him with a lingering illness.

We will have a chat tomorrow morning.

hopenotlate

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Generally speaking lending to a gambler is a big no.
But if he is a good friend deserving some help I would partner with him : I'd put the funds and wuold let him completely freedom of choice about which events to bet on but I would reserve for myself bankroll managemen rules;
it would be a " you decide what I decide how much" deal.
This to avoid that his anxiety to recover the amount he lost would induce him in risking too much on outcomes he feels confident on.

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

I'd have loaned him and have asked him for a escrow. No gambling strategy are full proof in long run so I'd not be involved in partnership. And if he's so perfect on prediction, he'd not want a partnership for long term.
A person in real life would have something valuable to hold as an escrow and I'd do a proper paperwork to make sure I can get my money back. If the person is so sure about his bet it would not be a problem for him to accept my proposal and I would have a peace of mind the whole time.

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I don't really understand about betting on horse racing, how to choose a bet and win, and what factors are taken into consideration to be a successful bettor in horse racing, but for me this is still gambling where the chance of losing money is still as big as getting it so when we give a loan there will also be a risk that he will not be able to return the money because he experiences unexpected results, such as what he experienced when he chose a sick horse and ended up losing his fortune that he got from betting on previous horse races, and I think that's a lesson that no matter how smart when we choose a bet, there will be other factors that can make us lose so that losing money because gambling is not a way to get a guaranteed income. We are grateful if it can make our money increase, but at other times it can also make our money decrease a lot and even make us go into debt, ultimately endangering our finances, it is better not to borrow to gamble and also give loans to people who want to gamble because both are at risk of losing.

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What's your best course of action in this scenario?

A common friend confided this to me.

I won't lend him money for gambling because there's no guarantee that he will win the horse racing bet and return my money. I only provide loans when I'm confident that they can be repaid promptly, otherwise I choose not to lend.

I generally avoid lending money to friends for gambling purposes. However, I'm willing to help if they have a genuine and pressing need for the money, but not for gambling. Even if he is skilled/pro at betting, I would still be hesitant to agree.

macson

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

But you have doubts because he is away betting horse racing for a long period of time and he might lose the money because you have to be updated on the conditions of the horses, jockeys, and the many handicaps, and his anxiety about recovering his fortune might fail he offers you two options loan him money or just partner with him.

What's your best course of action in this scenario?

A common friend confided this to me.

The thing that adds to the burden on our minds is often friends who disappoint us. i once entrusted my money to a friend but until now he hasn't paid his debt, even though i often see him on social media showing off luxury goods. My advice is if you really trust your friend, he has a history of winning high horse race bets or maybe you owe him a debt of gratitude because of his kindness in the past, then make a written agreement for the money you entrust to him.
why is a letter of agreement so important at this time, it's because the money you give is your right and the friend you loaned is obliged to pay back, that's a form of trust.

Yogee

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I'd probably give him a small loan and check his progress. It would probably take time to gain back his sharpness and confidence so lending or investing a higher amount in him may not be the wisest option.

Quote from: aioc on September 04, 2023, 11:14:58 AM

He just went through an operation

I was just about to ask the illness but how do you know this? OP never mentioned anything about medical operation.

Shishir99

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I have read the thread and almost all replies have been posted. I guess I will go with them. I won't borrow him money to gamble it. No matter how expert he is in gambling. Gambling cannot be the primary income source of a person. He must have another income source. It could be his business or his job or other things. If he need help to develop those things, I would help him.

If you lend him money and he lose again, he won't will be down further and you might regretting lending him. Instead, give him some good advice about his other income sources. He should build those first before he gamble again. Most of the time gamblers lose because they want to recover their loss.

n0ne

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I won't loan him, but give him the amount that I can manage. I'll do this after suggesting not to get into gambling for some time period. Horse racing is something highly unpredictable and if he's ready to accept my suggestion I'll take him somewhere else to spend the time. Maybe skipping the time being will help him stay away from the horse racing.

Helping a friend in need is good, when it comes to gambling we should think twice before supporting financially.

aioc

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He just went through an operation he is still under stress This might have an impact on his betting analysis and he might lose the money that I intended to loan to him, I'll just give money that I can afford to lose so it's more of a help than giving him a loan and I don't want to partner with him, the pressure might impact our friendship I don't want to partner with a friend when it comes to gambling as this might ruin our friendship.

rachael9385

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Sometimes people don't know if you have money or not but they still come to you to borrow it. If I have such a friend, I will give him half of the money because he's my friend and I will only give him the little I can risk also. Moreover, we can never tell what might happen next if he wins or loses, and you know, given such a loan, you don't need to give out that kind of loan with interest, because if the person loses the money, in horse racing games, you don't know if he can pay back or not.

Besides, as a gambler, you don't need to be greedy because surely a day might come when you will lose all your money by gambling, and you might also look for someone who can lend you some money and if the person idn't give you, you might feel bad mostly when you know the person have the money but refused to give, the shocking part is that the game played accurately the way you predicted it, but no money to stake it.
Besides I don't advice using borrowed money to gamble.

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What's your best course of action in this scenario?

I’ll definitely won’t give him a loan no matter how good he is because it’s still gambling. However, I will give him some financial help that he doesn’t need to repay since the amount is just normal amount so that I will never have the urgency to ask him pay me back.

It’s not bad to help a friend in need but not to the point of financing his gambling needs to recover since he can always get a job to earn the money that he needs for gambling instead of loaning it while he doesn’t have way to pay it back when he lose.

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Quote from: Oshosondy on September 04, 2023, 10:58:57 AM

If he is a gambler, I can not borrow him any money. Either I borrow him what I can give him, or I will just give him the part of the money that I can afford to give a friend and he should look for elsewhere to borrow the remaining.

Gambling is gambling and it is risky. Gambling should not be what I will borrow people money for and I can not partner with a gambler that is risking so much of his money on gambling because the amount I am winning and losing on gambling is very small.

I would give him money I can afford to give to him,if he is playing at the same casino as me I would tip him from my balance,gamblers solidarity that's it.I would also not borrow any money to him as borrowed money to a gambler can be lost for good,several years ago in my past job I had a colleague who kept asking anybody for money as borrowed money and in the beginning everybody gave him,they didn't know he was an addicted gambler,as soon as we knew,no one gave him money,he kept asking for money even in salary day because his salary was kept to pay the debts,he used to tell us I need money for pills and something like that but no one believed him anymore,as such based on this personal story gambling solidarity is what I would do at best.

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Quote from: robelneo on September 04, 2023, 10:50:24 AM

What would be the best option if a friend who happens to be good at horse racing lost his fortune coming from betting in horse racing because of illness and came to you and asked for a loan and honestly stated that he wants to use it betting in horse racing to recover his fortune.

What's your best course of action in this scenario?

No matter what the situation is, if a person would borrow and ask for a loan and he would pay me back by gambling again, I would definitely avoid it.

Remember that it is definitely a bad idea to ask for a loan and your means of paying it is by gambling. No matter how good your friend may be when it comes to horse racing, at the end of the day, the results are not absolute. In fact, the chances of a person winning a definite outcome cannot apply to gambling due to its very nature surrounded by tons of risks and factors.

If I were in your shoes, I will probably borrow him money but at a relatively low amount and I would consider such as "money given" or donation; just for the purpose of friendship and good karma.

Topic: Give Him a loan Or Partner With Him - page 7. (Read 629 times)