|
|
Post by tybalt on Dec 12, 2016 17:31:37 GMT
I still find it fascinating that we have licensed betting shops where once you achieve 18 years of age you can gamble. No requirement to understand how to add up the reciprocals of the odds to discover the minimum take. No requirement of basic numeracy so that you can understand at least understand Timeform.
Equally once you are 21 in the USA you are free to gamble in Los Vegas and Atlantic City. The UK government do not have holding pens at the departure lounges for the USA where those who wish to visit have to demonstrate basic numeracy by :
Showing they can calculate the house advantage on a European, American and Mexican roulette wheel.
Understanding ‘Scarne on Cards’.
Have read the ‘Education of a Poker Player’ by Herbert O Yardley or ‘Gamblers Handbook’ by E. Lenox Figgis FCA.
And worse still they expect us to pay for a system which offers no compensation and increases the difference between what we a lenders earn and what borrowers pay.
|
|
|
|
Post by davee39 on Dec 12, 2016 17:56:31 GMT
|
|
|
|
Post by mitosan on Dec 20, 2016 9:07:47 GMT
As I understand it, in the UK you don't have to pay tax on winnings from Gambling (I wouldn't know for sure, I've never won anything). Yet profits from lending are taxed. I wonder if someone could set up a betting site with odds on whether different companies would repay their loans or not, and use the gambling stakes as capital for loans on a backend. Maybe it wouldn't be legal, idk, perhaps it would just shift the tax liability to the website - which could of course be registered in some sunny far-away tax haven.
|
|
kaya
Member of DD Central
Posts: 1,150 
Likes: 718
|
Post by kaya on Dec 20, 2016 9:19:05 GMT
You have an inventive mind mitosanI'll give you 100-1 that my defaulted loans pay up. |
|
|
|
Post by petebutt43 on Dec 23, 2016 15:21:56 GMT
Don't forget that gambling is GUARANTEED to lose you money in the long run (even in the short run), but p2p lending doesn't intend for anybody to lose, overall. Mostly we win (barring cock-ups).
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Dec 23, 2016 17:34:08 GMT
Don't forget that gambling is GUARANTEED to lose you money in the long run (even in the short run), but p2p lending doesn't intend for anybody to lose, overall. Mostly we win (barring cock-ups). This simply is not true.
|
|
|
|
Post by tybalt on Dec 23, 2016 17:50:21 GMT
Don't forget that gambling is GUARANTEED to lose you money in the long run (even in the short run), but p2p lending doesn't intend for anybody to lose, overall. Mostly we win (barring cock-ups). This simply is not true.
The contention amongst those who have mastered Chess, Bridge and Poker is that value flows from bad players to good most consistently at Poker.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Dec 23, 2016 21:13:32 GMT
The contention amongst those who have mastered Chess, Bridge and Poker is that value flows from bad players to good most consistently at Poker.
Poker is a game of skill, not the same as gambling.
|
|
Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
|
Post by Steerpike on Dec 23, 2016 21:29:52 GMT
The contention amongst those who have mastered Chess, Bridge and Poker is that value flows from bad players to good most consistently at Poker.
As far as I am aware there is an element of luck in all variations of Poker. There is no luck in Chess or Duplicate Bridge.
|
|
|
|
Post by alexb26 on Dec 24, 2016 0:52:48 GMT
Don't forget that gambling is GUARANTEED to lose you money in the long run (even in the short run), but p2p lending doesn't intend for anybody to lose, overall. Mostly we win (barring cock-ups). Incorrect. However, gambling IS at best a zero-sum game whereas marketplace lending in theory win-win for both sides, so your point? that the latter a more appropriate product for the mass market I agree with
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Dec 24, 2016 7:30:37 GMT
Don't forget that gambling is GUARANTEED to lose you money in the long run (even in the short run), but p2p lending doesn't intend for anybody to lose, overall. Mostly we win (barring cock-ups). Incorrect. However, gambling IS at best a zero-sum game whereas marketplace lending in theory win-win for both sides, so your point? that the latter a more appropriate product for the mass market I agree with Both gambling & poker are ~ 0 -> -8% games, you'll make a profit in the long run if you can be ~ 5% better than other punters. Some forms like roulette maintain the house edge invariably (You're getting 35-1 on a 36-1 shot picking any number etc) and can't be beaten. A 10% ROI is very very good and about the top end for what a full time bettor can achieve. It is by definition though something which can never work out for the masses as alexb26 points out or else the bookies would all be bust. My specialist area is events/politics, though there are some even on this forum that stake/win alot more than I do - the ROI on this can be much much much higher than the nags but there are not 5 US/general elections a day (If only) so cash turnover is alot lower.
|
|
|
|
Post by martin44 on Dec 24, 2016 14:26:56 GMT
The contention amongst those who have mastered Chess, Bridge and Poker is that value flows from bad players to good most consistently at Poker.
Poker is a game of skill, not the same as gambling. No amount of skill will reveal to you what your opponent is holding, the gamble is whether you hold-em or fold-em.
|
|
kulerucket
Member of DD Central
Posts: 336
Likes: 93
|
Post by kulerucket on Jan 15, 2017 22:30:59 GMT
Poker is a game of skill, not the same as gambling. No amount of skill will reveal to you what your opponent is holding, the gamble is whether you hold-em or fold-em. That's not true either. A skilled player will be very good at narrowing down what hand their opponent has based on their betting patterns and behaviour. The skill is not about knowing outright and always being correct, but about being right enough to win in the long run.
|
|
toffeeboy
Member of DD Central
Posts: 538
Likes: 385
|
Post by toffeeboy on Jan 17, 2017 15:52:43 GMT
Poker is a game of skill, not the same as gambling. No amount of skill will reveal to you what your opponent is holding, the gamble is whether you hold-em or fold-em. So why do the same players continue to make the final tables at most of the major tournaments? Are they just lucky consistently. It is all based around percentages, reading players and risk assessment, however everyone gets a bad beat every now and then so needs a little bit of luck to avoid that.
That said I would rather be lucky than good.
|
|
Grezza
Member of DD Central
Posts: 152
Likes: 101
|
Post by Grezza on Jan 18, 2017 11:01:05 GMT
No amount of skill will reveal to you what your opponent is holding, the gamble is whether you hold-em or fold-em. So why do the same players continue to make the final tables at most of the major tournaments? Are they just lucky consistently. It is all based around percentages, reading players and risk assessment, however everyone gets a bad beat every now and then so needs a little bit of luck to avoid that.
That said I would rather be lucky than good.
Please can we add Backgammon to these skill+an element of luck games? A fantastic game, but not so fashionable nowadays, pity. 
|
|
