May 25, 2010

Is It Really Gambling…

...if you're going to win? Take Vegas for example. Not you in Vegas, but the House. They have the odds. So despite regular losses, over time, with millions of games, they're going to win trillions of dollars. They'd be silly not to play when the odds are in their favor. So, take poker for example. There's no house. It's you and 5-8 other people. If you're the best player at the table, is it really gambling? There's definitely a chance you can lose. There's significant luck involved. But since the odds are in your favor, over time, you're going to come out WAY ahead. If Michael Jordan and I gambled on a game of one-on-one, he wouldn't be gambling. That would be a smart investment. We don't usually consider "anything that involves risk" as gambling. Stocks. Buying a home. Getting a college degree. In the past, we've considered those smart investments. Now I think learning poker and playing well against inferior opponents might be a better way to go.