I have a mate who is a most accomplished part-time gambler, makes thousands every year with carefully thought out systems and information. In the 25 years I have known him, he has never come out behind in any particular year. Loves his horse racing, is in a syndicate or two as well.
Acted for him when he bought his first house - he was 25 or so. I asked him who his bank was for his mortgage and he looked at me like he had no idea what I meant (and he didn't) - "What's a mortgage?" I explained and he told me he had saved up the money. When he bought his next one a couple of years later I didn't bother asking, and yes, still no mortgage.
Took me to the pokies once about 20 years ago I think, he'd uncovered a horse racing machine that the programmer had actually made 10-1 horses come in once in ten (over a sufficient period that is). Having had a long time fascination with the laws of probability, I was interested and understood how this could work if the odds were truly reflective of the programming. He had been keeping a book of each session. In six months he'd averaged four sessions a week, and left with $200.00 on average every time (remember, this was 20 years ago) except once where he'd lost a few dollars and didn't have time to keep going. Explained about never laying a bet unless it recouped every dollar lost and made a profit, otherwise you are simply giving money away. Made sense. We played his machine, doubling up the bets after the first ten without a winner, doubling again if another ten passed, and sure enough the laws of probability provided a string of winners at some point, and a neat payout. Went back a few days later on my own, was down almost half a weeks wages and a bit worried, and then got a collect that put me back in the black and that was the last time I placed anything in one of those things, and kind of ironic that I developed a dislike for them and gambling per se that pokies would in part later be the killer of Williams pinball.
So my tip for the cup - if you are in Melbourne, have a great day off!!
