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PETER RUCHMAN On Sports Betting...WHAT'S THE POINT?/// You have just won more money than you dreamed possible. Been on the rip of your life and you have $500,000 or $1,000,000 or $18 million. What do you do? Go to Disneyland? Retire? Keep the day job? Go on an extended vacation, come home, buy a dream house, then sit back to a life of leisure? We should all have this problem. There's a new book called I Did It! by John Tippin and Lance Tominaga. This fellow won $11.9 million from a Megabucks machine at the Las Vegas Hilton several years ago. It was the largest single slot win at the time and changed his life. The book is due to be published shortly and illustrates the ways money changes everything for most people, even those with the best of intentions. The manuscript started a few of us at Gambler's Book Shop talking about the subject. Bottom line—why do you gamble? Is it to win money or is it the chase? And if you win a lot, how much is enough? In other words, what's the point? Okay, you say, this man got his gold playing slots where fabulous jackpots are possible (Not really, but that's a whole other subject…). Here are a few examples from some table games. I recently watched a man buy in for about $100,000 at a blackjack table, then turn that into $800,000 in several hours. He had already won $200,000 elsewhere and departed for another casino down the street, where I was told he won an additional $150,000. For all I know he owns three hotels and Boardwalk in this game of real, live Monopoly. I was there when a street person won $1,000,000 playing blackjack. This tale has become folklore and documented in articles, but suffice to say this nasty sonovabitch, the customer from hell, who played cursing, throwing his drinks at the dealer, turned less than $100 into a cool million in Las Vegas several years ago. Instead of walking out of the casino with his motherlode, he went to sleep in the swankiest suite, courtesy of the hotel. When he woke up and resumed play (naturally), he lost almost all of it back before casino owner Steve Wynn grabbed him by the scruff of his neck and ejected him, headfirst, into the street. Then there was the time I was playing years ago at Foxwoods in Connecticut. The place had just opened a few months before and it was a quiet Tuesday afternoon. A very disheveled man sat down and bought in for $20. He couldn't miss and ran it up to $50,000 before one of the hosts suggested I get him off the table and take him to the high roller lounge. There, this man who hadn't said a word since he bought in, relaxed at the bar. I asked him what he was going to do with his newfound riches. He pointed to his mouth and said, “I'm gonna git me sum teef.” That was the best use of his money I could see. Far different from Fast Eddie Seremba. A lifelong gambler and true Vegas character of a different era, Eddie was a street hustler who had always thrown the dice. His trip down to Binion's Horseshoe might not be notable if he told you he bought in for about $100 and lost it, something that has happened to millions before and since. In between, he had parlayed his buy-in into $250,000 before losing it all in the same session. That, in itself is bad enough. After all, how many shots do you get in life? But Eddie was both blessed and cursed. He repeated the same thing two more times. That's right. He turned about $500 into $750,000, an unimaginable feat, then lost almost all of it. What can you say? In more modern times, Archie Karras presents the most infamous example of gross misconduct. If there were casino player police, he would be convicted of high treason. This fellow won $18 million playing craps at the Horseshoe. He had bought in for less than $2,000 and day after day returned as a winner, on the roll of the century, until he had captured every $5,000 chip minted by that casino. Binion's personnel were forced to purchase the chips from him when they had a high-stakes game in progress. So what did our dice-throwing immortal do? He gave it all back. Didn't keep a farthing! Nary a sou! So what is the point? How much is enough? Are you going to have a heart attack before you finish chasing? I realize it's a dreamscape for most folks, but what if…? Even as a recreational player, when you go to the casino, does greed override your ability to keep even the smaller amounts you've gathered? The way I look at it, if you win $300, $500, $1,000 or so, that's more than you had when you walked in the joint. How much do you need to win before you're satiated? That adrenaline rush, those endomorphine brain ticklers to the pleasure center saying, “More, more…” keep you rooted, coming time and time again. Don't you think those wise folks running your favorite casino know this? The odds are always with the House. The longer you play, the better the chances of losing your winnings. Did you ever consider keeping a diary of your wins and losses? Every time you walk into a casino, note the amount of cash you have, then when you leave, how much you've won or lost. At the end of a month or year, add and subtract. If you aren't a winner, you need to evaluate matters. Try this at home—the results might scare you, but you'll know the hard truth once and for all. Are you afraid to look at the figures because you'll see how much you've lost and you don't want anyone else in your life to know? Whether you play recreationally or in a more serious state, at some point you need to ask yourself, “What's the point?” ///
Peter Ruchman was general manager of Gambler's Book Club, Las Vegas for several years. He
is a recognized expert on all manner of gaming, and a well-respected professional-level
sports handicapper. His unique position in the gaming world gives him easy access to other
experts in all the various fields, including professional-level gamblers, authors,
sportbook managers, casino executives, and even to the linemakers themselves. His
occasional insights concerning the picks in PROFESSIONAL GAMBLER Newsletter have been very
beneficial to us and to our subscribers. Be sure to check out the Gambler's Book Club
website at www.gamblersbook.com. ///
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