Gambling

February 10, 2021

I must admit, it feels good not to be writing about Donald Trump. Because now, I read the news about the guy and my first thought is always, “Who cares”. Washington will have their hands full with the impeachment circus, and by the end of it it’s highly likely he’ll be acquitted… but through the motions they go.

I find it pathetic that the Republican Party hasn’t got the internal fortitude to figure out what’s really important to them; some of them cling on to their has-been demagogue for the simple reason that there’s still an army of misguided supporters out there. What they perhaps don’t realize is that those aren’t fellow Republicans. They’re cult followers. Jeez, if the events of January 6th can’t convince you of that, nothing can. Or, of course, they *do* realize that, and don’t care. Which is really far worse, when you consider the implications. Either way, I look forward to it all going away. And, hopefully, not coming back.

Sifting past the pages of all that nonsense for something relevant to write about in the few minutes I have to do so, I found an interesting story from the CDC claiming that double-masking can block 93% of potentially infectious particles. That number varies, depending how well you double-mask and how well knotted it’s done… but it’s drastically different than single masking in the 40-60% range. It’s a far cry seeing that published and possibly adhered to, as opposed to the aforementioned has-been demagogue who spent a year telling everyone masks are useless. For those who like math, the extrapolation of triple-masking goes to 97% and quadruple-masking 99%. Beyond that, it’s 100% because you probably can’t breathe.

Yeah, wear a mask or two… it makes a huge difference. I look around with some envy at places that had these mandates in place early and effectively… places where two-week mandatory quarantines don’t have exceptions and you pay for it yourself and you don’t complain; those are now the places that have bustling restaurants and crowded stadiums and no mask mandates. There are indeed places on the planet that are back to normal. The U.S. completely messed-up their opportunity, but that was because of colossally crappy leadership, right from the top, and right from the start. We’ve done a lot better here in Canada, but now that we’re a year into this thing, it’s not difficult to make apples-to-apples comparisons. It could’ve been a lot better. In gambling terms, it’s called the “woulda coulda shoulda” – it’s what you hear from most frustrated horseplayers moments after the horses cross the finish line… I woulda bet the 6… I coulda bet the 4.

And yeah, we shoulda had masks everywhere… long ago.

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December 16, 2020

Today, we’ll take a step back from gambling advice and bashing Trump and discuss… yes, how about the pandemic…

As usual, there is good news and there is bad news.

Let’s start with the good news, and that is that around the entire planet (with one notable exception), things are getting better. That doesn’t mean things are great, but if you look at the numbers and graphs below, it’s clear things have stopped getting worse in Canada. They’re either just bad, or improving. At some point, I’ll throw together some world data for comparison, but the graphs will look similar; sharp drop-offs in the rates of new cases, which in turn should show fewer hospitalizations and eventually fewer deaths. Where they were growing quickly, they’re growing more slowly. And in some places, stopped. Entirely. New Zealand is the first country on the planet where C19 is gone. Period. Restrictions lifted. Workplaces, restaurants, sports stadiums… packed with happy, healthy people. This was the place that locked down early and hard, and almost did away with it on the first go-around… but it came back, so they took more drastic action. And this time it stuck. Brutally ironic and pathetic was Donald Trump, at that time, mocking them… “It’s over for New Zealand. Everything’s gone.” That was Trump, trying to imply something like, “See? No matter what you do, you can’t get rid of it. Why bother wrecking the economy, when it won’t make a difference?”

Trump wasn’t the only one with that attitude, but the attitude is wrong. Strong decisive action can make a big difference.

While things look to be getting no worse pretty-much everywhere, the huge exception is, of course, is the U.S… where things are getting drastically worse. The collision course between the pandemic, people who don’t care, and the vaccination… it’s a perfect storm, made more complicated by that second factor… people who still don’t believe there’s a serious virus and/or people who do but won’t get vaccinated. If all Americans were to go out and get vaccinated as quickly as possible, the entire country would be rid of the virus by summer. There will probably be enough vaccine to go around to do that. All the timelines we’ve heard rely mostly on the understood supply of Pfizer vaccine that’s on its way, but there is more good news… that we can soon throw the Moderna vaccine into the mix… and that’s more of a game changer, because it’s doesn’t need the ultra-cold transport and storage; that one can (and will) be made available far and wide.

The bad news is that the pain of this pandemic, from an economic point of view, will be very harsh. Every sector has been radically affected… and the issue now is that there are many businesses that rely on the holiday season to get them through with enough momentum to last them till next December. Many of those businesses are already running on fumes, and are really only still in business because it’s the Christmas season and they may as well scrape what they can from it before they pull the plug. Many that stuck it out this long were hoping for a relatively normal holiday season, and it’s not going to happen.

On that note restaurants are suffering terribly, especially many of which count on the Christmas office parties and the party season in general… and while that won’t happen this year, it’ll all come back eventually. Certainly by this time next year.

Until then, there’s no simple answer… though might I throw in… support your local restaurants if you want them to survive. It doesn’t mean go there with a group of friends; not yet. But order their food and pick it up, or get it delivered from them directly, so it’s not some third-party that’s getting all the margin. Buy gift certificates and stuff some stockings with them.

The economic landscape will look like a 9.0 earthquake roared through it, once this is all over. Hopefully, for most, it’ll just have been a big, rattling shake… and not a complete collapse.

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December 15, 2020

A little more on yesterday’s topic… according to the Washington Post this morning, Trump has doubled-down on his dubious election claims 15 times. Two to the power of 15 equals almost 33,000. So now, he’d have to be putting down over $65,000 to try to win back his original $2 bet… if he were betting red, which I suppose, in a certain way, he is. He’s gone from loser to Loser to LOSER… the only thing that’s changing now is the point-size of the font, but like betting systems that eventually run out of money, the screen can only fit so much as well. We’re pretty-much looking at nothing more than a big capital L now… and yet, if this morning’s torrent of even more election-fraud Tweets is any indication, he’s not done yet. Even Mitch McConnell has thrown in the towel… but Trump? Nope.

If doubling down is the wrong way to bet, is there a right way? Yes… as long as you keep in mind that if you’re betting against the house, you’re going to lose in the long run… no matter what. Unlike poker or horse-racing, where you’re playing against other people, you’ll never beat the house in the long run. Not that it’s easy with poker or horses, but at least it’s possible, and there are some people good enough that they actually do it professionally. But casino games? Nobody is making a living playing slot machines, blackjack, roulette or craps… assuming it’s a “fair” game. There are ways to “game” advantages in all of those, with mechanical aids or card counting… but those change the house odds, and then it’s a whole different story. But assuming you don’t have a roulette computer jammed into your shoe, and/or assuming you’re not able to count cards without getting caught, the house has an edge, and every dollar you bet plays into that edge. If you’re going to bet $100 in Blackjack, mathematically, the soundest way to do it is bet it all at once. That way, the house only gets one shot at imposing that edge on you… not countless times to chip away.

But… it is possible to win in the short term, and it’s possible to have a lot fun doing so… so what do you do to maximize your chances? You do the opposite of doubling down.

With doubling down, all you’re doing is chasing lost money with your own money. Throwing the good after the bad. The key to winning is trying to maximize the opportunity to win while putting the house’s money at risk, not your own. This means taking the big shots with money you’ve already won; not out of your wallet. Here are two examples.

Let’s say you’re going to play roulette… and roulette is a good one because it offers a lot of (close to) 50/50 bets. Roulette has a green zero (and sometimes also double-zero, and, for the truly-clueless, triple-zero), which is where the house gets the edge, but other than that, there are 36 numbers. Half are red, half are black. Half are even, half are odd. Half are 1-18, half are 19-36. All 6 of those half-this/half-that bets are effectively coin-tosses, and return a win of a $1 for every $1 bet.

So… if you’re going to play roulette, say you’re willing to risk losing $200. Take that $200 and cut it into 10 pieces of $20 each. Each of those $20 is one shot, and you will have 10 shots.
You bet your first shot, and we will call that first bet “level one”… and you can bet any of those spots. Say you bet red… and it comes up… black. Oops. It’s ok, you’re only down $20… now, second shot, level one… you try red again, and this time it hits number 7, which is red.

Great! Now you have $40. You take that entire $40 and bet it on… let’s say, black… and this is now level two. Boom, it hits 17 black. Now you have $80. So you take all $80 and bet it on… hmm, 7 and 17 were low… so you bet it on 19-36 – (this was level three) and it hits 35, and you win!

Now you have $160. Now you are on level 4, the final level. Hmm… three odds in a row. You bet your level 4 on even, it hits 2, and now you have $320. And you take that $320 and you put it in your other pocket, and you don’t touch it for the rest of the night. And you go back to level one, with your third shot of $20. And you do that with all ten shots. Some will die right away. Some will advance a level or two. And hopefully, you manage to run a few of them through level four.

Of course, that’s not so simple… but it only takes one out of those ten shots to go the distance for you to walk away a winner. If you do this right, after 10 shots, the $200 gambling pocket will be empty… but, hopefully, the other pocket has $320 in it. Or maybe $640… or more…

The key, of course, is that you’re trying to capitalize on winning bigger amounts by risking only what you’ve won. The adrenaline rush of those level four bets is quite something… and a real sledgehammer to the gut when you lose. Just try to remember, you didn’t just lose $160 – you only lost $20.

Similarly, next time you’re at the racetrack, try this… take $5 and bet it “to show” on the horse you like. As long as the horse you like finishes in the top three, you’ll cash your ticket. It might not be much, but that’s ok, because now you take what you won, maybe $8, and bet it all to show on whatever horse you like in the next race. And if you win, you take that $17 and bet it all to show in the following race. The thrill of running a show parlay up to $400 is also quite a rush; and you’ll learn a lot about yourself when you’re now called upon to bet all of it on some horse whose only redeeming factor is that you like his name.

Gambling, in general, should be treated like an entertainment expense… so as long as you’re willing to lose every penny you’re throwing at it, as long as you have a good time, go for it – and, hopefully, some of this advice helps you win… at least in the short term.

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By |2020-12-15T17:03:51-08:00December 15th, 2020|Categories: COVID-19 Daily Report, Politics|Tags: , , , , , , , , , , |7 Comments

December 14, 2020

There is a very common betting strategy called the Martingale — you can apply it to red/black on roulette, or blackjack, or any simple game with close to 50/50 odds – where, if the odds are truly 50/50 and you have infinite wealth, you will never lose. Unfortunately, the odds are never really 50/50, and nobody has infinite wealth… so, in the long run, you will actually always lose. And when you lose, it’ll be ugly.

Martingale is more commonly known as the strategy of doubling down, and here’s how it works: Say you’ve decided to bet red on roulette… so you bet 10. If you win, you’ve won 10. Now you bet another 10 and hopefully win again.

But if you lose, you bet 20. Now, when you win, you’ll not only win what you just bet, but you’ll also win back your original loss. And when you win, you can go back to betting 10.

If you lose again… well, now you have to bet 40… but, no worries, it’s 50/50 or whatever, it’s due to come in, etc. And with that bet of 40, you’ll win back everything you’ve already lost… right?

As we’ve learned, exponential growth gets ugly… in a hurry. 10/20/40/80/160/320/640… if you thought it can’t possibly come up black 7 times in a row, you’d be mistaken… it happens far more often than you think, and now you’re having to bet 1280 just to win back everything you’ve lost… and just to profit 10. Eventually you hit the casino limit. Eventually you run out of money.

So, no… doubling down doesn’t work, because there’s no finish line; because infinity is nobody’s version of a finish line. For whatever reason, people still tend to employ this strategy, and I’m not just talking about casino gambling. Today itself provided two examples.

One small example would be this morning’s Wall Street Journal editor defending the disgusting Jill-Biden-bashing piece that I wrote about yesterday. Instead of just apologizing for his appalling lack of judgement, he’s saying it’s no big deal, he’s blaming “team Biden” for the backlash and he’s accusing critics of playing the race card. He’s doubling-down on his mistake, and now he’ll appropriately face further backlash… to which the WSJ will respond with an apology, or, they’ll double-down again. There’s an ugly finish line to examples like that, depending how far they’re willing to take it. Eventually people start unsubscribing. Eventually they lose advertisers. And eventually, when they’ve shredded themselves into the ground, they meekly apologize.

Whatever the reason that prevents them from backing down… business decision, reputation concern, fragile ego… if they could simply admit when they’re wrong, that would be the end of it. But no, they double-down… and without a bottomless wallet of excuses to support their bad judgement, they eventually lose… and it’s much worse than it should have been.

Which leads us to the much bigger example of doubling-down to the point of insanity, and this one also hit the ugly end of the line today – and that is Donald Trump’s insistence that he’s won the election. Today, after numerous and continual double-downs of bullshit, he’s out of ammo with which to bet red. Now the electoral college has cast its votes, as expected, confirming Joe Biden. Now what?

I guess the equivalent would be the guy who’s been betting red on roulette all day and just watched a streak of 15 black show up. He’s out of cash, screaming and yelling that it’s not fair, and as he’s being dragged to the door by security, continues to scream he’s being robbed and denied the opportunity to win it all back.

It’s not altogether a bad analogy. The guy in both examples started with a bad premise, executed poor judgement, doubled-down on it for as long as he could… and will continue to blame, to whoever will listen, everyone else except himself for the outcome. Both deserve to be shown the door.

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By |2020-12-14T17:03:05-08:00December 14th, 2020|Categories: COVID-19 Daily Report, Politics|Tags: , , , , , , , , , , |8 Comments
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