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The second most incompetent thing you could do is to leave the money in savings and not pay off the card. ..the first was spending 3k from a cash advance

I lost $5 on penny slots at a casino recently and felt like a complete fool.

when the table limit is $20k,   there's still plenty of money to be made.....

Casino. Bachelor party. Good chance there was no gambling involved and this is just part of an elaborate diversion to explain the CA to the wife / DGF. Because you can Google Bunny Ranch pretty easily.

 

Bang Influence?

 

Is that new? I just noticed

Edited by Kat58
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The more you play the higher the expected loss.

 

Patently untrue.

 

 

Patently true for any negative expectation casino game. Not all are like short stack blackjack combined with decent card counting techniques but that is not so common. There was a period of about 6 months where craps was implemented poorly at a Calif. casino where you could, with a relatively simple technique, play a positive expectation game because probabilities in their faulty game were based on prior events. Sadly, they fixed it.

 

What games were you thinking of?

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What games were you thinking of?

 

I tend to stay away from vigs, but I'm referring to tournament cards (not blackjack). Tournament anything really.

 

 

Ah, where you drop out when you lose. You pay up front and the longer you are able to play the greater your expected return. Makes sense. I tend to think of a "game' as a severable, independent entity, without prior dependencies, which are obviously negative expectation games.

 

I've known several good programmers that became good programmers after modeling casino games. Much of the earliest motivations behind early advances in probability were from the human attraction to gambling.

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Thanks for all the advice, and as I can tell the consensus is to PIF which is what I did so its behind me now. Also the game of choice was Bacarrat. Btw, no one actually answered if I would recieve any adverse action over carry a CA balance over a year, just curious about that one.

 

you're the first person in this decade who admits to knowing how to play Baccarat..though if you lost 3000, you obviously dont play very well

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Thanks for all the advice, and as I can tell the consensus is to PIF which is what I did so its behind me now. Also the game of choice was Bacarrat. Btw, no one actually answered if I would recieve any adverse action over carry a CA balance over a year, just curious about that one.

 

you're the first person in this decade who admits to knowing how to play Baccarat..though if you lost 3000, you obviously dont play very well

 

 

Bet on Banker. Always.

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What games were you thinking of?

 

I tend to stay away from vigs, but I'm referring to tournament cards (not blackjack). Tournament anything really.

 

 

Ah, where you drop out when you lose. You pay up front and the longer you are able to play the greater your expected return. Makes sense. I tend to think of a "game' as a severable, independent entity, without prior dependencies, which are obviously negative expectation games.

 

I've known several good programmers that became good programmers after modeling casino games. Much of the earliest motivations behind early advances in probability were from the human attraction to gambling.

 

Shuffle clumping. That's the mouse, huh?

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It's often believed, and is largely correct, that the best strategy for doubling your money on roulette is to make a single bet on black or any equivalent, even odds play then walk. For instance people that wish to double their money will often play smaller amounts on even odds and hope to hit a run. That's how casinos make money and how many people play. The expected loss, which is equivalent to the expected house take is exceedingly easy to determine with roulette. On a single 0 table it's 2.7% of the total amount you bet during your play. But getting back to the generally accepted optimum play to double your money of a single even odds bet. If you do that you have a 48.64% chance of doubling your money which isn't really bad.

 

It's actually not optimum though as the following simple variation decreases the house's expected take 14%.

 

Let's say you wish to double a $300 stake. First, put $150 on the area paying 2 to 1 odds. If you win you're done. If you lose put the remaining $150 on 9 numbers for a 3 to 1 odds play. At this point you have either doubled your money or lost it. The overall probability of doubling your money doing this is 48.87% which is 14% closer to the "fair play" ideal of a no house edge game of 50.00%.

 

Ain't probability interesting?

 

OTOH, the vast majority of people look for patterns or try to "feel" if they are going to win or not and make one bet after another. Casinos love them.

 

Most roulette games in the states and especially Vegas use two zeroed numbers. House edge is a ridiculous 5.3%. Even the single 0 wheel is bad at 2.7% but is offset by the ability to make very high odds bests without a higher house edge. For instance a single number bet will pay 35:1 while a similar, craps boxcars bet pays 30:1 or so and has a house edge over 10%. OTOH, a don't-pass line (one to one payoff) bet has quite a small house edge.

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OTOH, the vast majority of people look for patterns or try to "feel" if they are going to win or not and make one bet after another. Casinos love them.

 

 

Often referred to as the Gamblers Fallacy.. In 1913 in Monte Carlo casino the ball kept landing on black, over and over and over.. the house took in millions of Francs because everyone kept betting on red, incorrectly thinking the past results would influence future results. Red had to come! It did, but not after black came 26 times in a row.

 

PS.

 

OP, I really hope you have already paid the cash advance with your savings by now.

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I felt similarly when my car broke down, and I had to choose whether to charge the repairs to a credit card and pay interest, or pull money out of my savings. This is the first time in my life I've actually had an emergency fund, and it felt awful to think about breaking into it. So I completely understand where you're coming from.

 

But ultimately, I felt better about borrowing money from MYSELF rather than paying interest to the BANK.

 

Take a loan from yourself. If it makes you feel better, charge yourself interest.

:good:

 

Sent from my SAMSUNG-SGH-I527 using Tapatalk

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26 in a row would be a dream for me.

 

I have seen 19 Player in a row on Bacc once and 28 out of 29 Banker.

 

lots of money was made on those absolute dream shoes.

 

Too bad that most casinos have a cap

 

With no CAP on a $10 bet and you hit 26 in a row and keep doubling...

 

$671,088,640

 

$671 Million!!!

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The casino probably loves me. I wander around, play a shot machine here, there, play a hand or two of blackjack, pick something at the roulette wheel. I never take very much, so I don't lose much, but invariably I do lose whatever I brought in play money.

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The casino probably loves me. I wander around, play a shot machine here, there, play a hand or two of blackjack, pick something at the roulette wheel. I never take very much, so I don't lose much, but invariably I do lose whatever I brought in play money.

 

That's not a bad way to go. Casino's are fun and can be expensive. Very expensive. But you can have fun at them like at almost any sort of entertainment and, like most entertainment, it costs money. As long as it's affordable and enjoyable for the price it's all good. I've been going to casinos for 20 years from time to time and even have a line of credit at one for 7 years, They hard pulled for that and my credit was really lousy but my bank account made up for it. Casino credit is about the only credit granting place that cares more about bank accounts than credit reports.

 

I gamble enough to get comped for good food and suites and the first class restaurant they have is a major reason I go but I always gamble such that it doesn't affect me financially. I should be solvent until I'm about 150 years old. Not a problem I expect to have. I gamble about twice a month for a few hours then quit but usually have a few grand in play. I've recently had a string of wins and have been able to pay all my markers off winnings for the last 6 months. That can't continue. It's already bordering on the highly improbable.

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Casino credit is about the only credit granting place that cares more about bank accounts than credit reports.

we could talk all day about casino credit and there's definitely ways to work that system just like credit cards, etc, but it's not really credit, really just check writing privileges.

 

I've recently had a string of wins and have been able to pay all my markers off winnings for the last 6 months.

nice.

 

winning always comes in streaks like that.

 

I've had years where I couldn't win at all to save my life,

 

and then the next year, every trip is a winner.

 

but I'm still waiting for The Run.....

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Losers never win! Go back and try to win it back! Just kidding, just trying to lighten up your mood.

 

As the others have said, pay it off now from your savings and pay yourself back over 8 months. In retrospect, it's probably the best thing that ever happened to you because if you won instead of lost, you WOULD have a gambling problem. You would think gambling is easy money and would go back regularly until you lost it all plus some. (That's how they build those nice glitzy casinos and maintain them)

great idea...

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Really great advice.

 

I'd chime in, if someone came to you today and said hey, I have special account absolutely guaranteed to pay you a 27.99% return on $3000 over 12 months (for simplicity's sake), and you had $10,000 in savings, you would temporarily take $3000 out of your savings into that investment for 12 months.

 

As the rational part of your brain probably knows, in effect paying off a debt is equivalent to making a guaranteed investment at the APR of the debt. You aren't going to find no risk investment opportunities that will pay you 28%, unless you are doing something illegal (which isn't risk free) or benefit from some spectacular barrier to entry.

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Really great advice.

 

I'd chime in, if someone came to you today and said hey, I have special account absolutely guaranteed to pay you a 27.99% return on $3000 over 12 months (for simplicity's sake), and you had $10,000 in savings, you would temporarily take $3000 out of your savings into that investment for 12 months.

 

As the rational part of your brain probably knows, in effect paying off a debt is equivalent to making a guaranteed investment at the APR of the debt. You aren't going to find no risk investment opportunities that will pay you 28%, unless you are doing something illegal (which isn't risk free) or benefit from some spectacular barrier to entry.

 

This is a good analogy. By extension its also the basis for advising people to pay off the higher CC balances first..

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