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...appearances at the final table of World Series events. It’s dangerous, many professionals say, for people to play poker with the idea that luck will constantly provide an edge. More than three-quarters of all poker players are losing players (“There are a lot of people playing,” Darkhawk says. “A lot are bad”). In 2007, gambling industries—including card rooms, commercial casinos, and lotteries—grossed revenues of $92.3 billion. In other words, the streets of Vegas are paved with our losses...
...People don’t do a very good job of being honest or applying any sort of intellectual rigor to try to figure out if I’m doing good or bad—and that’s a big leak in a lot of gambling...
According to Bernhard, the UNLV sociology professor, gambling constitutes any activity in which valuable items are wagered with no guarantee of the outcome. The description sounds a lot like poker—every hand has a good or bad outcome. It’s the mere possibility of the former, coupled with the ease with which it can happen, that draws legions to the game. But many experienced poker players chafe at the use of the term “gambling,” wincing as soon it’s mentioned and politely interrupting to clarify the distinction between...
Hawrilenko doesn’t make as clear a distinction between gambling and professional poker playing, but he says that he has greatly diminished the risk factor associated with compulsive gambling. “A lot of times, when people think ‘gambling,’ they think ‘gambling your savings away,’ or playing with money you can’t afford to lose. My cousin asked me the other day, ‘So, can you sit down at the table and lose your house?’ It?...
...lot of ways, it’s harder to be a professional gambler than to work on Wall Street because on Wall Street, you’re really screwing around with other people’s money,” Ian says. “To be blunt, a lot of them really don’t have enough of their own skin in the game.” Though some poker players might be capable of beating a bigger game, they don’t move into higher stakes because they know that their bankroll can?...