Word: poker
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...having gained a profit. But now, say the stakes are upped and instead of $11, your friend has to give you $110, and instead of $10, you have to give him $100. You could wipe out your entire coffer after 10 coin tosses. The idea is similar for smart poker-playing: the trick is to play at levels at which you have a negligible risk of going broke, but you’re still able to make a significant profit...
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?...
...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’t withstand the variants, he says. One of the biggest mistakes a novice player can make is to be too bold, too early...
...professionals, it’s only the wide-lens view that matters. It’s the difference between magnifying a single dip or rise in the Dow Jones and seeing it from a few feet away as a simple hiccup in a concerted (and, for the expert poker player, orchestrated) upward trend. You’re not really a gambler until you’ve gone broke and made it back. “Losing is normal. You’re supposed to lose,” Darkhawk says. “Winning has to be detached from...
...purposely buffer their losses with their bankrolls. They’ll swing $500 in a day to feel the adrenaline, lose the rush the week after, and bump it to $1000, looking to find the thrill again. For one Harvard undergrad who usually plays a couple hours of online poker a day, his approach to the game differs substantially from that of a professional. Upon the encouragement of his roommate, an experienced player, the individual began playing online his freshman fall and soon found the game “addicting.” The most he?...