Gambling with losers.

You find by being observant that the people in a hurry to get to the cashier at a casino are usually the ones wanting to get more money to gamble. Why a casino would extend credit to people is a question that is hard to answer.

The question was partly answered recently when it was noted in a newspaper article that Ontario casinos had recently written off $10 million in bad debts. That is a very small percentage of their more than a billion in revenues each year but a surprisingly high percentage of the money advanced to gamblers. If you were in a large cash business such as a casino, you would question hard the wisdom of advancing money to people who would default on that much money.

The rationale we are offered is that the casino does not want their whales to be bringing suitcases full of money to the casino. They do not want to encourage criminals to try to harpoon their high-rollers before the casino gets a chance at the money.

The argument seems to be a bit silly when you consider that people who can support a habit such as high-stakes gambling can also draw money directly from automated teller machines on the floor of the casino. Yes, the fees are high on those machines but it will cost the casinos less than writing off millions.

Our experience in casinos over the years is that there is very little difference between gambling at low or high stakes tables, penny slots or $100 slots. There seems to be no change in the law of averages. And nobody ever wins because they need to win.

You should look on gambling as fun. You are in for a lot of pain if you gamble with more than you can afford to lose. Always look around that casino and understand that it is the gamblers who pay to keep the lights on, pay the salaries and keep the facilities looking attractive.

The smart gambler: knows the odds and knows when to quit, increases their bet when winning and keeps to a minimum when losing and never tries to guess the number on the next roll of the dice.

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Copyright 2017 © Peter Lowry

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