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Poker and Going In Debt

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  1. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 12:25pm)

    Not to single out the college kids but they are the easiest target for credit card companies.

    I'm curious to know who much debt college kids and people in general rack up due to gambling.

    It blows my mind that a lot of people put so much effort into building a bankroll and/or learning how to play yet they go into debt in order to play poker and think that it's going to solve their financial problems.

    Not a post to bash on people who go into debt to play poker, just curious as to what people think about this.
  2. abellon92082 abellon92082 is offline

    Austin, TX
    United States

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    Jan 29th, 2007 (1/29/2007 12:45pm) in reply to Nickw1979

    it's a bad idea
  3. spartan77 spartan77 is offline

    Blacksburg, VA
    United States

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    Jan 29th, 2007 (1/29/2007 12:47pm) in reply to Nickw1979

    Some people gamble, I play poker! :)... My advice is don't play with money if you don't have it! They are trying to get rich quick!
  4. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 12:51pm) in reply to spartan77

    I agree.

    Sad thing is some people who play poker have the same outlook as playing the lottery. Looking for a get rich quick thing.
    Thread Starter
  5. RiverRejas RiverRejas is offline

    Burke, VA
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    Jan 29th, 2007 (1/29/2007 1:06pm) in reply to Nickw1979

    would you consider poker gambling if you know what your doing, and your a winning player?
  6. buchiYAYO buchiYAYO is offline

    Hampton, VA
    United States

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    Jan 29th, 2007 (1/29/2007 1:09pm) in reply to RiverRejas

    It is gambling. Is there a 90% chance the yankees will beat the roylas? yes

    Is there a 90 % chance that AA will beat 22? yes

    a bet on either is still a gamble though
  7. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 1:13pm) in reply to RiverRejas

    Well poker is gambling regardless. No matter how good you are there is still a chance that you will lose.

    Since there is a % chance of winning and a % chance of losing playing poker is "gambling"

    It's consistantly putting yourself into +EV situations that make winning players good and getting lucky every now and then is never a bad thing.
    Thread Starter
  8. cmac8t2 cmac8t2 is offline

    Hull, MA
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    Jan 29th, 2007 (1/29/2007 1:20pm) in reply to buchiYAYO

    that is a very broad analogy Buch, with the yankees it is your hope they can beat them and you have no control of it, with AA vs 22 you can control the way it is done and limit the damage. If you bet 300 to win a hundred on the yankees you just sit and hope if you are playing the 215 sunday tourny you can limit what you put out there and even if you go all in the chances are still beter than the yankess winning, because the yankees are human and can make mistakes, the cards are well the cards. Jeter can make an error but on the AA vs 22 you have the power to pull the plug . I hope this makes sense because I think I just confused myself. I also think that if you are playing to get rich and it isn't working than it could become a big problem.

    cmac8t2
  9. ShortStack3 ShortStack3 is offline

    NE
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    Jan 29th, 2007 (1/29/2007 1:23pm) in reply to RiverRejas

    As long as there's luck involved, it's gambling. You may make the "correct" plays or get your money in with the best hand but there is no guarentee that your going to win.
  10. spartan77 spartan77 is offline

    Blacksburg, VA
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    Jan 29th, 2007 (1/29/2007 1:23pm) in reply to Nickw1979

    I agree on both ends... But that goes true for the Beloved Stock Market!?! I assure you those people who invested it all in Enron didn't think they were ever going to lose or other STRONG companies that tanked... So you can limit your risk in Poker by man factors.
  11. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 1:32pm) in reply to spartan77

    I think your stock market anaolgy is bogus.

    Granted employees of Enron had their entire retirement invested into that company through stock options etc. etc. but in the stock market one can diversify their risk over thousands of companies to reduce their chance of loss i.e., mutural funds.

    Just what exactly would be your vehicle of diversification in poker Spartan?
    Thread Starter
  12. Arobinson11 Arobinson11 is offline

    Round Rock, TX
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    Jan 29th, 2007 (1/29/2007 1:34pm) in reply to ShortStack3

    millions of college students get into credit card debt without gambling... maybe we should ban credit cards
     1
  13. mrniphty mrniphty is offline

    Tallahassee, FL
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    Jan 29th, 2007 (1/29/2007 1:35pm) in reply to buchiYAYO

    "Is there a 90% chance the yankees will beat the roylas? yes"

    Not if I have money on the yanks. I hate the Royal fucks.
     
  14. DeafEars DeafEars is offline

    Inver Grove Heights, MN
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    Jan 29th, 2007 (1/29/2007 1:38pm) in reply to Arobinson11

    I got into a fair amount of debt in my freshman and sophmore years of college when I was a realitve n00b to the game (although I didn't think so at the time) and had a really bad run playing LHE. I still owe a fair amount of money to my creditors, but I don't regret the experience and I'm wiser because of it.
  15. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 1:48pm) in reply to Arobinson11

    Part of the marketing/advertising mecca known as Visa and Mastercard.

    Avg credit card debt for a graduating college student is $2700.
    Thread Starter
  16. allaboutheu allaboutheu is offline

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    Jan 29th, 2007 (1/29/2007 1:53pm) in reply to Nickw1979

    I think that the stock market analogy does work. Diversification in poker could be playing different poker games (nl, lim, studd omaha etc) or playin gon different sites.

    Mainly however diversification would simply be playing multiple tables I would think. You invest in multiple stocks just as you play multiple tables at once.
  17. WaterfallMA WaterfallMA is offline

    Brighton, MA
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    Jan 29th, 2007 (1/29/2007 1:53pm) in reply to Nickw1979

    Is there a 90 % chance that AA will beat 22? no
  18. P0KERPR033 P0KERPR033 is offline

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    Jan 29th, 2007 (1/29/2007 1:57pm) in reply to Nickw1979

    No credit card I have ever recieved worked for online gambling
    388 111
  19. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 2:01pm) in reply to allaboutheu

    The idea yes, but being able to diversity over tens of thousands of comapnies verses playing 5-7 different games of chance or multi tabling is a far cry from an efficient diversification.
    Thread Starter
  20. Certifiable Certifiable is offline

    Roslindale, MA
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    Jan 29th, 2007 (1/29/2007 2:01pm) in reply to P0KERPR033

    Well maybe people spend all of their cash on poker, therefore having to put everything else in life on plastic...
  21. Nickc011 Nickc011 is offline The Law

    Houston, TX
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    Jan 29th, 2007 (1/29/2007 2:04pm) in reply to Nickw1979

    going into debt to play cards is one of the stupidest things a kid could do..

    i NEVER would have even thought about playing online poker if i couldnt have afforded the $ that i deposited.
     
  22. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 2:05pm) in reply to P0KERPR033

    Poker Pro,

    You can go to the bank and get a cash advance on your credit card, deposit that cash into your bank account, then deposit the funds onto any poker site of your choice.
    Thread Starter
  23. riskybusines riskybusines is offline

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    Jan 29th, 2007 (1/29/2007 2:07pm) in reply to Nickw1979

    but in the stock market one can diversify their risk over thousands of companies to reduce their chance of loss i.e., mutural funds.

    In Poker I can diversify my risk over thousands of HANDS. AA may lose to 7-2o one time just like a company like Enron may go busto every now and again. However, of the course of time WINNING poker will ride out the ups and downs of each and every hand just as mutual finds will will minimize risk of UPS AND DOWNS IN THE MARKET.
  24. Certifiable Certifiable is offline

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    Jan 29th, 2007 (1/29/2007 2:07pm) in reply to Nickc011

    The percentage arguments can be twisted so many different ways, it just seems that the gov't. has decided that they like theirs better.

    I mean you can take it as far as you want. Is there a 100% chance that by taking a commission based job I will end up successful and be able to support my family? No, but I have a good amount of control over that. Should we be unable to accept that job because it's a gamble? I dont think so. Should WE bear the burden of showing the government that we should be able to accept a commission based job because we have a better idea of what were doing in that field then someone not familiar with the industry? No, anyone who wants to gamble is allowed to in that situation.
  25. Nickw1979 Nickw1979 is offline

    Greenwood, IN
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    Jan 29th, 2007 (1/29/2007 2:14pm) in reply to riskybusines

    Agreed, but playing winning poker on a consistant basis over thousands of thousands of hands can be a problem.
    Thread Starter
  26. buchiYAYO buchiYAYO is offline

    Hampton, VA
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    Jan 29th, 2007 (1/29/2007 2:31pm) in reply to cmac8t2

    I hear ya but im not buying it. u could diversify ur risk on betting sports by only betting huge favorites which IMO is the same anology as playing ur cards right and reducing risk am I am saying is that it is a gamble its a smarter forem of gambling than say roulette but there is still odds involved.
  27. DexterCain DexterCain is offline

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    Jan 29th, 2007 (1/29/2007 3:03pm) in reply to Certifiable

    <span>Is there a 90 % chance that AA will beat 22? yes

    </span>falseamundo
  28. Certifiable Certifiable is offline

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    Jan 29th, 2007 (1/29/2007 3:06pm) in reply to DexterCain

    22 is 50% chance here against two overs, not 90%. It's called a coinflip.
  29. buchiYAYO buchiYAYO is offline

    Hampton, VA
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    Jan 29th, 2007 (1/29/2007 3:08pm) in reply to DexterCain

    the exact percetage was not the point of the reply. I think u get thepoint I was trying to make.
  30. OMG_LOL_WTF OMG_LOL_WTF is offline

    Los Angeles, CA
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    Jan 29th, 2007 (1/29/2007 3:09pm) in reply to buchiYAYO

    What many people to fail to recognize is that gambling is a capital intensive business.
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