Double or Zero

clylbw

Well-known member
454 4
Maybe you have heard about the following story:

http://uk.news.yahoo.com/040411/80/eqt5w.html

To sum up, a man from London sold all his belongings, including his clothes, and bet everything on a single spin of the roulette wheel in Las Vegas. If he would win, he would double his money; if he would lose, he would be left without even clothes. He won and doubled his money.

I must admit I would not do the same thing. The risk/reward ratio was not right for me; more importantly, I would never risk all my capital in one go. Maybe that is why I am a trader, not a gambler. :D

Since different people may see things differently, what do you think of this story? Would you also take the double or zero approach?
 

Trader333

Moderator
8,613 939
Lynn,

No never, I have worked too hard to achieve what I have to gamble everything on an evens or nothing shot. This person was also on TV so I would guess they got some cash for that as well.


Paul
 

Mayfly

Established member
514 28
He's not a gambler - my guess is that he's a businessman, having already agreed terms on an exclusive with one of the tabloids for a six figure sum? Small change for them at the end of the day.

He could probably double that figure if he bedded a celeb during his stay in Vagas - so either way he's seriously quids in if you ask me? :D

Strange times we live in! :LOL:

Cheers

Mayfly
 

euroderivatives

Junior member
45 0
Well whether he is a businessman or a gambler by profession, one thing is for sure, he does show a lack of brain cells or better yet IQ lol. He could have lost everything....
 

clylbw

Well-known member
454 4
Hi Paul,

According to the report, that man did not get paid for appearing on TV.

But as Mayfly says, there may be something going on under the cover...
 

clylbw

Well-known member
454 4
Hi euroderivatives,

Totally agree with you.

Interestingly, the reports says that man had recently turned professional gambler; I wonder whether he would continue gambling after this?

I know little about gambling, but I believe the pros also rely on taking bets with favourable odds, not just some wild bets as this one?

It may be interesting to know what his chosen career will be like in the future.
 

Trader333

Moderator
8,613 939
A successful professional gambler does not take all or nothing bets as it is only a matter of time before they lose everything. I only knew of a couple and they would carve up a bank pretty much the same way as we do and only gamble a maximum of 1% on any given activity and ratio this to the odds they were getting against what they expected the true chance of the outcome in their favour. This guy cannot be a professional if this is how he carries on but again we dont know what deals he has with the media to gain income.


Paul
 

Henry

Active member
177 2
Trader333 said:
I have worked too hard to achieve what I have to gamble everything on an evens or nothing shot.

Pedantic I know, but I think it's slightly less than evens on roulette? The number 0 doesn't pay out, thus giving the house it's edge.

H/
 

oatman

Senior member
2,879 22
No clothes! He could have lost his a*se :cheesy:
 

2468steve

Experienced member
1,076 39
He also played by American rules,which includes a 00 as well as a 0....this effectively increased the house odds from over 2% to 5%...
 

clylbw

Well-known member
454 4
Hi Bramble, Mayfly, oatman

It seems he bet with a rented tuxedo, so no 'Naked Truth' I am afraid... :cheesy:

But I do agree with Paul's point of view about pro gamblers. Maybe there has indeed been something fishy going on? Let along the RR, the odds were much against him, as Henry and 2468steve have explained.
 

juanbyte

Well-known member
332 10
I was hoping he would lose as winning gives false hope to the gambling masses.

Trader333, regarding the amount you risk on each trade, 1% is very small.

There was a good article in traders mag giving a formula depending on your win ratio.
 

BBB

Experienced member
1,071 3
I used to know a gambling addict. He used to go to GA meetings and was full of stories like this bloke. People who re mortgage (if not done so already), sell all their possessions and fly out to Las Vegas.

He says they get a buzz from putting on the biggest bet. It's not so much the winning, but the adrenalin buzz they get from such activities. This bloke aint the first and won't be the last. He just had his 15 mins of fame to boot.
 
 
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