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Exactly. I've played millions (!) of real-money online poker hands and won some money in the process (not anywhere near what most people who've played that many hands did).

Most people don't understand that, when you're able to recognize patterns, playing millions of hands while never exposing more than 1% of your bankroll on any deal is not "gambling" but "printing money" (a tiny amount of money in my case compared to consulting but that is not the point).

At the same time the very fact that obviously (seen most of the posts here) most people don't understand basic bankroll management, risk management, standard deviation, expected value, variance, etc. means there are probably quite some opportunities out there to make money for those who do understand that ; )




I think the real problem (as with so many problems) is definitional. What does "gambling" actually mean?

If I tried to kludge together a definition, I might come up with something like:

>Risking the loss of something of value in exchange for the possibility of gaining something of greater value in a situation where the determining factor of losing value or gaining value is random chance

The problem with a definition like this is that, as others have pointed out, it applies to vast realms of human endeavor, from founding a company to playing the lottery. It also includes no distinction between risks with a positive expected value and risks with a negative expected value.

If a lottery has ten $1 tickets for sale and each ticket has an equal chance of winning, there is an obvious difference between the prize being $11 and $9, but buying a ticket at either price is just as much "gambling" in the common parlance.

What we really need is a word that only refers to gambling in situations with an expected value less than or equal to zero.


For the sake of clarity, I meant:

>If a lottery has a total of ten $1 tickets for sale and each ticket has an equal chance of winning, there is an obvious difference between the prize being $11 and $9, but buying a ticket at either price is just as much "gambling" in the common parlance.


> What we really need is a word that only refers to gambling in situations with an expected value less than or equal to zero.

I believe we call that gambling.




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