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Risk Aversion for Gamblers

A few weeks ago, I strongly recommended that my readers take the free course on Irrational Behavior offered by Dan Ariely. I have no idea how many readers actually followed my suggestion, but I’m now in the middle of the course, enjoying it, and learning from it.

One of the topics discussed in the course is risk aversion. Consider the following experiment: You are offered a chance to flip a fair coin. If it turns up heads, you win $1,100. If it turns up tails, you lose $1,000. Would you willingly do this? Continue reading Risk Aversion for Gamblers

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How Do You Play These Hands?

Most of us occasionally switch from game to game. The strategy for each game, and even each pay schedule, is a bit different. Today I’m going to give you eight different hands with three games each. In each case, two of the games will have the same play and one of them will have a different play. Also in every case, the reason for the differences in how you play the hands is determined by the pay schedules.
Continue reading How Do You Play These Hands?

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Good Bye, Jackie Gaughan

John D. “Jackie” Gaughan (1920 – 2014), one of the founding fathers of Downtown Las Vegas, passed away last week. Gaughan had a number of casino licenses through the years, but is probably best known for the Union Plaza (later Jackie Gaughan’s Union Plaza), El Cortez, and Western. Howard Stutz of the Las Vegas Review-Journal wrote a nice tribute which may be read here.

My recollections of Jackie are more personal. For six months or so back in 2007-2008, I sat in on marketing meetings at the El Cortez. I didn’t last long at this because my suggestions to the El Cortez management were not very well received. Continue reading Good Bye, Jackie Gaughan

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Sign Up for this Course Today!

I started college 51 years ago. I earned some degrees and over the years went back and took a number of non-credit courses. I enjoy the learning process and I’m positive that this is one major key to my success as a gambler and instructor.

There’s a new way to learn, called MOOC, which stands for Massively Open Online Courses. A year ago I heard about a free MOOC course offered by Dan Ariely of Duke University called “A Beginner’s Guide to Irrational Behavior.” I was too busy to take the course, I concluded, and so I skipped it. 140,000 students found time to take it. To me that’s a startling number. Continue reading Sign Up for this Course Today!

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Seeking Out Unfair Games

Many times I’ve written about video poker games that I consider fair. And what I mean by “fair” is that every unseen card has an equal chance of appearing next.

Most people seem to accept my definition — or at least understand what I am talking about.

However, I recently received an email at [email protected] from someone who calls himself “Reno Master.” The email read as follows: Continue reading Seeking Out Unfair Games

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18th Annual Blackjack Ball — Part 2 of 2

This is a continuation article. To revisit Part 1, click here

The winner of the blackjack skills competition wins the Grosjean Cup, named after three-time winner James Grosjean. Runner-up gets the smaller Munchkin Award, named after my co-host, who also won three times but took longer to do so and is also a bit shorter.
Continue reading 18th Annual Blackjack Ball — Part 2 of 2

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“Doctor, it hurts when I do THIS”

“Well don’t do that!” the good doctor quips. I have always found this joke entertaining, not so much for the wisecracking humor, but for the subtle wisdom therein. Note that the doctor’s advice is not “I’ll prescribe some medical marijuana for you,” or “You need to learn to live with the pain,” or “You need a thicker skin.” Steeling oneself to endure pain is an unhealthy practice (pain is a message to you), and yet suffering card counters constantly prescribe this regimen to each other.

Continue reading “Doctor, it hurts when I do THIS”

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18th Annual Blackjack Ball — Part 1 of 2

The Blackjack Ball is one of my favorite events of the year. Blackjack professionals, whether still practicing or not, come together at an undisclosed location in Las Vegas to share information, swap lies, and compare skills with one another. Hosted by wit and raconteur Max Rubin, the entry fee is a chilled bottle of premium champagne — preferably comped.

In addition to blackjack professionals, certain others are invited as well — including several attorneys and one radio co-host. Each invited guest may bring along another guest Continue reading 18th Annual Blackjack Ball — Part 1 of 2

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A New Realization

I recently attended the 18th Annual Blackjack Ball — which I’ll write about at length in next week’s column. Briefly, this is a gathering of about 80 of the best blackjack players in the world (some currently out there playing — some retired), and perhaps 20 other gambling professionals of various sorts. Being a video poker expert is not sufficient to get invited, but co-hosting a radio show along with a Blackjack Hall of Famer apparently is. Among this crowd, Gambling with an Edge is “must listen” radio and so I was more of a celebrity with this group than I expected I’d be.
Continue reading A New Realization