Jay Kang has a gambling problem.
Twelve thousand dollars lay wadded up in the glove compartment. I was trying to decide if I had what it took to drive home. To help delay a decision, I remember turning the radio to a Dodgers game. I don't know how long I sat there listening to Vin Scully sing his nasally song of balls and strikes, which, even in the age of digital radio, still sounds as if it is being transmitted through a tin of victory cabbage. I remember thinking some nostalgic, self-pitying thoughts about my younger days. I forced myself to say out loud, "You are a degenerate gambler," but doing so only made me giggle. I opened the glove box, pocketed the cash, and walked back through the sliding doors of the Commerce Casino, back to my table in the Crazy Asian 400 No-Limit Game and to the eight friends at my table who had kindly managed to save my seat.
Some time later, I drove home. All the money, of course, was gone. As I drove home through the network of highways that tie up a concrete bow just east of downtown Los Angeles, I felt no compulsion to slam the Outback into a guardrail. In fact, losing almost all the money I had in the world in six hours stirred up only a cold, scraped-out feeling of knowing-the calm that freezes out your brain when you watch someone younger make the same mistakes you made at their age. Staring out at the empty skyscrapers, I tried to figure out what might be the right reaction to losing $12,000. At the 7-Eleven on Venice and Sepulveda, I bought a bottle of Nyquil, drank half of it in the parking lot and drove the rest of the way home in a warm, creeping fog.
People throw away thousands of losing tickets at off-track betting parlors every day. Except that some of those losing tickets are actually winners. This is where the stoopers come in.
For the past 10 years, Jesus Leonardo has been cleaning up at an OTB parlor in Midtown Manhattan, cashing in, by his own count, nearly half a million dollars' worth of winning tickets from wagers on thoroughbred races across the country. "It is literally found money," he said on a recent night from his private winner's circle. He spends more than 10 hours a day there, feeding thousands of discarded betting slips through a ticket scanner in a never-ending search for someone else's lost treasure.
David Treuer, an American Indian, is writing a series of dispatches for Slate in which he visits Indian casinos. I'd never heard the story of how casinos on Indian lands came to be. It seems a state tax bill on a mobile home led to a lawsuit which led to a legal precedent that state and federal governments have no regulatory jurisdiction on Indian lands.
The Supreme Court ruling in the Bryan case was expansive. More than just a ruling on taxation, it declared that states and the feds had the right to police the reservation only in the interest of "law and order" and had no civil or regulatory jurisdiction over sovereign Indian nations. Until this time, tribes and states more or less assumed that states had civil and regulatory power on reservations. But the Supreme Court maintained that as sovereign nations, Indian tribes had always had the right to govern themselves (including civil and regulatory powers), just as all nations do, and that tribes should deal with the U.S. federal government, not with states. Kansas, for example, has no power to levy taxes in Luxembourg -- and not only because Luxembourg is far away.
A relatively short article on the mathematics of gambling.
Let's say, for example, you want to bet on one of the highlights of the British sporting calendar, the annual university boat race between old rivals Oxford and Cambridge. One bookie is offering 3 to 1 on Cambridge to win and 1 to 4 on Oxford. But a second bookie disagrees and has Cambridge evens (1 to 1) and Oxford at 1 to 2.
Each bookie has looked after his own back, ensuring that it is impossible for you to bet on both Oxford and Cambridge with him and make a profit regardless of the result. However, if you spread your bets between the two bookies, it is possible to guarantee success (see diagram, for details). Having done the calculations, you place £37.50 on Cambridge with bookie 1 and £100 on Oxford with bookie 2. Whatever the result you make a profit of £12.50.
I say relatively because there are literally millions of pages on the web just about blackjack statistics. For instance, it's easy to see how you'll lose money playing blackjack in the long run -- card counting aside -- by looking at this house edge calculator. The only real advantage to the player occurs with a one-deck shoe and a bunch of other pro-player rules, which I imagine are difficult to find at the casinos. (via big contrarian)
Analysis of Casino Design is one of a number of articles on different aspects of casinos, gambling, and slot machines (see links at the bottom of the page). (via spitting image)
A new form of gambling called historical racing allows people to "wager on horse races that have already taken place" and promises to be as fast & addictive as slots. (via mr)
Update: Here's a company that provides an historical racing service. (thx, sam)
Two weeks ago, author and professional gambler David Sklansky offered $50,000 to any Christian who believes in Jesus' resurrection, believes non-believers will go to hell, *and* could beat his score on the SAT. A dumb bet, but ok. Jeopardy uber-champion Ken Jennings, a Mormon, says bring it on: " I've already taken the SAT -- why bother taking it again? I know what I got, and the College Board can back me up on it. Sklansky looks older than me, but I assume he took the 1600-point SAT at some point. I'll show you mine if you'll show me yours. Fifty grand, math/verbal total." (thx, david)
Interesting story from Steven Levitt: stuck in a Vegas poker tournament with a $3000 first prize but needing to go to the airport to catch the last flight of the night, he starts playing very aggressively in order to win big or lose everything so that he can leave. (via gulfstream)
When the UK gambling industry is deregulated next year, it will be legal for gamblers to use a tiny device to cheat at roulette. The device works by listening to the wheel and how the ball bounces to predict roughly where the ball will land, reducing the odds from 1 in 38 to something a bit more manageable. (via spurgeonblog)
Lottery idea: instead of earmarking revenues for education, why not use the money for individual retirement accounts? The piece includes this startling fact: "Some 20 million Americans spend at least $1,000 a year on lottery tickets". !!!!
Las Vegas is testing out some high-tech gadgets, including fully-automated gaming tables with no chips, cards, or dealer. Doesn't sound like much fun...
In 2005, 34 poker players earned $1 million playing tournaments, compared to 78 golfers earning the same playing their sport.
Jeff Ma, who was a key member of the infamous MIT blackjack team, notes the turn around of the Oakland A's and the reversal of criticism directed toward GM Billy Beane. Even Steven Levitt, who thinks not too highly of Moneyball, has conceded that maybe Beane and the A's are onto something.
Life lessons from blackjack. You gotta know when to hold 'em, know when to fold 'em...
Las Vegas is in for some water troubles. Surprisingly, it's residential use that's the problem, not the showy water displays by the casinos.
A gallery of casino carpeting photos. "Many of the carpets use flowers and wheels, both suggestive of a cyclical life: flowers bud, bloom, and then die, and their beauty is only ephemeral."
