Is "working for a living" considered gambling?

punctual

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Well, in response to another poster's thread titled "IS POKER gambling?" I thought I would start my own post on a different topic: Is "WORKING FOR A LIVING" gambling?


  1. You have a boss who can fire you on a whim
  • the company you work for needs to be profitable for you to keep your job
  • Depending on what your bosses have you doing, you can be liable for fraud

Now in general one would not consider these WORK conditions to be very risky. But now consider you go to work cursing your boss out every day, your company is about to go completely bankrupt, and you cut corners at work to be more efficient and in the process break laws that can put you in jail.

now you just took what one would consider a fairly safe endeavor, WORK, and made it risky.

Now consider what poker is all about.

  1. You start out wiht a bankroll and want to make it grow
  • you put your money on the line when you feel you have an edge in a hand
  • when conditions seem favorable to you, you put in all your chips with intentions of doubling or tripling up
  • At the end of the day you make or lose money, depending upon the decisions you make.

With proper bankroll management you can make your bankroll grow. When you become really good at knowing when you have edge enough to bet, your bets will make money more often. When you are able to, through experience, develop the skill to know when to put your money all in you will double and triple your stack more often.

So we have taken an inherently unrisky thing, WORK, and made it risky.

So WORK depending on our decisions could be gambling.

In the same way, we POKER PLAYERS are taking an inherently risky thing and making it less-risky by pushing our chips in when we have edge. Over the long run, this edge will make us profitable over hte long run.

So poker can be considered gambling, but poker can also be considered a low risk endeavor. It all depends on how we approach it.

Poker, in a sense is just like running your own business. At the end of each business day your P&L is either GREEN or RED. Running your own business can be as much of a gamble as any poker session.

Would love to hear other thoughts on this.
 
rifflemao

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You're not comparing the risks of not working vs working, so no need to go there, but it's worth looking at some of the financial benefits one loses as a full time poker player in the US who quits a good-paying job.

A full time poker player:

-doesn't get paid health, vision, and dental insurance.
-can't contribute to a 401k with matching.
-doesn't get paid vacation.
-doesn't get paid sick days.
-doesn't have a steady income.
-has to pay the full FICA (social security) and Medicare payments of 15.3% of income, whereas an employer would pay half of that.

This doesn't mean you shouldn't go for it if you're a great player who couldn't be happy doing anything else, but is a list of risks you have to mitigate by working very hard at your game.

BTW, there are some great players on the wsop Circuit who either work full time or run businesses, and have taken down some impressive cashes. It's entirely possible to earn life-changing money (pay off the house etc) from poker and still have a traditional career.
 
akaRobbo

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Well, in response to another poster's thread titled "IS POKER GAMBLING?" I thought I would start my own post on a different topic: Is "WORKING FOR A LIVING" gambling?


  1. You have a boss who can fire you on a whim

Bosses don't just fire people for no reason. Genuine mistakes or you yourself being unlucky won't get you fired... If you are made redundant you get plenty of notice, other job opportunities and a good pay cheque.

  • the company you work for needs to be profitable for you to keep your job

Not true.

  • Depending on what your bosses have you doing, you can be liable for fraud

???


If you've got your head screwed on and take your job seriously its not a gamble at all.
 
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Being fired and losing all your money is two completely different things. I like the thought but its a definite no. Eating McDonalds is gambling tho. :)
 
punctual

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If you've got your head screwed on and take your job seriously its not a gamble at all.

But isn't that what the employees of Enron thought they were doing? Yet they lost EVERYTHING
 
punctual

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Being fired and losing all your money is two completely different things. I like the thought but its a definite no. Eating McDonalds is gambling tho. :)

UNLESS, you worked for ENRON in which case, being fired and losing all your money is precisely the same thing.

Now how sure can you be that the company you are working for is not the next ENRON?

This brings into play another "gambling" aspect of "WORKING FOR A LIVING" There is always a risk that the company you have chosen will go bankrupt. We have seen high flying companies go broke in an instant: consider ENRON, LEHMAN BROTHERS, BEAR STEARNS,

Does provide some food for thought...
 
OzExorcist

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There's risk in everything we do, absolutely. But I think you're drawing a pretty long bow here.

In poker, as with other forms of gambling, it's possible to end up with less money than you started with, and the amount you can make is far from certain.

In a job, the amount you can make is certain (I work X hours and I'll get paid at least Y dollars) and if you lose your job it doesn't cost you money directly.
 
K

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in that case...

in that case cross the street could be for gamblers too
 
punctual

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There's risk in everything we do, absolutely. But I think you're drawing a pretty long bow here.

In poker, as with other forms of gambling, it's possible to end up with less money than you started with, and the amount you can make is far from certain.

In a job, the amount you can make is certain (I work X hours and I'll get paid at least Y dollars) and if you lose your job it doesn't cost you money directly.

The point I was trying to make is that YES poker can be reduced to gambling, but so can WORK.

I can't really argue with the fact that a job will offer consistent pay and security. But how long that consistent pay and security will last is a gamble. How long you will be employed there before getting the pink slip is a gamble. Whether your 401k will be worth anything when you are at retirement age is a gamble as well.

And I believe that as long as you work in a position that you are overqualified for you are losing money! And if you are making $X salary you can be sure that you are making your company $10x profit......so you are losing money by not going out and making that profit for your own wallet rather than for your boss' wallet.

Everything in life is a gamble. Poker is itself an inherently risky endeavor but it can be reduced to a low-risk one.
 
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Every thing we do in life is a gamble some risky some not. The poker life is not as glamorous as it sounds.
 
rifflemao

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The point I was trying to make is that YES poker can be reduced to gambling, but so can WORK.

NO to your first point. As you probably know, organizations like the PPA are fighting that misconception in order to win back our ability to play online poker freely again (at pokerstars and Full Tilt etc).


Poker is itself an inherently risky endeavor but it can be reduced to a low-risk one.

I don't think that can be done in a debate. What makes poker a good career gamble is when someone can generally earn more from playing cards than they would at a regular job- the more reasonable gamble of the two.
 
OzExorcist

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I can't really argue with the fact that a job will offer consistent pay and security. But how long that consistent pay and security will last is a gamble. How long you will be employed there before getting the pink slip is a gamble. Whether your 401k will be worth anything when you are at retirement age is a gamble as well.

And I believe that as long as you work in a position that you are overqualified for you are losing money! And if you are making $X salary you can be sure that you are making your company $10x profit......so you are losing money by not going out and making that profit for your own wallet rather than for your boss' wallet.

Everything in life is a gamble. Poker is itself an inherently risky endeavor but it can be reduced to a low-risk one.

I think we everyone needs to take a deep breath and then go back to read the actual definition of "gambling". This is a pretty good definition:

Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize.​

Does employment pass that test? You're not actually wagering any of your own money on it - quite the opposite. For it to qualify as gambling, you'd be relying on time and effort to count as the "stakes".

The outcome doesn't have any uncertainty either, in most employment situations. Work X hours, get paid Y dollars. The length of time for which you'll be offered that deal is uncertain, but while you're actually doing the work there's no uncertainty.

It is, of course, a no brainer that employment passes the third test. But you've gotta draw an incredibly long bow to get it to pass the first two. And keep in mind that even if you do get fired, you're only losing your future potential to earn money - they don't take away the money you've already earned.

Compare that to poker, where you can very easily end up with less money than what you started with.

And even if someone were to concede your previous arguments about employment being a gamble, there's still no way you can ever reduce the risks in poker to an extent where it's less "risky" than employment.

So... long story short, I'm not really sure what your point is. If your point is that everything in life is a gamble then yes, if you stretch the definition of "gambling" far enough then you could make that argument. I don't know what that's supposed to prove though.

NO to your first point. As you probably know, organizations like the PPA are fighting that misconception in order to win back our ability to play online poker freely again (at Pokerstars and Full Tilt etc).

Until the PPA successfully manages to get the definition of gambling changed to something other than the one above, then they're barking up the wrong tree. Poker is gambling, cut and dried. Consideration, chance, prize. Passes all three tests with flying colours. You might as well try to argue that marijuana isn't a drug :p
 
mapt02h

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There are sales people out there who live on commission based income. This is pretty risky as it's not guaranteed income - obviously depends on various factors such as type of field, skill of sales person etc. So, in a way, this kind of job is risky like poker
 
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In my opinion life is a gamble some things you can't control but you take the work over poker as it is somewhat guaranteed income depending on the job
and play poker on the side :smokin:
 
rifflemao

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Until the PPA successfully manages to get the definition of gambling changed to something other than the one above, then they're barking up the wrong tree. Poker is gambling, cut and dried. Consideration, chance, prize. Passes all three tests with flying colours. You might as well try to argue that marijuana isn't a drug :p

It's not so cut and dried as marijuana. :p

I'll counter with an excerpt from the definition of poker at Wikipedia.

"while the outcome of any particular hand significantly involves chance, the long-run expectations of the players are determined by their actions chosen on the basis of probability, psychology and game theory." Those last three items comprise the skill element of poker, and account for repeat winners and repeat deep runs in the WSOP Main Event by highly skilled players.

I'm not saying the gambling element can be removed from poker. I'm saying the skill element distinguishes poker significantly from wagering games of pure chance like the lotto, which is somehow legal despite being a highly risky gamble.

The PPA is barking up the only tree that matters. They just have to bark louder and better than Adelson and his cronies. Not an easy task...
 
WEC

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In my opinion, just living life everyday and trying to make the proper decisions which effect that life (and your future) is gambling.
 
OzExorcist

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I'm not saying the gambling element can be removed from poker. I'm saying the skill element distinguishes poker significantly from wagering games of pure chance like the lotto, which is somehow legal despite being a highly risky gamble.

The PPA is barking up the only tree that matters. They just have to bark louder and better than Adelson and his cronies. Not an easy task...

Sure it's a different form of gambling to lotteries or roulette or slots and sure, there's absolutely a skill element to poker (I wouldn't be on this site or playing poker if I believed otherwise). But that doesn't change the fact that it is gambling.

And the PPA is absolutely barking up the wrong tree trying to "prove" otherwise. Here's why:

The kind of people who are against online poker on moral grounds will never, ever change their minds just because someone argues that, on a technicality, if you're good enough and play for long enough, poker isn't really gambling. They'll just point to any one of the hundreds of thousands of people who've lost their life savings playing poker and say "well if it's not gambling, how did it destroy this person's life?".

It's an argument the PPA can never win, because broke person trumps skilled grinder every single day of the week.

It's also a pointless argument to make when trying to convince people whose objections are about things other than poker being gambling: the ones who think it'll cost jobs in the brick and mortar casino sector, for example, don't care whether poker is defined as gambling or not, they just care that the status quo will be upset. The ones who are worried about it being a vessel for money laundering don't care that it's gambling, they just care about whether money is getting laundered or not.

If you make "it's not gambling" the central issue then you fail to address any of the legitimate concerns people might have, and you draw attention to the one battle that you simply can't win. Better to dismiss the whole gambling/not gambling issue and focus on the reality: people want to play this game, and if you legalise it, tax it and regulate it everyone is a hell of a lot better off than if you don't.

A serious side question on the issue:

We can argue all day over whether a pro with a proven track record of being profitable, like Phil Ivey, is "gambling".

But consider Joe Public, who doesn't really know much about the game. Knows the basic rules, but has never read a book, doesn't know much about odds or outs or anything. He goes into a casino on a Friday night after a few drinks and sits down in a poker game. Is Joe Public gambling?
 
J

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This so far fetched....It makes no sense for me to even allude to any rational situations so here go: by your logic 'driving a car is gambling because you could get into accident'. Trust mi, that answers the post to the T.
 
rifflemao

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Sure it's a different form of gambling to lotteries or roulette or slots and sure, there's absolutely a skill element to poker (I wouldn't be on this site or playing poker if I believed otherwise). But that doesn't change the fact that it is gambling.

And the PPA is absolutely barking up the wrong tree trying to "prove" otherwise. Here's why:

The kind of people who are against online poker on moral grounds will never, ever change their minds just because someone argues that, on a technicality, if you're good enough and play for long enough, poker isn't really gambling. They'll just point to any one of the hundreds of thousands of people who've lost their life savings playing poker and say "well if it's not gambling, how did it destroy this person's life?".

It's an argument the PPA can never win, because broke person trumps skilled grinder every single day of the week.

It's also a pointless argument to make when trying to convince people whose objections are about things other than poker being gambling: the ones who think it'll cost jobs in the brick and mortar casino sector, for example, don't care whether poker is defined as gambling or not, they just care that the status quo will be upset. The ones who are worried about it being a vessel for money laundering don't care that it's gambling, they just care about whether money is getting laundered or not.

If you make "it's not gambling" the central issue then you fail to address any of the legitimate concerns people might have, and you draw attention to the one battle that you simply can't win. Better to dismiss the whole gambling/not gambling issue and focus on the reality: people want to play this game, and if you legalise it, tax it and regulate it everyone is a hell of a lot better off than if you don't.

A serious side question on the issue:

We can argue all day over whether a pro with a proven track record of being profitable, like Phil Ivey, is "gambling".

But consider Joe Public, who doesn't really know much about the game. Knows the basic rules, but has never read a book, doesn't know much about odds or outs or anything. He goes into a casino on a Friday night after a few drinks and sits down in a poker game. Is Joe Public gambling?


By the "only tree that matters" comment, I was thinking of the US Government. However, I misrepresented the PPA earlier by implying that the skill-game argument is central to their fight for online poker regulation. Here is an excerpt from their mission statement:

"The PPA’s mission is to establish favorable laws that provide poker players with a secure, safe and regulated place to play. Through education and awareness the PPA will keep this game of skill, one of America’s oldest recreational activities, free from egregious government intervention and misguided laws."

While they promote (rather than dismiss) the skill game aspect, they are focused on political arguments that are more useful to the fight for regulation:

"According to Pappas, the skill game argument is a 'legal' argument, one that affects how poker is treated under current laws. The PPA strives to highlight the differences between poker and other casino games.

However, he emphasizes that consumer protection and potential state revenue are the 'political' arguments that are key to having poker licensed in the US. These are the arguments in favor of regulating poker that are being made on Capitol Hill and in state houses across the country." (source)

Where the PPA has fought the misconception that "poker can be reduced to gambling" is in the legal realm, by providing experts in the DiCristina case to prove that poker is predominately a game of skill. (source)


Regarding Joe Public, it seems like your side question is rhetorical, but I'll gamble. :) If Joe plays against the odds (calling large bets to chase straight and flush draws etc), he would be considered gambling. If Joe plays a poker tournament and manages to get short-stacked, he would need to gamble or get blinded away. There is a gambling element to poker.

What is your point by introducing Joe Public (who we welcome, btw)? :)
 
punctual

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I think we everyone needs to take a deep breath and then go back to read the actual definition of "gambling". This is a pretty good definition:

Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize.​

Let us define "something of material value" to be the earnings you would have were you to consolidate your skillset and apply it to your own business venture. This would certainly fit into the definition of gambling you have provided above (especially since many people gamble on a line of credit....which is to say, they GAMBLE money they do not yet posess). So if the THING we are gambling is future earnings (analagous ot a gambler betting on credit) we see that putting your skillset to use in your own business will earn you that $10x (where x is the salary the company would pay you) instead of the company you are interviewing for getting that $10x. So take whatever the company is offering you and multiply it by 10: that is the amount of money youa re giving up (i.e. gambling) by working for that company instead of delving into your own business. You may argue that starting your own business requires startup capital but in this day and age of technological innovation, you can get a business website and google adwords campaign going for a trivial cost: this, of course, takes an entrepreneurial spirit.

Does employment pass that test? You're not actually wagering any of your own money on it - quite the opposite. For it to qualify as gambling, you'd be relying on time and effort to count as the "stakes".

Employment does pass that test according to your own definition of gambling. Your future earnings were you to streamline your skills into your own business can certainly be considered "something of material value." The fact that you LOSE these future earnings when you take a position with a company means you have essentially GAMBLED THEM AWAY. In the same way Gamblers often gamble on credit (i.e. wager "something of material value" despite the fact that they do not yet possess that "something of material value")

The outcome doesn't have any uncertainty either, in most employment situations. Work X hours, get paid Y dollars. The length of time for which you'll be offered that deal is uncertain, but while you're actually doing the work there's no uncertainty.

But every day you work for a company, you are gambling: at any time you can be fired; this can be a good thing because now you can go ahead and make much more money applying yoru skills to your own business. But, you seem to discount the possibility of your boss firing you on a whim and whether or not that happens on any given day is a gamble (every day people get fired on a whim, out of the blue, with no forewarning). If your company is secretly insolvent, you may not get paid for your work; if your company had you unknowingly commit fraud, you may even be legally liable for the unintentional fraud you committed and have to pay out of pocket. So these added risks do add uncertainty even while you are actually doing the work. And we see that you can actually wind up OWING SOMEONE MONEY after you have taken a job.

While I do admit that in general these kinds of risks are minimal, they are still there. And thousands of people each day find this out the hard way when they are suddenly laid off, or have worked for a month and realize that because their company is filing for bankruptcy they will not be getting paid for that work, or find out from the DOJ that all those papers they had been signing every day at the request of their superiors had been acts of fraud. Or how about those people who worked a lifetime wiht a company to find their 401k's and pensions have lost 90% of their value? No risk? Come on now. Stories like these are BECOMING THE AMERICAN NORM!!!


It is, of course, a no brainer that employment passes the third test. But you've gotta draw an incredibly long bow to get it to pass the first two.

I don't believe the bow I've drawn is that long at all. While i do consider the scenarios I presented as unlikely, i would not say they are highly unlikely. More and more people are being laid off and fired each day; and when they bought that house with a large monthly mortgage payment in anticipation of keeping their jobs over the long run, THEY GAMBLED and lost! The job that was supposed to "GUARANTEE" a monthly income at least enough to cover the mortgage payment has suddenly disappeared; now, taking that job wound up costing them money after all, wouldn't you say? You may argue that "well now they no longer work for the company so they can just go run their own busienss and make 10 times what they made at the company" but I say to you is it not too late for that now? Once you ahve been programmed to work for a company, you will be ready, in most cases, not to self start your own business but rather to work for another company. Getting sucked into the routine of working for someone else, I say, will tend to keep you in that routine for the rest of your life. It's like that old saying, once you are in, you are in for life.

And keep in mind that even if you do get fired, you're only losing your future potential to earn money - they don't take away the money you've already earned.

If your company goes bankrupt, you don't get paid. If your company has commited fraud, you could be liable. The money you have already earned is at jeopardy as well in many cases.

Compare that to poker, where you can very easily end up with less money than what you started with.

Same thing can happen if you take a job with a company. You take a job with a company which is supposed to guarantee you $x per month. So you then go ahead and take a mortgage out on a house for a certain percentage of that $x a month. Now you lose your job and THEN WHAT? you don't pay your mortgage and you lose your house. I'd say you very easily end up less money than what you started with....in fact, before the job you probably had a decent credit rating and after the job you have a foreclosure on your credit report. NOT GOOD!!!

And even if someone were to concede your previous arguments about employment being a gamble, there's still no way you can ever reduce the risks in poker to an extent where it's less "risky" than employment.

Tell that to the countless number of professionals who consistently minimize risk and maximize profits in their daily poker games. It takes a long time to get there but it can certainly be done. You must be commited to making it happen though! Think about what professional poker players have been doing all the time people have been losing their jobs in the dwindling economy; they have not suffered, they have flourished. The amount of money they make is entirely dependent upon the decisions they make each day. If you never risk your whole bankroll, you'll never lose your whole bankroll. Poker to me is basically just like running your own business without all that overhead: in a business you have so many aspects to consider, all the parts of the daily grind that at the end of the day add up to a P&L. POKER just cuts right to the P&L part. If you learn to manage risk properly, POKER can be just as safe as any company job. If you don't, it can be just as risky!

So... long story short, I'm not really sure what your point is. If your point is that everything in life is a gamble then yes, if you stretch the definition of "gambling" far enough then you could make that argument. I don't know what that's supposed to prove though.

My point is that people who consider POKER a risky endeavor do not fully consider the risks inherent of working for a company. Yes, poker can BE REDUCED TO A RISKY ENDEAVOR, but it can also be REDUCED TO A SAFE ONE! It all depends on the decisions we make as poker players. I think the biggest risk one takes when opting to work for a company is the risk that he or she could have made much more money had he or she self started his or her own business.

And there has been no "Stretching" of the definition of gambling here. I used your definition pretty faithfully. If gambling is, as you said, "the wagering of something of material value" then every person who takes a job for a company is most certainly gambling. This should be as clear as day now.


Until the PPA successfully manages to get the definition of gambling changed to something other than the one above, then they're barking up the wrong tree. Poker is gambling, cut and dried. Consideration, chance, prize. Passes all three tests with flying colours. You might as well try to argue that marijuana isn't a drug :p

As I have demonstrated, Poker is as much an art of GAMBLING as working for a company is. Poker doesn't make you work for a company for a while to suddenly get fired and discover that risk the hard way. In poker, you find out RIGHT AWAY what your P&L is; at the end of the day you either made money or lost money: there are no surprises. When you work for a company you often do not know where you stand: you do not know when you will be fired, when the company will go bankrupt, or whether your company has had you engaging in illegal activities. Seems to me that working for a company can be considered more of a gamble than Poker....and thats going by your own provided definition of gambling.
 
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OzExorcist

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Regarding Joe Public, it seems like your side question is rhetorical, but I'll gamble. :) If Joe plays against the odds (calling large bets to chase straight and flush draws etc), he would be considered gambling. If Joe plays a poker tournament and manages to get short-stacked, he would need to gamble or get blinded away. There is a gambling element to poker.

What is your point by introducing Joe Public (who we welcome, btw)? :)

My point is that for every Phil Ivey there's multiple Joe Publics. By definition, for there to be winning players in poker there have to be losing players - and those losing players are, at best, gambling. At worst they're just throwing money away with no hope of a return... but let's not draw too much attention to that.

So the absolute best case you can make is that poker is not gambling for less than half of the people playing the game.


Y'know, I'll concede that starting up your own business fits the definition of gambling: you're putting up a stake (the startup capital) on an event with an uncertain outcome (the success of the business) with the intent of making more money.

I still don't see how that's an argument for working as an employee being gambling though. First of all, it's laughable to suggest that everyone currently working as an employee has the capacity and opportunity to start up their own business and earn 10 times their current salary. And even if it were gambling to work as an employee, it's a far less risky gamble than starting your own business.

Put in poker terms, you're saying that someone who only sits in play money games is gambling because they could be using that same time to play $100NL, and someone who plays $100NL is gambling away the income they could be getting from playing the nosebleeds.

The reality is that the play money player would almost certainly lose their money at $100NL, and the $100NL player would almost certainly lose their money at the nosebleed tables. In the same way, the vast majority of people would probably just lose their startup capital and end up worse off financially than when they started if they set up their own business.

Whether or not employees have made separate financial decisions that carry a large risk, such as taking out a big mortgage or deciding how to invest their retirement savings, is a secondary issue IMO, and unrelated to the question of whether employment is "gambling" or not.

Note too that you're making out the worst possible case for employment (company going bankrupt, committing fraud, losing retirement savings) while ignoring all the worst cases for poker (being robbed while leaving the casino, being cheated in the game, online site not honouring your withdrawls, being an Ultimate Bet customer, etc)

Here's the way I see it: the only thing certain in life is death. If you stretch the definition far enough yes, you can define pretty much everything else as gambling. But even if you do that, it's insane to suggest that playing poker is less of a gamble than working as an employee.

I don't get the endgame here either. Are you seriously trying to convince yourself (or someone else) on this point to justify choosing to play poker instead of getting a job or something?!? Because you don't need to redefine gambling to do that, you just need to know whether or not you earn more from poker than working :p
 
rifflemao

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My point is that for every Phil Ivey there's multiple Joe Publics. By definition, for there to be winning players in poker there have to be losing players - and those losing players are, at best, gambling. At worst they're just throwing money away with no hope of a return... but let's not draw too much attention to that.

So the absolute best case you can make is that poker is not gambling for less than half of the people playing the game.

Joe Public's absence of skill doesn't equate modern poker with games of chance like roulette.

I'm biased by being a poker player in the US, but I don't really understand the purpose of insisting that poker is gambling, which tends to obscure the skill factor. Why do that?
 
punctual

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Y'know, I'll concede that starting up your own business fits the definition of gambling: you're putting up a stake (the startup capital) on an event with an uncertain outcome (the success of the business) with the intent of making more money.

When you work for a company, you lose the money you would have gained had you been working for yourself. This assumes that when a company pays you $x as a salary, they must be making at least $10x (for otherwise, it would not be worth it for them to hire you in the first place...i say the multiplier is 10 here but it could be higher or lower depending on the job....it most certainly would never be equal to 1 or anywhere close to 1). So instead of making that money for your company, you could be making it for yourself!

I still don't see how that's an argument for working as an employee being gambling though. First of all, it's laughable to suggest that everyone currently working as an employee has the capacity and opportunity to start up their own business and earn 10 times their current salary.

When i say "start your own business" i mean to suggest any kind of self employment where one literally works for one's self. Where the amount of money you make at the end of the day is in direct proportion to how much you've worked that day. So we all have skills. If we did not, we would not be employable. I'm saying if we took those skills and applied them to generate income for ourselves rather than for a company, the $10x profit that would flow to your company as a result of your working skillset would actually now come to you. So when you agree to apply your skillset to making money for a company, you are gambling away the additional income you could have had (or, if you will, are giving away that extra income to your company), had you decided to generate income for yourself.

And even if it were gambling to work as an employee, it's a far less risky gamble than starting your own business.

This would depend on what you consider risk. Do you consider it a risk to give up luxury for "security?" For example, working for a company you could take out a mortgage on a house for say $200,000 and spend the next 30 years working for your company and paying off that mortgage. If you worked for yourself, you could buy a $200,000 house outright! When you choose to work for a company rather than work for yourself, you are choosing years of high-labor little-reward over high-labor high-reward. In my book, that is most definitely a gamble: in fact, you are assuredly throwing away a better life by choosing "security" over luxury. And security must be in quotation marks because as I have demonstrated in my argument above, working for a company is not as "SECURE" as one is led to beleive.

Put in poker terms, you're saying that someone who only sits in play money games is gambling because they could be using that same time to play $100NL, and someone who plays $100NL is gambling away the income they could be getting from playing the nosebleeds.

I'm saying that the opportunity cost of playing fake money games can be significant if that person is not learning something from his/her play. And I am not saying "why play fake money games when you can be playing $100NL?" or "why play $100NL when you can be playing nosebleeds?" Instead, the question is: "If I am consistently making money in play money games, then WHY DON'T I start playing real money games?" and "If I am consistently making money playing $100NL then WHY DON'T I start playing nosebleeds?" This argument is analagous to the one I argued above: that if you are getting paid $x by a company then that company is getting $10x out of your working there; so the isomophic question would be "why keep making that money for your company, when you can go out and make it for yourself?" Surely, you have skills that are making the company $10x....so why can you not go ahead and make yourself $10x? And by continuting to make that company $10x, you are denying your self that $10x.

The reality is that the play money player would almost certainly lose their money at $100NL, and the $100NL player would almost certainly lose their money at the nosebleed tables. In the same way, the vast majority of people would probably just lose their startup capital and end up worse off financially than when they started if they set up their own business.

If a person can apply a skillset to achieve the objectives of a company, then that person can apply that same skillset to create wealth for himself. I firmly believe this. A person who would fail in applying his skillsets to his own income-generating trade would soon be fired by a company anyhow for being unable to apply his skillsets to achieve the objectives of the company. If you can successfully utilize your skillset to achieve the objectives of your company, then you can do the same for your own personal income-generating trade.

Whether or not employees have made separate financial decisions that carry a large risk, such as taking out a big mortgage or deciding how to invest their retirement savings, is a secondary issue IMO, and unrelated to the question of whether employment is "gambling" or not.

I believe that all these things, over-extension of one's lines of credit, come along with getting a new job. You get a new job, then you get a new car, then you get a new house (or new apartment). This is how society has programmed us to behave. I think that these values have been so ingrained in the psyche that the one necessarily comes along with the other. When you get a job, you buy nice things and if you are american, the nice things you buy are borderline affordable according to your income (in other words, you over-extend yourself). Retirement savings are monies earned through employment with your company so I think it is part of the reward you get for working for a company: the gamble you made for "security" over luxury earned you a retirement and/or pension. And I'm saying that in many cases, such reward has actually diminished to a ridiculously small amount by the time you are ready to retire. Contrast this with the massive amounts of money you could have saved all those years by engaging in your own income-generating trade and it becomes clear just how much of a gamble it was for you to take that job working for a company.

Note too that you're making out the worst possible case for employment (company going bankrupt, committing fraud, losing retirement savings) while ignoring all the worst cases for poker (being robbed while leaving the casino, being cheated in the game, online site not honouring your withdrawls, being an Ultimate Bet customer, etc)

With poker you basically know what you are getting though. You get robbed leaving the casino, ok.....you know those streets can be mean (contrast this with getting robbed by your company executives who will dump the company stock on a whim and send the value of your 401k down the tubes without as much as a moment's notice).....If you play online poker, would you be surprised to find out that cards are rigged? If some independent company investigated online poker and came to the conclusion that it was in fact rigged, would you be shocked at that? NO. Because you already know what you get with poker; in poker you are dealing with some of the most honorable people in the world and at the same time with some of the most dishonorable people in the world: at least you know what you are getting upfront! In cases of poker sites not honoring your withdrawals, there are ways of safeguarding against that: for example, never keep more than a certain amount in the site at any given time. treat the sites like a bank: anything over a certain amount consider too risky to keep in teh account: in this way, if things ever go bad with the company, your loss is limited.

Here's the way I see it: the only thing certain in life is death. If you stretch the definition far enough yes, you can define pretty much everything else as gambling. But even if you do that, it's insane to suggest that playing poker is less of a gamble than working as an employee.

At least with poker you can dream big and with the right decisions you can achieve those dreams. When you work for a company, it is a long arduous road to TRUE SUCCESS! Your success and promotion up the executive ranks of a company depend on so many factors that you simply can not control. In poker, your decisions determine your outcome. While in the short term variance will hurt you, over the long term the right decisions will get you where you want to be. Working as an employee, you give up SO MUCH: you choose servitude over ownership, "security"<<QUOTATION MARKS<< over luxury, the enrichment of your company's coffers over the enrichment of your own. Taking a job for a company is probably the biggest and worst gamble of a person's life: it is that person conceding his soul to the leviathon; that person basically saying "I am no more....I am the company

I don't get the endgame here either. Are you seriously trying to convince yourself (or someone else) on this point to justify choosing to play poker instead of getting a job or something?!? Because you don't need to redefine gambling to do that, you just need to know whether or not you earn more from poker than working :p

The endgame is to shed light on the fact that when you take a job you give up so much more than when you choose to work for yourself or play poker. I'm not saying don't work; i'm saying WORK FOR YOURSELF whether it be through poker or your own income-generating trade. If you want to and are able to physically form a business then do that; if not, then just be self-employed. Don't GAMBLE AWAY your future by working for a company. Take your skillset and make your own way in life. That is all that I am saying. Whether or not that involves poker is inconsequential.
 
punctual

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Joe Public's absence of skill doesn't equate modern poker with games of chance like roulette.

I'm biased by being a poker player in the US, but I don't really understand the purpose of insisting that poker is gambling, which tends to obscure the skill factor. Why do that?

I think poker CAN CERTAINLY BE gambling but IT DOESN'T HAVE TO BE! Proper money management and risk management can curb the risk to create positive expectations over the long run.

In the same sense, WALKING ACROSS THE STREET can be a gamble. Suppose you choose to walk across a busy street blindfolded.....that is certainly one way you can choose to walk across the highway.....another way is without the blindfold. so WALKING ACROSS THE STREET CAN be a gamble, but it doesn't have to be. You can just play poker without any practice, reading, or any effort.....that would be, in my opinion, GAMBLING in poker. However, if you put your time and effort into learning the game and becoming better than most people at it, then POKER is no longer a GAMBLE for you.
 
OzExorcist

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Joe Public's absence of skill doesn't equate modern poker with games of chance like roulette.

I'm biased by being a poker player in the US, but I don't really understand the purpose of insisting that poker is gambling, which tends to obscure the skill factor. Why do that?

It does in Joe Public's case. Actually, Joe Public is probably worse off playing poker than he is playing roulette - at least playing roulette he's only giving up an edge to the house of 2.7 or 5.26%. If he sits down in a poker game against a bunch of much better players, chances are he's giving up a much bigger edge than that.

I guess I have two objections to people who want to scream from the rooftops that poker isn't gambling.

One is that they're technically incorrect, and for whatever reason that bugs me. As we've discussed, the absolute best case you can make is that it's not gambling for less than half the people that play the game.

The other is that it's not actually a helpful point to make in most cases. As discussed previously, those who are against poker because they're against gambling as a whole are never going to change their minds just because you say "poker's not really gambling". I think it's also a dead end as far as the legalisation debate goes, so it's sad to see so much time and effort being wasted on the topic when people could just be accepting reality, accepting that poker is gambling, and then getting on with doing something that might actually be useful to the legalisation effort.


Oh dear. Oh dear, oh dear, oh dear.

I'm going to ask a serious question here: do you actually run your own business? Have you ever? Do you actually know anything about running a business at all? Because it sounds to me like you're just plucking figures out of the air, without any grounding in reality.

I've also got a masters degree in business. I also worked for myself for several years. I made about the same or slightly less than I did doing basically the same stuff as an employee. There are things I could have done better, but the point stands. I know a bunch of other people that run their own businesses - most of them are doing about on a par with when they were employees too.

Now, here's an actual number to think about: at least 30% of new businesses fail in the first five years. And by "fail" we mean "total loss of the venture capital investment". They have literally nothing left after five years or less.

Saying that anyone can take the skills they use as an employee, start up their own business and start earning more than they were as an employee is absolutely, positively, ridiculous. What if you're a production line worker at a car manufacturing plant? Are you going to set up a little production line in your garage and hope an auto maker is going to buy your parts? Some jobs simply don't work without economies of scale.

Even if you do have skills that would be transferrable, that doesn't mean you have all the skills needed to run a business. You can be a fantastic graphic designer, or IT consultant, or whatever, but if you don't know marketing, accounting, budgeting and business planning you're unlikely to get anywhere. Chances are you'll end up being one of the 30% that loses all their money within the first five years.

Instead, the question is: "If I am consistently making money in play money games, then WHY DON'T I start playing real money games?"

...because you'd almost certainly get crushed and lose hundreds of dollars...

and "If I am consistently making money playing $100NL then WHY DON'T I start playing nosebleeds?"

...because you'd almost certainly get crushed and lose thousands of dollars.

The reality is that the majority of play money players don't have the skill set to play $100NL and be successful. The vast majority of $100NL players don't have the skill set to play nosebleeds and be successful. And the vast majority of employees don't have the skill set to go into business for themselves and be successful.
 
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