A very noble statement and the first rule of gambling, but it’s missing a vital ingredient
This will really be a continuation of the MDP thread I posted here http://my.888poker.com/go/thread/view/111146/29444839/m-d-p
Everybody knows you should only risk money you can afford to lose, but without the missing ingredient to the statement all you have is the rule that gamblers live by, it’s what drives the fish, the donks and the calling stations of poker sites, they believe they are doing the right thing because it’s money they can afford to lose, and if they can afford to lose it they are prepared to risk it! They have no need of knowledge of the maths because they will just deposit more “money they can afford to lose” if they bust, some of them might even save up just to deposit money they can afford to lose.
And that’s true of any gambling be it horses, football, dogs or poker, bookies bank accounts are full of money people could afford to lose, poker sites make their money from the rake people pay from the money they can afford to lose, and the more money deposited that people can lose the more money there is swilling around the poker site meaning even more rake for the sites, but to understand the difference between the poker sites and the book makers you have to look at both separately.
Poker sites make their money from rake paid, they do not gamble to win their money they charge people to use their service, they really don’t care if Joe from number 6 in your street has won over a million dollars, Joe is paying his rake and the site is making its money, all the poker sites need to do is constantly grow its player base and encourage people to deposit, and that’s why conspiracy theories about people being set up to lose are so ridiculous, poker sites don’t care who wins they just care about being paid.
Bookies are a totally different animal, they make their money by setting up the book in such a way that they win whatever the result, but they don’t like people constantly winning from them because they are gambling themselves, you bet with them and they then lay that bet off elsewhere but they do suffer big losses on some events, if you have ever used an online bookie you will know that if you constantly win they will restrict the amount you can bet, or they will just refuse to take your bet, that seems strange as the profits bookies make can be astounding and they are flush with “money they can afford to lose” but the fact is somebody constantly winning is beating the bookie and bookies don’t like that because they know what the full statement should read.
“I only gamble with money I can afford to lose! But I never gamble with money I’m PREPARED to lose”
If you gamble with money you can afford to lose and are prepared to lose it then you may as well sit next to a window throwing pound coins out every 10 minutes, when you collect them up later that day you may not find them all! Or you may find a couple extra! That’s the gamble.
So you can see the difference adding one more phrase to the statement makes, think about it next time you think of calling to hit your draw just because you can afford to!