Posted on February 2, 2007 9:12 AM by chadley
Pennsylvania recently got slot parlors. I'm not sure how necessary it was for the state to get into the business of gambling at least more than it already is. There was much controversy involved about where these parlors would go and who would run them and most importantly, whose pockets would be lined with the money that they would undoubtedly be raking in with both hands. I like that they call them parlors. That's a word that just sounds sleazy. In any case Pennsylvanians and visitors now have yet one more choice for gambling in the Keystone State. Giving it some thought, I wanted to list at least 5 other ways (in no particular order) that people can blow their hard earned cash, just in case they weren't "lucky" enough to get a slots parlor within driving distance.1. The Lottery - While not the sexiest gambling method, it is probably the most prolific. Using the lottery you can gamble while picking up baby formula at the grocery store or filling up your gas tank at the 7-Eleven. Almost no research is required. Your odds of winning improve only slightly after you buy the first ticket. Fun Factor: low - I've never seen anybody jump up and yell at the #36 ball to drop!
2. Off Track Betting - OTB is still very popular and most locations sell food and booze! Research can help you to be successful at picking the ponies. Personally, I like to bet on races where the conditions are sloppy, and one of the horses is 300-1, then I know my chances are just about even, or at least, picking the winner is anybody's guess, much like the lottery. Fun Factor: high - drinking, eating, jumping, yelling, and kicking... What more do you want?
3. TV Games - If you watch TV then you've probably seen these games but may not have thought of it as gambling. Typically you pay 99¢ per call to make some choice that will land you a chance to win around $10,000. Most of the time the choice is pretty simple, so you should know that you're basically paying 99¢ per call for a chance to be the one picked out of the thousands that also called. I first saw this happening on game shows like Deal Or No Deal and 1 versus 100, but since then I've seen shows like CSI: Miami doing it too. Every time I see this one I wonder how many calls they're getting per $10,000 they give away. NBC is probably collecting $100,000 from chumps every night just to give away $10,000. I should note that these contests always have a way to enter without paying, on their website. In my opinion this is just another form of lottery, except Pennsylvania's Senior Citizens don't get their cut.
4. Stock Market - While some argue that investing in the Stock Market in any way is a gamble, and they are technically correct, in that money invested in the Stock Market is not guaranteed typically, there are methods of investing in the Market that liken to gambling more than other methods. Selling Short is the practice of borrowing stock and selling it, then hoping that the stock's price goes down so that you can buy it back and pay the stock back to the lender. Buying On Margin is the practice of buying stock on credit (putting up owned stock as collateral) and hoping that the stock price goes up so that you can sell it and pay back the lender with interest, keeping the difference. Research will definitely help to make good decisions here. Fun Factor: low to high depending on the investment level. It may be difficult to lose your house playing the lottery, but start daytrading and you might find yourself living in a one-bedroom Toyota Celica efficiency.
5. Insurance - You may think that insurance is not gambling. The Insurance Industy has pretty much got the average consumer thinking that insurance companies are filled with friendly if not overly interesting people who are there for you, providing you a valuable service. Some forms of insurance are certainly helpful and necessary such as home owner's, disability and automobile insurance. Other incarnations of insurance border on criminal. Any agent who wants to sell you life insurance on your infant or who wants you to buy the extended warranty for that new $25 blender you just bought is not your friend. My distaste for the insurance industry not withstanding, insurance IS gambling. Every insurance company has hordes of odds makers on their payroll. They call them actuaries. These are the guys that can tell you how long the average person in your position will live. They know how likely you are to get killed in a car accident and they know that the $25 blender will most likely run long after that extended warranty for which you paid an additional $7 has run out. Research is probably a good idea when it comes to purchasing insurance. My advice is to make sure that you get insurance for the things you should: health, life, house, car, income (a.k.a. disability) Everything else, be very skeptical. Fun Factor: none - you usually don't want to win this gamble, because it means that you're dead, your car is wrecked, your house is destroyed, ...
Disclaimer: I do not advocate gambling, especially with money that isn't yours or money that should be spent on your credit card bills or your baby's food and diapers. This post is strictly for entertainment purposes only.
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Tags: buying on margin, gambling, insurance, lottery, selling short