Gambling is a word with a lot with a lot of connotations, but only one real meaning: taking some measure of risk in order to achieve some sort of return. You can define risk and return any number of different ways, and at many different levels. Obviously, you want to make sure the risk you take is less than the reward you expect. This is called playing the odds, and we do just that in virtually everything we do.
However, no one really considers crossing the street as gambling, although it technically is. Gambling is what you do at the track, when you buy a lottery ticket, with a bookie, or in a casino. Right? However, that isn’t gambling as much as losing. Why? Because there wouldn’t be tracks, lotteries, bookies, or casinos if the odds were in the your favor. To that end, there isn’t a single game in a casino where the house won’t eventually take all of your money if only you play long enough.
I mean, why do you think they give you free booze? To make sure you have a good time or to make sure it dulls your senses enough you sit at the table longer …Read On…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.