"throwing away money" by... not gambling?

[insertNameHere]

"throwing away money" is the phrase my dad used if my mother and I didn't hit up the casino with him while they were having a drawings for 1000 free slot play since we received entry cards. The casino was packed all the machines I really cared for were taken and were not likely to be set free. I was given $200 to have fun, if anything blowing that much money at least gambling brings a sick feeling to my stomach. Considering the amount for dinner and the 3 of us gambling, HOW in the hell is spending $700 not throwing away money since none of us won and had horrible odds to begin with?

I actually got lucky and won after "spending my last 5$", my dad gave me another 20 then another 5 and then on 2nd to last spin I won 225$ (which I did like) played that down to $175, the mistake I made was sticking around waiting for dinner so he knows I have that money. Guess I should have pretended to lose it. because he thinks I'm set for next casino trip.

Funny part is they bitch when I spend money on things I actually enjoy that give me a tangible item if I'm broke I can always trade for cash.

[protege]

I know people who will throw away an entire paycheck on gambling--either at the casino, or those stupid lottery tickets. I never really saw the point of either. Sure, I'll get a Powerball ticket when it's up to $500 million or so, or the football pool (came in 3rd again this year), but that's about it. I'd rather use my money for more important things--mortgage payments, food, utilities, kitteh supplies...

[wolfie]

I'd rather use my money for more important things--mortgage payments, food, utilities, kitteh supplies...

Channelling the cat:

You've got your priorities wrong - kitteh supplies are FIRST on the list. Just to remind you, I'll claw the sofa and use your pillow as a litterbox.

[smileyeagle1021]

I admit that I enjoy gambling, perhaps more than I should... but I also know exactly what it is, ENTERTAINMENT. And, as with all forms of entertainment, it consumes money, not produce it. I know that I might get really lucky and come out ahead, but I go in with the understanding that I will walk out with less money than I walked in with, no different than if I went to the movie theater, the arcade, the mini golf course, or any other entertainment venue. The whole idea of "i'm going to get rich gambling" makes no sense to me... seriously, if people got rich by gambling, how does the casino keep the lights on?

[Mytical]

Weird thing is the casinos and lottos even admit it. They say "Odds are you'll have fun." Cause the odds are you are not going to win. The house always wins..eventually.

[Nekojin]

I tell as many people who will listen - the California State Lottery (and most other State lotteries, as well) is a rip-off and/or a tax on people who are bad at math. The Ca Lottery proudly boasts, in its propaganda, that 50% of the money taken in is paid back out as prizes. Which doesn't sound so terrible, until you learn that gambling games of any kind in Las Vegas, regardless of where you are, have a statutory minimum of 75% payback. Most games, outside of Keno and "side action" tables, never even get close to that, and tend to float around the 85-90% payback rate.

Nick the Greek, one of the most famous gamblers ever, used to rail at length against the 5-way bet (0, 00, 1, 2, 3) on Roulette, because it had more than a 7% house edge, while the rest of the layout was a little more than a 5% edge. "Never give the house more of an edge than you have to."

[Tanasi]

Every time I've been to a casino I've felt guilty for spending any money at all, even money that was given to me to gamble away. I just don't like it and I stay away from them.

[AmbrosiaWriter]

I occasionally buy scratch tickets when I have a couple minutes I need to kill - I'll buy a one or two dollar scratch ticket only though.

My view is; Was the amount of entertainment/time killing (because I like to embellish the scratching and go all "Oooh look I only need XX moorreeee" I also tend to only by the crossword/bingo style tickets) I got from this ticket - be it a loser or now - worth the $1/2 bucks?

Yes? Okay, no guilt.

But I've never been to a casino where I gambled and I don't think I'd find much enjoyment in that. Hell I don't even do betting/gambles in video games I play, lol.

[wolfie]

People have different ideas of what constitutes entertainment. Back in the days of film cameras, I was browsing at a camera store and saw in the bargain bin, priced at $20, a 35-200 mm zoom with the mount for my camera (typical used prices started at around $200). The reason for the low price? It had been stored in a damp environment, and had fungus on the inner lens surfaces.

Being a fan of gadgets, I had wanted to see what made a zoom lens work, but wasn't about to buy and take apart an expensive piece of equipment. Twenty bucks, however...

The result after I bought the lens? Keeping meticulous track of what pieces went where, and an afternoon of working on the "puzzle" and cleaning the newly exposed surfaces, I had not only seen how the lens worked (cams and tracks to move the various elements), but I had a new (to me) "general purpose" (replacing the 50mm that came with the camera) lens that I used until someone in Rochester ignored the plea in the '60s song a couple years ago ("Don't take my Kodachrome away").

[protege]

People have different ideas of what constitutes entertainment. Back in the days of film cameras, I was browsing at a camera store and saw in the bargain bin, priced at $20, a 35-200 mm zoom with the mount for my camera (typical used prices started at around $200). The reason for the low price? It had been stored in a damp environment, and had fungus on the inner lens surfaces.

I do something similar with old model railroad equipment. I don't mind looking through the hobby shop junk boxes. Who knows what I'll find in there. Not long ago, I picked up a scrap SD60 for only $20. A bargain, even if it was missing some parts and the body shell was junk. I didn't need an SD60--the real locomotive was too new for the period I'm modeling. But, once the shell was removed, I hit paydirt. Someone had fitted an expensive Sagami motor to the unit. That motor, which runs great, BTW, is worth about 3 times what I paid for it. Most of the SD60 parts ended up in the junk box. The motor and running gear, some of the frame, and trucks, were fitted into another locomotive I was building.

Old model kits are another 'gamble' of sorts. Again, you never know if you're buying a dog or a complete kit, especially if the thing has been resealed. Most of the time, it works out. For example, the original-issue 1963 Corvette in my collection was restored with the help of a newer kit. I was able to replace some of the missing engine parts, and graft the windshield frame onto the original body. The same couldn't be said of the '64 Imperial (another original-issue kit) in my collection. That had so many missing parts...that it was beyond saving. Instead, I build it up as an abandoned wreck.

[Pixilated]

I admit that I enjoy gambling, perhaps more than I should... but I also know exactly what it is, ENTERTAINMENT. And, as with all forms of entertainment, it consumes money, not produce it. I know that I might get really lucky and come out ahead, but I go in with the understanding that I will walk out with less money than I walked in with, no different than if I went to the movie theater, the arcade, the mini golf course, or any other entertainment venue. The whole idea of "i'm going to get rich gambling" makes no sense to me... seriously, if people got rich by gambling, how does the casino keep the lights on?

This is spot on. Every few months, I buy one of the cheapest tickets out there -- $2, or $3 with Encore. But I base it on how much money I can afford to LOSE at the moment. I used to buy Super 7 tickets (same price) but the government has, in its wisdom, cancelled those and replaced them with something else that goes for $5 a ticket. I think I might have bought one of those since they came out. I can afford to lose $2, but not $5, not these days.

I've been to a casino once or twice. Both times I blew a whole $20 on the one-armed bandits. It was a profoundly boring experience and I don't have any plans to go back in the foreseeable future.

[wolfie]

This is spot on. Every few months, I buy one of the cheapest tickets out there -- $2, or $3 with Encore. But I base it on how much money I can afford to LOSE at the moment. I used to buy Super 7 tickets (same price) but the government has, in its wisdom, cancelled those and replaced them with something else that goes for $5 a ticket. I think I might have bought one of those since they came out. I can afford to lose $2, but not $5, not these days.

If you're referring to 6/49, that went up from $1 to $2 a while back, and part of the justification was that they'd be increasing the minimum jackpot (i.e. what it falls back to after it's won) from $2 million to $4 million (i.e. same expected return). Have you noticed that it's fallen back down to $3 million? I generally buy a ticket if the jackpot is at least $7 million, and the Lotto Max (what replaced the Super 7) if it's at least $30 million.

[HYHYBT]

I deliberately don't have any set time to buy lottery tickets or jackpot amount that gets me to go, to avoid making a habit. I'll get one every once in a while, if it's been a while and the mood hits me. Always Megamillions or Powerball (usually the former) and then I usually don't check the numbers for weeks... because the fun of the ticket is in being able to think "I might have a fortune in my wallet," and that's as good with an old but unchecked ticket as with one for a drawing that hasn't happened yet

[smileyeagle1021]

I've been to a casino once or twice. Both times I blew a whole $20 on the one-armed bandits. It was a profoundly boring experience and I don't have any plans to go back in the foreseeable future.

I will play Megabucks either each pay day or every other pay day and that's it for the one armed bandits.

[Jetfire]

If you're referring to 6/49, that went up from $1 to $2 a while back, and part of the justification was that they'd be increasing the minimum jackpot (i.e. what it falls back to after it's won) from $2 million to $4 million (i.e. same expected return). Have you noticed that it's fallen back down to $3 million? I generally buy a ticket if the jackpot is at least $7 million, and the Lotto Max (what replaced the Super 7) if it's at least $30 million.

I'm in my work's lotto pool (20$ every 10 weeks or so), and otherwise I don't usually buy lotto tickets.

I will go hit LottoMax when it gets into the Maximillions range. I figure the extra draws make it a little more worthwhile, though the actual change in odds is minimal.