Mustapha Kanit in one of his staks moves. People pay billions of dollars per year for money managers to manage these funds. If poker was a gambling game like roulette or craps, there would be no long term winners just as there are no long term winners in those games.
This topic has been beaten to death since the passage of the UIGEA in Actually, the debate goes back further than that, but the debate really heated poker on the internet around that time. Nevertheless, I want to chime in with an honest look at whether or not poker actually is gambling. Federal and state laws depend on the definition of poker. Online poker itself is on the line.
If you want to protect your right to play poker when you want and how you want, it is vital that you educate yourself on the issue. You can make a difference in the national debate if you simply know how to defend poker as a game of skill. Even if you convince just one person that poker is a game of skill, you have done something positive.
My argument today comes from the second camp. Poker is just as much a game of skill as baseball, golf, bridge, backgammon, stock trading and plker about every other form of competition. Everything we do involves some degree of risk, and in many cases there is money on the line. If we want to convince our friends and the courts, we need to take a more nuanced view.
This post will address the debate from two different points of view. This section is designed more for debating with the average person — your friend, your next door neighbor and so on. Some of these arguments would probably be useful in court, but this is poker about talking to normal, everyday people about poker, skill and gambling. Poker is not gambling because what separates the winners from the losers is skill.
Poor poker players lose over the long run while skilled stakd players win over the long pker. You can look at the greatest cash game and tournament players in the world and see how they make money year after year. Big name players such as Phil Ivey, Daniel Negreanu and Patrik Antonius have made millions of dollars over the courses of their careers.
They show up time and time again at the final table of major events. These professionals are not successful because they are just luckier than the average person. They are professionals because they stske extremely skilled at poker. They have a deep understanding of poker strategy and can adjust their tactics to the players they find themselves against.
If poker was a gambling game like roulette or craps, there would be no long stake winners just as there are no long term winners in those games. The longer a skilled player plays poker, the more money he makes. The longer a craps player plays craps, the more he loses. The element of skill makes all the difference. Poker is unique from other gambling games in that your starting cards do not seal your fate. You can be dealt the poker starting hand at the table ga,bling still win the pot through skillful play and deception.
This is another big point for poker being a game of skill. In no other gambling game is it possible to manipulate the game in this manner. If the wrong cards are dealt, or the dice roll the wrong way in any other game, you lose. Case in point: Professor Robert Hannum of the University of Denver published a paper in in which he analyzed one billion hands of online poker and found that Bad beats are a part of poker, no doubt.
It just means there are book casino hotel sports of chance in poker just like in any other activity. Investing, day trading and all sports include some element of chance. Professionals in every profession understand the risks and take the proper precautions to mitigate those risks. Over the long srake, professionals come out on top.
Poker is unique from all other gambling games in that it is played against other players and not against the house. The casino has no stake in who wins or loses — it earns its money by taking a little money out of every pot. I think we can all agree there would be no skill in that type of contest.
But still, this point does have its place. Every other gambling game in the casino shake played against the house according to a strict set of rules that ensure the house always wins. This is not the case in poker. Every person plays under the same rules. Therefore, the only way to win money consistently in poker is to play better poker than your opponents. You turn over your two-pair and your opponent shows a flush draw.
The turn brings a brick, the river brings gambling stake final flush card on your opponent wins even though he poker the underdog. The average person watching this hand might claim this is a perfect example of why poker is gambliny game of luck.
The player with the worst gambling stake got lucky and won the pot! This game is all luck! He knows that if he consistently gets his money in when the odds favor him, it is mathematically certain that he will win money over the long run. You and a friend decide to flip a coin and bet on the gamblong.
Would you still be gambling? This gets into the fuzzy definition of gambling. In this example, random chance determines the outcome of any single flip of the coin. You have the best of this game because the odds are in your favor. Day traders should be familiar with the concept of expected value. Even though there is some uncertainty in the outcome, you know that you WILL win money if you consistently get your money in when the expected value is positive.
Investing deals with uncertainty. Professional sports deal with uncertainty. Unlike true gambling games, you can purposely lose in poker. In games such as roulette and keno, you cannot intentionally lose. The decisions you make in those games mehegan sun casino no effect on the outcome.
When you play poker against other people under an equal set of rules, the money you win comes from other people. Skill is the only thing that separates the winners from ga,bling losers. Even though some people may approach poker with a gambling mindset, that does not mean poker itself is based on luck.
The skill aspect exists whether or not any particular player chooses to acknowledge it. This is just like investing in the stock market. Those who invest at random are basically gambling with their money. Previous court cases have ruled in both directions.
There have been cases in which the court decided poker was a game of skill and others in which poker was classified as a gambling game. Consideration is interpreted by courts to mean that you must pay something of value to participate in the activity. Prize is what you win. In most cases, this is money. It could ztake be gambing trip, a new car or anything else of value. Chance means you cannot win the contest using skill.
Slot machines and random drawings both show that element of chance because there is nothing you can do as a participant to ensure that you win. Consideration and prize are both fairly easy to ppoker. The element of chance is where things get fuzzy.
Many of the arguments in courts revolve around whether or not an activity involves chance. Almost every activity involves some degree of chance. So where do you draw the line? This post is already absurdly long. The more people we can bring to our side, the better it is for poker as a whole.
Please leave a comment if you have anything to add. Even if gambling disagree, your thoughts are welcome. Open, honest debate only leads to good things, gambling stake poker. This is an interesting study that was done in by Thomas Miles and Steven Levitt from the University of Chicago.
They also found that the win-rate of skilled poker players was almost identical to the win-rate of baseball teams that had made the playoffs last season when playing against teams that did not make the postseason. Finally, the study concluded that money managers of mutual funds are often viewed as highly skilled.
People poked billions of dollars per year for money managers to horseshoe casino biloxi these funds. However, mutual fund returns are worse than the returns earned by skilled poker players. The author is realistic, unbiased and clinical in his approach to the debate.
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