Originally Posted by
regnis
This argument, as usual, is getting nowhere. In the world of gambling, the difference between winners and losers is primarily "money management". That includes almost all forms of gambling whether it is sports, horses, craps, poker, or dare I say VP. Many very knowledgeable gamblers, including my mentor, should have won, had all the tools and knowledge to win, but lacked money management skills which resulted in their losing.
The simplest form of money management is loss limits and win goals, exactly what Alan has been talking about. And what loss limits and win goals do is force the gambler from gambling too much (read long term here). Rather, it forces the gambler to be satisfied with a certain win goal, limit his losses on a bad day, and avoid the long destructive periods that define our compulsion to gamble.
Arci will never understand this as it is not based upon mathematical principals. That is why he probably doesn't seek other forms of gambling.
But any successful and knowledgeable gambler, particularly in my primary game--horse racing--will tell you that money management is what separates winners from losers.