Originally Posted by redietz View Post
An anthropologist might say that there are solid reasons to lose money in casinos, especially if you are wealthy. For example, if you're having trouble getting laid, somewhere where you can flaunt your disposable income without wearing a sign saying "I am flaunting my disposable income" might be helpful. Casinos fit the bill. The bottom line from a biological perspective is (sort of but not exactly) getting laid, so that would be one reason to be a "ploppy." Or maybe you need to impress your compadres with your James Bond style of entertainment, or bond with other one-percenters somewhere other than a golf course, and losing bucks in casinos accomplishes that. Another possibility -- dumping some bucks might be a way to take a mental break from whatever you're doing so as to come back refreshed.

Of course, since most forms of gambling are addictive, doing any of these things entails risk. You start out taking a mental break and wind up like Bill Bennett, morality czar and Fox News expert.

Basically, it comes down to this. All resources are not material. So if you can win non-material resources (Bond suaveness, respect from business partners, high public profile, getting laid, etc.) while losing material resources (your cash), the tradeoff could conceivably work in your favor. In my opinion, there are easier ways to acquire non-material resources than dumping cash to casinos, but for some people it may be the best option. Chubby old dudes, for example, may not be all that impressive in 3K suits, so rather than investing in hot clothes, perhaps taking their dates or business partners to casinos is a better idea.

Redietz, I would contend that none of the reasons you've given is why most people gamble, especially people with money. They gamble for ENTERTAINMENT! They gamble because they enjoy it! It's pretty much that simple. And for a wealth person to get a high off gambling, they have to bet more, it's that simple!

This is the part most APs struggle to understand. How could someone who is smart and wealth really enjoy gambling in negative EV games? This just doesn't compute in their world, so they've come up with elaborate explanations to help themselves rationalize it. They think these people most be fat old guys trying to impress girls, maybe they want to be James Bond, maybe they are an addict, etc? Since an AP doesn't go to casinos for entertainment, they can't imagine someone else doing it as a form of entertainment. (I'm not speaking about all APs, because I have met some that understand there are people who gamble for entertainment.)

There are many wealthy people who enjoy gambling for no other reason then because they find it entertaining. Michael Jordan was a pretty good basketball player in his day, he owns an NBA team and is a Billionaire and he still enjoys playing blackjack. Why? Because he enjoys it. I know a dealer who used to work at the Hard Rock casino in Tampa, and Michael Jordan would come there occasionally to play blackjack. He would get a private room for obvious reasons. Do you think he was there to pretend he was James Bond, or to impress women? Have you ever seen his wife? MJ doesn't need to go to casinos to get attractive women to notice him. No, MJ was there because he enjoys playing blackjack, just like many of my friends, who are not APs.

Kerry Packer, who was once the wealthiest person in Australia, passed away about 15 years ago, but he loved to gamble in casinos while he was alive. When someone from the opposing labor party called him out for his gambling habit and called his loses "morally offensive", Packer replied back "This is not someone else's money. This is my money. I am entitled to spend it in any way."

A great article that I believe best sums up why wealthy people, like Kerry Packer, go to casinos to gamble in negative EV games is in the attached article from Cigar Aficionado.

https://www.cigaraficionado.com/arti...t-gambler-8722