Shocking result but gambling is the real winner

Daniel says:

03:03pm | 03/11/09

Completely agree. You can have fun at a Casino just as you can have fun at the races, but to me both pursuits are so tainted by the dirty business of gambling that neither have an ounce of integrity left in them. I don’t gamble, never have and never will. It’s not that I don’t trust myself to gamble responsibly, but I feel I have a moral obligation not to gamble in support of those who have fallen foul of the insidious addiction. That leaves only the appeal of the sport to entice me to watch horse racing and frankly I find it incredibly boring, so even if I do watch the Melbourne Cup I might well change channels halfway through. Similary with Casinos you will only find me there for the benefit of friends or the food, both of which are rare occurances. My views on alcohol are similar, thus I don’t drink and avoid socialising in bars.

Matt says:

03:10pm | 03/11/09

Ok I pose a question. You talk about people throwing their money away with gambling on line. I work in an office environment and I see throughout the day talks about shares,stocks etc…People in my office alone throwing big dollars into the stockmarket. Sometimes they win, sometimes I see them screaming at their computers. They review stocks online of course…I personally don’t mind a tinker occasionally on the horses (refuse to play pokies). How is this different to countless people throwing money into the stockmarket? The end of the day it is all still gambing whether it’s horses, dogs, pokies or stockmarket it is not?? I would be betting that you play the stockmarket Anthony??

foraggio says:

03:31pm | 03/11/09

Excellent post. Don’t need to say any more than that.

David says:

03:45pm | 03/11/09

Matt:

While some people might gamble in the stock market, most people invest there. Investors who buy quality stocks and invest long term usually get good returns. There are risks in buying stocks, but it is not the same as gambling at the casino or the races.

Adrian says:

05:01pm | 03/11/09

Gambling is one of Australia’s worst problems. If the money spent on gambling would be spent on say durable value products or family holidays, or even reducing debt or your mortgage it would be of enormous benefits to our economy, create more jobs etc. Money spend on gambling mostly benefits the filthy rich who don’t need it anyway.

Schartos says:

05:31pm | 03/11/09

I didn’t gamble - I’m the lucky one.

Bateman says:

06:02pm | 03/11/09

Who cares what stupid people do with their money. They pump money back in to the economy and only hurt themselves and those stupid enough to attach themselves to them.

And Matt @ 4:10pm read David @4:45pm. Shares are an investment recognised by the tax system. Shares have outperformed property over the last 30 years and you can offset your losses against your gains. Not the same as gambling

a different matt says:

06:29pm | 03/11/09

Adrian- people make their own choices and can do what they wish with their money, provided it’s legal. Gambling is indeed a problem but only to a very small minortiy of people who can’t control themselves, although i admit the number swells a bit if you include the people close to the addict. regardless you can’t ban something that the vast majority of people do, and enjoy, very rarely and in small amounts, just to appease the small minority who lack self-control.

Schartos- I, like lots of people around the country, had a bet on the cup today. it’s the only day i bet on the horses all year. In fact in most years the only sporting event i bet on period. most years i lose $10 or so. this year i won so i today i’m the lucky one (well at least one of them!)

Steve Smith says:

06:51pm | 03/11/09

@Bateman “you can offset your losses against your gains. Not the same as gambling ” ...that’s the same concept gamblers use.

Bateman says:

08:55pm | 03/11/09

Steve Smith - whatever copncept gamblers use their logic is defunct and they only have themselves to blame. There is nothing inherently wrong with having a flutter for some fun. Blaming gambling is like blaming cars for crashing. For responsible people it is safe. Penalising responsible people for the actions of a moronic few is the increasing horror of the nanny state.

Steve Smith says:

09:56pm | 03/11/09

Bateman: whether their logic is incorrect or not does not change the fact gamblers use the same concept.

Nick says:

09:52am | 04/11/09

Likening betting on racing to gambling on poker machines is a false analogy. On the poker machine the player has no choice about anything the machine does other than decide how much to put in and how many reels to play. On the other hand, the racing investor can decide which race to bet on, which horse or horses to support. He is supported by a mountain of information, from past form to predicted prices. He can take into account the horse’s previous form, its most recent attempts, its preference for distance, track, its record with this or that jockey. Approached properly, racing allows for an intelligent investment regime. I have punted since the late 60’s. I limit the amount I will invest each year (a set bank to start every racing year), I have a limit on the size of my bets and I only bet in Melbourne on a Saturday.(personal preference and trying to fit punting into my working life). When I have a loss I consider it the cost of my hobby. When I win, I put the money to something tangible. Over the years I have paid off a house, car, various items of furniture and taken holidays. No I am not a millionaire from the punt, I am not prepared to take that level of risk.
And my hobby supports an industry that feeds thousands of workers from the producers of grains and hays, to saddlers and equipment makers to trainers and jockeys and stablehands, horse transport companies, stud farms, horse handlers etc etc.

If I am a gambler then so is every stock market player. BTW when the GFC was eroding my superannuation, and my ever so clever financial advisors did not see it coming, I was winning on the punt! The horses did not fall for shonky credit products like those offered by Lehman etc

Again though, the do- gooders want to destroy legitimate pastimes, enjoyments and recreational pursuits for the many because of a few who misuse the opportunities available.

Jack says:

02:10pm | 04/11/09

Dear Anthony,

As someone who holds degrees in commerce and finance, a masters of applied finance and works with money and applied statistics all day, I am clearly unqualified to decide whether or not to buy a scratch ticket or play some poker at home.

Thankyou for protecting me from GAMBLOR, and the evilness that is games of chance. Because, you know, I might somehow lose my house or something.

And, God knows, just because *some* people lack impulse control, the majority should be banned from what many find to be enjoyable pursuits.

Also: please shut down bars, because some people are alcoholics. And ban cars, because some people speed. And ban paint, because some people sniff it. See where I am going with this?