Gambling

Fancy a bet on the election?

bettingPM

Sportingbet Australia odds

Whale Oiler RGW writes:


 

Right thinkers despair at the prospect of the left mess winning.

Fearing I might become suicidal if that happened I got to thinking what I might do to minimise having to top myself. I found the answer in Australia!

I call it my “Emotional Election Hedge.”

I discovered that Sportingbet Australia are offering (or were at the time I placed my bet) $7.00 on a Labour-led Government. National: $1.09, and Other: $50.

So I asked the holder of the Visa what value she would put on my not topping myself in the early hours of September 21 (or later if it’s really close). She determined that would be worth $300. At  least it was $300 Australian.

Armed with this approval I scampered off and bet the $300.    Read more »

New Zealanders are very good at gambling. Wanna bet?

BnVYydyCMAANRMe

Why is gambling so much part of our psyche?

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Jones continues his jihad against Lotto, still conflicted, Cunliffe says nothing

Shane Jones continues his conflicted jihad against Lotto this morning, though he is veiling it as an attack on Countdown.

He is seriously conflicted out in this matter though with his missus working for SkyCity and SkyCity providing his week day accommodation.

If a glass of milk and a photo opportunity was grounds for resignation because one’s spouse is a director of a company then how much more inappropriate is it for someone to be lobbying against a director competitor of the employer of your spouse?

Labour MP Shane Jones is calling for an end to big Lotto jackpots after attacking supermarket giant Countdown for selling tickets at the checkout counter.

Jones said selling Lotto tickets at the checkout was like putting a poker machine at every counter but worse, because people could pay for the tickets with their credit cards.

“What do you buy? Weetbix, orange or a big fat Wednesday?” he asked.

He believed there should be an immediate review of the Gambling Act that should include a look at the size of the Lotto jackpot, because a $30 million or $40m jackpot was too high.   Read more »

Has Shane Jones declared his conflict of interest?

Shane Jones has launched another attack on Countdown, this time over their desire to sell Lotto tickets at the checkout rather than at a separate counter.

Labour MP Shane Jones has again taken aim at Countdown, raising concerns about lotto sales at the supermarket’s checkouts.

Lotto tickets are being sold despite new evidence that people spend less on food when there is a big jackpot.

You can now buy lotto at the checkouts in 100 Countdown supermarkets around the country. That makes buying a ticket more convenient, but Mr Jones says that is the problem.

“With Countdown putting a one-armed bandit at every Countdown checkout counter, you’re bringing gambling into the community,” says Mr Jones.

I wonder though if Shane Jones was wise to mount such an attack considering his own conflict of interest.  Read more »

Problem Gambling Foundation warned several times about politicking

The over the top reaction to their loss of funding is the perfect demonstration of why the Problem Gambling Foundation should lose its funding. They ahve proved themselves to be a bunch of vicious lefty thugs thinking they can bully sympathy out of people.

I see the Asian unit can continue which I believe is a Richard Northey creation which should allow him keep his snout firmly in the trough.

The Ministry of Health had several meetings with the Problem Gambling Foundation to address concerns about political lobbying after complaints by poker machine trusts about outspoken attacks on the sector, the Sunday Star-Times has been told.

A senior industry source said pokie trusts had lodged several complaints with the ministry about PGF’s behaviour, resulting in the foundation’s chief executive, Graeme Ramsey, being called to “please explain” meetings.  Read more »

Time for a quango hunt

It should be of little surprise that an organisation that is government funded should find themselves de-funded for involving themselves in politics instead of sticking to their mandate. Instead they are redirecting the funding into a more effective organisation.

The Herald reports on the predicament of the Problem Gambling Foundation. We already know that Labour’s claims of political retribution have fallen flat.

Government funding for the Problem Gambling Foundation has been scrapped, the organisation confirmed today amid rumours the service would be shut-down because it opposes National’s SkyCity convention centre deal.

The foundation issued a statement saying it had been informed by the Ministry of Health that from June 30 it would no longer be contracted for the bulk of its current services.

“While the ministry describes PGF as a valued provider of quality services it has told PGF it has a superior offer for the clinical and public health services PGF provides,” the foundation said.   Read more »

Can you beat Lotto?

There are loons out there who think you can win Lotto.

Thomas Lumley at Stats Chat blog explains the math of those claims.

That is, how to gamble in a way that over a course of a year, gives you a higher chance at a larger payout than playing NZ Lotto each week and hoping for Division 1.We all know you can’t “beat Lotto” in the usual sense of improving your odds of winning.

In the ordinary Saturday Lotto, you pick 6 numbers out of 40, and if all 6 are correct (which they aren’t) you win $1 million. The chance of winning is 1 in 3838380 per ‘line’. Suppose you play the minimum of 4 lines, for $6, each week for a year. The chance of winning in a year is one in 18453.75. That is, on average you’d expect to win once in every 18453 years and 9 months.

Right so not much chance at all then.

Alternatively, suppose you save up the $6 per week, and then at the end of the year go to a casino and play roulette.  Put it all on a single number.  If you win, put it all on a single number again, and then if you win,  put it all on a ‘double street’ of six numbers.  Your chance of winning (in double-zero roulette) is 1 in 9145.33, and if you win you will make $2426112.

So, you get twice the chance of winning as you would have for Lotto division 1, and more than twice the payout. The expected return is 85%, much better than the 56% that NZ Lotteries returns (averaged over all its games, annual report).

Wow…off to the casino for me…buy perhaps I should read the rest of the post…

Does that mean it’s a good idea? No. Not even slightly.  You have a 37 in 38 chance of turning up with $300 and losing it in a few minutes. If you don’t, you have a 37 in 38 chance of losing $7500 in the next few minutes, and if you don’t, you have about an 85% chance of losing more than quarter of a million dollars.   This strategy makes your losses obvious, which makes gambling no fun. And you still only win once every 91 centuries.

Bummer…so that doesn’t work either.

Enjoyable gambling, including Lotto, is based on making your losses less obvious by masking them with small wins and stretching them out over time. Of course, that’s also what makes gambling, including Lotto, potentially addictive.

Essentially gambling is a tax on stupidity…the more stupid you are the higher the tax.

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Labour chooses bookie as Wairarapa candidate

Kieran McAnulty

Kieran McAnulty

David Cunliffe said in his address to the 2013 Labour Conference:

Labour will regulate to address gambling harm.

Which is strange since Labour have just selected a professional bookie as their candidate for Wairarapa.  Read more »

Greed

If it appears to be too good to be true, it usually is.

That’s the warning for any kind of miraculous windfall coming your way.

Through the Internet, they’re coming for your money.

A retired policeman and a chartered accountant are among 55 New Zealanders fleeced for $1.7 million by a Malaysia-based scam.

And, despite being humiliated, a woman who lost $18,000 has decided to speak out in a bid to save others from the same fate. “I want to stop other people being caught up in this the way I was,” she said.

The woman, who holds multiple university degrees, made three payments, the first in July.

“By August, the penny dropped. I know it’s my own fault this has happened. I didn’t get dreadfully upset or anything, because I just thought well, you’ve been silly. I’m not as much ashamed as embarrassed and humiliated.”   Read more »

Mallard goes rogue

In this video at 5:17 Trevor Mallard goes rogue.

Trevor Mallard defies an agreement by the business committee (all parties including Shadow House Leader Grant Robertson) that there should be party votes rather than personal votes.   Read more »