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For example, in Benjamin Graham and David Dodd's classic Security Analysis , they argue that "an investment operation is one which upon thorough analysis promises safety of principal and an adequate return. What definitions did you come up with? Betfair does offer accumulators but these are limited in number and type: What changes is the way players are rewarded for their bets and the information provided to participants. Backing and Laying[ edit ] Traditionally betting has occurred between a customer and a bookmaker where the customer 'backs' bets that an outcome will occur and the bookmaker 'lays' bets that the outcome will not occur.
History[ edit ] Gambling dates back to the Paleolithic period, before written history. The earliest six-sided dice date to about BC in Mesopotamia.
However, they were based on astragali dating back thousands of years earlier. In China, gambling houses were widespread in the first millennium BC where betting on fighting animals was common. Lotto games and dominoes precursors of Pai Gow appeared in China as early as the 10th century. Poker , the most popular U. Gambling law Many jurisdictions, local as well as national, either ban gambling or heavily control it by licensing the vendors. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed.
The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau, China. There is generally legislation requiring that the odds in gaming devices are statistically random , to prevent manufacturers from making some high-payoff results impossible.
Since these high-payoffs have very low probability , a house bias can quite easily be missed unless the odds are checked carefully. In some jurisdictions, the gambling age differs depending on the type of gambling. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning Insurance[ edit ] Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms.
The first and most obvious victims of the government's lies are the 40,000 or so Americans who this year will become HIV-positive, overwhelmingly gay men or poor, inner-city drug users and their sexual partners. Benny began crawling onto Jake. 216. Its up to you. He came, shooting cum all over himself. Turns out he was gay.
What is the Difference Between Gambling and Investing? And perhaps the same is true of stock exchanges. In order to differentiate between the two, we should start by defining them. Comparisons are often made between the two activities, but I've never seen the terms explicitly defined. If you're sufficiently motivated, I encourage you to try to define the terms 'gambling' and 'investing' before you continue reading this essay Go ahead, I'll wait here for you. What definitions did you come up with?
Are investing and gambling mutually exclusive, or is there an area of overlap? And are the boundaries clearly delineated, or is there a gray area in the middle? Let's see what the dictionary says. Here's what the Random House dictionary on my bookshelf says: To stake or risk money, or anything of value, on the outcome of something involving chance. The definition for gambling could apply just as well to investing, and vice-versa. To take a risk in the hope of gaining an advantage or a benefit.
In investing, are you not betting on an uncertain outcome? Are you not taking a risk in the hope of gaining an advantage or benefit? In gambling, are you not committing money? Are you not doing it in order to gain a financial return? Beyond the Dictionary OK, so the dictionary definitions aren't very useful. Perhaps if we examine some of the ways in which gambling and investing are generally perceived to differ, we might be able to build definitions from those characteristics.
Investing is a good thing, gambling is a bad thing. I think it would be hard to argue with the claim that investing is, on the balance, a good thing. Investing is widely regarded as the engine that drives capitalism. It tends to put money in the hands of those with the most promising and productive uses for it, and drives the economy gradually upward.
Investors aren't merely betting on which companies will succeed, they're providing the capital those companies need to accomplish their goals. Similarly, you can change the world in a small way by investing in companies you believe in, such as socially or environmentally conscious firms and mutual funds, or biotech companies that are working on diseases that might affect you or someone close to you. Gambling, on the other hand, is not so clearly making a positive contribution.
December 24, 3: Leaning forward, he talked excitedly about the ambitious plans for the Cantor Gaming subsidiary. Amaitis, in a gray pinstripe suit with the top two buttons of his white shirt undone. Cantor Gaming handles some of the riskiest. It runs the sports book at the M Resort, a relatively new casino popular among Las Vegas locals.
And Cantor is banking on the next frontier in gambling: Wall Street executives usually protest when their business is compared to a casino. Sports betting is the same. You want the spread, volume and you see yourself as a match maker.
Amaitis, whose past includes a conviction in his 30s for dealing cocaine. Amaitis says, mitigates its risk through volume. And Cantor hopes to have another advantage through richer data.
It sets the odds for more than 40 percent of the casinos in Las Vegas, and Cantor used that data to expand into what is known as in-running betting, which lets people wager on portable devices on sporting events in progress. Sports betting — wagering on the outcome of events like football games and horse races — is still a small part of Las Vegas gambling. It accounts for just 1. Most large casino operators, including Caesars Entertainment and MGM Resorts, run their own sports book, taking on limited risk but keeping all the profit.
Sports book operators make most of their money charging a small commission on bets. They then try to match a bet on any given game with an opposite wager, essentially neutralizing the risk of that bet. In two years, Cantor Gaming has grown into a force in Nevada. The firm is not profitable; most of its revenue is reinvested in new technology.