Warren Buffett calls gambling 'a tax on ignorance'

Search

New member
Joined
Sep 21, 2004
Messages
62
Tokens
BTW I agree with the posts citing Buffet's genius.

The guy is a one of a kind and when he speaks should clean out your ears and take note.

He is right on the money here, legalized gambling for the most part is a regressive tax on people who are least likely to be able to afford it.
 

Ha-Sheesh
Joined
Sep 20, 2004
Messages
2,494
Tokens
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>3 semi respected regulars <HR></BLOCKQUOTE>


???????????????????????????????????????????????
icon_confused.gif


Respected?

[This message was edited by wilheim on May 04, 2004 at 06:51 PM.]
 

New member
Joined
Sep 21, 2004
Messages
1,310
Tokens
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> The guy is a one of a kind and when he speaks should clean out your ears and take note. <HR></BLOCKQUOTE>

Does this mean that you'll vote for Kerry this November?
icon_biggrin.gif


The sports gambling degenerates who disrespect Buffet should know that Buffet makes Billy Walters look like a homeless bum panhandling for nickles and dimes.
 

Another Day, Another Dollar
Joined
Mar 1, 2002
Messages
42,730
Tokens
Although the point here is understandable, there is no argument that will hold up against peoples will to gamble. Prohibition is not the answer.

The same mentioned desperate players will still do what they want as they do know by crossing state lines to enjoy their pleasures. It is a fruitless objection and a fruitless waste of time to try and stop it.

Build the casinos and position the slots. Let the Govt worry about our security and let the people worry about their desires to gamble.

Gambling is not evil and it is not wrong.

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Gambling institutions do not bring out the noblest characters in society <HR></BLOCKQUOTE>

That's fine, but deal with the un-noble as they arise and let the noble ones enjoy their time while they can.
 

Active member
Joined
Oct 20, 1999
Messages
75,444
Tokens
Casino gambling is pure entertainment to 99% of those that engage in the activity.

The other 1% are professionals and degenerates.

You can say attending a Cornhusker game is a tax on the ignorant(actually way more so in my eyes
icon_smile.gif
).

As a native Iowan, I would personally like to thank the entire state of Nebraska for not legalizing casinos.

Iowa and their citizens are 5x better off than they were 15 years ago.

Warren makes a blanket statement that makes sense in some regard, but he is just talking out the side of his mouth.

I am sure this is not a big issue with him.

Warren is out of touch with gambling reality on this one on the greater picture.

GO HAWKEYES!!
 

Member
Joined
Sep 20, 2004
Messages
1,450
Tokens
Buffet is right. Most of the people who gamble do not understand the math and are completely ignorant. 99% of the time it is not like shown on TV and movies with well dressed , good looking people all playing and having a good time, hitting 17 to get a 4, etc, etc. In reality it's often the people who can least afford to lose the money there playing games they dont understand.

Example, last year I sat down at a Let It Ride table with a husband and wife who seemed fairly well educated and successful. I was just there to play a few hands at low stakes for a break from some other games. They thought I was crazy for not using the "side bet" for a buck or whatever. I said be my guest and let them post it for me and they did so every hand. They lost hundreds in the maybe 30 minutes I sat there.I believe the house edge is over 10% or something extrememly high on the side bet, but they couldnt get enough. Even if I tied explaining that every 10 minutes they were bascially exchanging a $100 bill for four $20s and a $10, they probably would have blew me off.

Extreme ignorance exposed by greed.
 

New member
Joined
Sep 20, 2000
Messages
15,635
Tokens
I'm sure Buffet would also call you stupid if you invested in any other company but his..

Some you fxckin guys are completly clueless...If you think that sports gambling is different from casino gambling..you need a lobatomy and your money to be handled in a trust in someone elses name...cause you know nothing about either.
...Playing the stock market like he does and having insider info like he does...is like having tommorows paper in sports betting.
Like the stock market for every winner their is a loser...I don't need some Kerry like elitist telling me how to choose my poison...don't forget about these cocksuckers they already have theirs.
 

New member
Joined
Jul 20, 2002
Messages
75,154
Tokens
Politicians brag about the jobs created by casinos, even though the industry is not labor-intensive. And it's a poor foundation on which to build a local economy, since gambling transfers wealth but can never create it.
From Alantac City to Mississippi riverboats and Indian reservations, and including all those state lotteries that have poor people queuing up for sucker bets, gambling as a social phenomenon is more worrisome now than when the mob controlled Las Vegas.


wil.
 

New member
Joined
Sep 21, 2004
Messages
14,280
Tokens
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Patriot:
Some you fxckin guys are completly clueless...If you think that sports gambling is different from casino gambling..you need a lobatomy and your money to be handled in a trust in someone elses name...cause you know nothing about either.
<HR></BLOCKQUOTE>

Sports gambling IS different from most casino gambling. The folks who are successful year over year at sportsbetting know what I'm talkin' bout. I thought you might have been one of them, but now I would doubt it.
 

Member
Joined
Sep 20, 2004
Messages
1,450
Tokens
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by D2bets:
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Patriot:
Some you fxckin guys are completly clueless...If you think that sports gambling is different from casino gambling..you need a lobatomy and your money to be handled in a trust in someone elses name...cause you know nothing about either.
<HR></BLOCKQUOTE>

Sports gambling IS different from most casino gambling. The folks who are successful year over year at sportsbetting know what I'm talkin' bout. I thought you might have been one of them, but now I would doubt it.<HR></BLOCKQUOTE>


D2Bets, your usually a pretty sharp poster but in this case you are showing an ignorant side.
There is no difference between sports gambling and casino gambling. Just like you may be a sharp sportsbettor playing with an advantage there are casino players who likewise only play with an advantage and win. However in both cases the large majority of players are losers playing at a disadvantage.

Or are you trying to tell me that most sportsbettors are overall winners with only a few losers?
 

New member
Joined
Sep 21, 2004
Messages
14,280
Tokens
I still say there is a difference. I agree that it is possible to bet advantage in both cases and that the vast majority in both cases are losers. Agreed on both points. However, I feel confident in saying that it is vastly easier to bet with an advantage in online sports betting, when done right. By the way, I'm not including poker as a casino game. I'm talking slots, blackjack, craps, roulette, big wheel...all that crap. Sportsbetting is wayyyyyyy easier.
 

New member
Joined
Sep 21, 2004
Messages
877
Tokens
I'm going to bookmark this thread in the futures as reference. Hard to imagine so many people could be so ignorant about economics.
 
Casinos aren't good for economy overall. Casino gambling causes a lot of problems, bankrupts, suicides etc. It takes about a year to be a casino gambling addict. In sports betting it takes over five years. Difference between casino gambling and sports betting is huge.

There are places like Las Vegas, where gambling losses drives the state economy, but in most places gambling losses goes straight to owners pockets.

Competition in Las Vegas is hard and casinos are forced to invest their profits back to business. If there is only one Casino in town, it's like a license to print money for owners. They don't have to attract customers with some other stuffs like casinos do in LV.
 

New member
Joined
Sep 20, 2004
Messages
4,477
Tokens
Patriot says:"Some you fxckin guys are completly clueless...If you think that sports gambling is different from casino gambling..you need a lobatomy and your money to be handled in a trust in someone elses name...cause you know nothing about either". To say that sports betting is no different than throwing dice or playing slots is the mother of all clueless people.
 

New member
Joined
Sep 20, 2000
Messages
15,635
Tokens
Chuck...do you know how to play dice?..Do you know anything about craps????Do you know what thetrue odds are on a rolled 10 on an odds bet?
True odds...no juice.

That fxckin fraud Buffet, talks about seedy fux in the gambling world...he ought to be reminded of his own ilk likeMike milken and the frauds at enron and Martha stewart.
Playing the stock market is fine if your sitting in the dugout of the stock world.
But guys like me have to listen to schills in the stock market just like listening to the schills on sports forums give you bogus info on games.
Like I said I'll choose my own poison...I don't need some billionaire limosine liberal telling me where and how to spend the money I worked for...of course that cocksucker can get on his lear jet and fly to LV in an hour to play...while he promotes ABC growth stock...and while your buying in he is shorting.
He is welcome to all the money he can choke on.If people lose all their money gambling its their tough shit..A fool and his money should never get together in the first place....(I didn't say that)
 

New member
Joined
Feb 20, 2002
Messages
2,200
Tokens
You people are all missing the point. The issue is NOT whether sports gambling or casino gambling or gambling in the stock market are equivalent or not. That is redundant. The issue is do we want any of these options made illegal (that is Buffet's not so suttle recommendation)?

Personally, I believe most people that go to Vegas realize they are gonna lose, but they go anyway. Why is that? Two reasons. One - They all dream of hitting the big jackpot. They realize it's a pipedream, but it's still fun to think it could happen. Two - More importantly, though, they go for the ENTERTAINMENT!!! That's the key here. Gambling is ENTERTAINMENT. We expect to have to pay to be entertained. It's no different then going on a 10 day cruise. Only difference is someone that goes to Vegas has at least a tiny chance of coming back with money in his pocket - anyone coming back from a cruise is out several grand guaranteed.

For a minority of gamblers, however, casino gambling IS a tax on ignorance. But I say so what? Do we want to punish everyone who goes to Vegas to have a good time because some ninny spends his Social Security check on the slot machine every week? Would it do any good to close the casino, anyway? Closing the casino ain't gonna stop him from being stupid - he'll undoubtedly find a hundred other ways to blow it on something else.

When are we EVER gonna stop looking to the government to be our nanny - to tell us what is good for us and what isn't? Christ, are we ever gonna grow up and be responsible for ourselves? When are we gonna start letting other people make their own damn decisions, whether we approve of them or not? Are they ever gonna learn to make the right decisions if we are always making the decisions for them? Show me an irresponsible person, and I'll show you someone who has never had to face the consequences of his own decisions.
 

Another Day, Another Dollar
Joined
Mar 1, 2002
Messages
42,730
Tokens
Bill Expands Gambling In Iowa

DES MOINES, Iowa -- Gov. Tom Vilsack announced he will sign a new gaming bill Thursday which expands gambling in Iowa.

The bill would allow the Iowa Racing and Gaming Commission to grant an unlimited number of new gaming licenses in the state. It would also allow table games at Prairie Meadows in Altoona and would prohibit a riverboat casino in downtown Des Moines.

The bill also establishes a new tax structure for casinos and implements new fees.

Casino Expansion
At Prairie Meadows, the new table games like blackjack and poker are expected to bring in as much as $60 million more per year. Owners said the games will be installed in the next few months.

For now, the track will install the new table games in an area near the grandstands. But plans are under way to expand the casino.

Prairie Meadows owners want to add casino space, restaurants and a performance auditorium. The expansion project should be finished in about two years.

http://www.theiowachannel.com/politics/3274989/detail.html
 

Forum statistics

Threads
1,119,875
Messages
13,574,514
Members
100,879
Latest member
am_sports
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com