[Ted Bear]

Okay...so I think this has been out there for a while, and I guess I missed it, but I saw it for the first time last night on CNBC: Money Talks.

This is one of those (ugh) 'reality' shows which portends to chronicle the trials and tribulations of a couple of Las Vegas guys who 'advise' high end sports betters on who to bet. The bettors then take the 'tips' and go to their bookie to actually make the wager.

To say I was shocked is an understatement. More, it is really an embarrassment on the whole gambling industry.

CNBC found a couple of hustlers (at least one of whom apparently has a criminal record for a phone scam of some sort) and you get to watch them fleece a couple of uninformed gamblers. These guys are the fastest talking scum you have ever seen. Working from cubicles in a boiler room, they pretend like they are multi-millionaire successful tipsters. Throw in the leased Benz (and the house with the pig girlfriend and no furniture) and you get the picture.

After losing the 'customers' money (imagine that) they sorrowfully go on a drinking binge, which ends with the guy barfing his guts out and passing out on the floor of the girlfriends house.

Truly it was a chronicle of a couple of serious losers, and maybe that was the point: the Vegas gambling industry has some really low life people trying to bottom feed off of the most desperate. There is nothing wrong with gambling, and perhaps the Las Vegas powers that be needed this show to chase people into legitimate gaming parlors and services, or maybe it is a warning to would be gamblers that there is an element in Las Vegas that will do anything to separate you from your money.

Anyone seen the show? Is my portrayal accurate, or did I miss something?

(Google my title and you will find several articles on this show, the people involved, and the view that CNBC is pretty low life for even airing the program).

[ScoopLV]

I'm shocked, shocked, to learn there are television programs that cast the people of Las Vegas in a bad light.

"Your winnings, sir."

Oh, thank you very much.




Seriously, what did you expect? Las Vegas draws these sorts of people like a moths to a light. If P.T. Barnum were alive today, he'd be Steve Wynn. He'd own a string of big resorts and tell people to their faces that he was going to take all of their money. And the dumb masses would come anyway. The takeaway here is that in Las Vegas, the only winning move is not to play. The law of averages is that -- the law. Individuals might win. But the masses lose. That's the point. That's the whole point. And that's always been the point.

Las Vegas exists to separate fools from their money. Your television documentary is just an extreme example of this mindset.

[Raiderman]

People are going to spend money anyway. Some like movies, some like cruises, some like fine dining, some like gambling. It's entertainment. Let the people have their fun. And before we get into "but they'll lose all their money and become homeless", yep, that's going to happen to some weak-minded people, or those with addictive personalities. Addicts will find something to become addicted. But for the VAST majority of people who come here for vacation, it's entertainment.

[airics]

Originally Posted by ScoopLV

The takeaway here is that in Las Vegas, the only winning move is not to play..

Well then... I'm finally winning at something.... Last time I gambled more than $10 was several years ago....maybe it's just me, but I don't see the thrill....

[ScoopLV]

Originally Posted by airics

Well then... I'm finally winning at something.... Last time I gambled more than $10 was several years ago....maybe it's just me, but I don't see the thrill....

I don't either. But obviously I'm not in the majority opinion on this because lots of people DO see a thrill. There's no denying that. I have slowly moved from, "How can people be that stupid," to "I simply don't see the point of it all." Obviously people think they're getting their money's worth. Otherwise they wouldn't keep coming back. But I don't understand the allure.

I think the games themselves are pointless. (Remove money from any Las Vegas game and there's no reason at all to play. They're all the equivalent of the card game "war.") Then we have the smoky, noisy, crowded casino floors. I could stand in the middle of a road construction crew and get the noise, smoke and smell, but at least I'd be outside. No free drinks on road crews, though. So there IS that.

Since most people who live here (and nearly everyone who visits) feels opposite about this, I usually feel like (to quote Dr. Henry Jones) a "pilgrim in an unholy land."

[Kingbarkus]

I watched the premiere. The d-bag quotient was off the charts. Who are these idiots that spend 10k, 20k, and 60k to make bets where they not only pay the casino vig, but give this dbag bookie-killer (ha!) 50% of the winnings?! Have these clowns ever heard of the internet? There are too many sites that break down tendencies, trends, etc. AT NO COST to the bettor. smh.

[Willy702]

Originally Posted by Kingbarkus

I watched the premiere. The d-bag quotient was off the charts. Who are these idiots that spend 10k, 20k, and 60k to make bets where they not only pay the casino vig, but give this dbag bookie-killer (ha!) 50% of the winnings?! Have these clowns ever heard of the internet? There are too many sites that break down tendencies, trends, etc. AT NO COST to the bettor. smh.

These kind of touts are not about picking winners, they are about emotionally involving someone in their game. The game isn't I crunched the stats and figured out Duke should win by this many points. Their schtick is "I know things others just don't because I live here in Las Vegas and we just know more about betting sports than people elsewhere". So instead of making good bets, you are in on a secret that your bookie has no idea about and you are going to crush him because of that.

This really has little to do with Las Vegas or its casinos. This guy could be located anywhere, but the I'm in Las Vegas angle just breeds more credibility to his racket. This is an emotional draw to the relatively few who get a rush from it. Most people who bet on sports would rather crunch the numbers and find winners, but this isn't for the same crowd. For the small crowd who buys from touts winning is part of it, but really what these bettors want is the idea of being in some elite club where the few who are involved are just better than the others because of special information. That is what a tout does.

[Onlyliveonce]

I am a small time sports better and been betting for many years. I treat sports betting as an equities market, always looking for the best price on a line. When the opportunity arises I will always middle the line. I always line shop and maintain strict bankroll management ( my wagers are never more than 2% of my bankroll ). I have found success over the long run employing these strategies. I never place a wager for pure action.

[jtjtjtjt]

Did they show the old scam where the tipsters cold call 100 gamblers with a "sure thing" bet and give 50 of them one team and 50 of them the other team? Then the tipsters call the 50 winners the next week with another sure thing and give 25 bettors one team and 25 bettors the other team? And so on until the tipsters have picked 3 or 4 in a row but now make the bettor pay big bucks to get the next "sure winner".

[jtjtjtjt]

If you've read Warren Buffett's book, he thinks gambling is evil but investing is the highest moral calling of civilized beings (ok, I'm exaggerating. If my wife were reading this, she would say "I've told you a million times; don't exaggerate").

Warren Buffett is rarely wrong but I think he messed up. Gambling and investing are more similar than different. It is just that investing has better odds than gambling (mostly) in that most investors do well in the long run, most gamblers go broke in the long run.

For your amusement, here are my top 4 reasons why Warren Buffett is a moron:
1. He doesn't recognize that gambling and investing are essentially the same thing.
2. He does not bag a new supermodel every week. He should be on the cover of People and Us Weekly with pics of his new love interest. He should be the Wilt Chamberlain of old white guys.
3. He does not use his money for some great project. He doesn't cure aids or malaria, doesn't bring Africa into the 21st century, doesn't solve the homeless problem, doesn't build a human colony on the moon or Mars. All he does is use his money to make more money which makes him a greedy bastard.
4. He still lives in Omaha, Nebraska. Have you been to Omaha in the summer and smelled the stockyards there?