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Gambling Within Your Means

The casinos utilize various tactics to make a profit from us. Like any good business, they have refined their sales pitches to the point where everything they do is done with one result in mind -- get the money. Just about all casino games, and just about all bets at all casino games, come with light, medium or heavy house edges.

This is similar to all products coming with a built-in wholesale and retail price. You don’t think the cost of the book you just bought is really $28.95, do you? No, the publisher sells it to the wholesaler for 60 percent off and the wholesaler sells it to the retail store for 40 percent off and the retailer sells it to you for 20 percent off (or no percent off). Those are the various edges of the product. No one would be in business if he or she couldn’t tack on a profit.

The casino tacks on its vig or vigorish on the various bets it offers either by winning more decisions (the pass line, for example wins 251 times for the casino but only 244 times for the player) or by taking a tax out of the winnings (you are paid 4 to 1 on the 5 to 1 Any Seven bet, for example).

So why do we buy books if we know that someone is making a profit on us? Obviously, we buy books because this book will make us smarter, or that book will make us healthier, or wiser, or this one will thrill us, or scare us, and those will touch us, or they will give us insights on life, on money, on our loved-ones, on God or the universe around us or within us. Those are the hooks that keep the publishing companies going. Publishers exist to make money. We gladly give them our money in exchange for the contents of the book.

Of course, all businesses do this. Cars are sold ostensibly to get you from point A to point B, but the selling point isn’t just transportation. It’s attitude. Self image. The car commercials make you think that the sexy salesgirl comes as an option with the car, or that a daring adventure is just a purchase away in your four-wheel drive, or that you’ll be cool, or with it, or where it’s at, or that everyone will know just how wealthy you are and boy will they be envious. You buy the car but you also buy the vision.

Gambling Within Your Means Part 2


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More Columns By Franki Scoblete


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