Another day another professional athlete coming forward with a gambling problem. This time it's Charles Barkley who says he's lost about $10 million gambling. The number is less staggering when you compare it to Daly's allegations he's lost at least $50 million. However to lose $10 million dollars still makes it a problem.
He does admit he has a gambling problem. But he says it's not a problem because he gambles with what he can afford to lose. It's the first rule of gambling. If you can pay rent, pay bills, and feed your family and then have leftover money to gamble then that's fine. It becomes a problem when you become in debt to the casinos or have to sell the house, kid's toys and cars to pay off debts. But this is his money and he says he can do whatever he wants with it.
He knows he has a bad habit but he's not going to stop. He's just trying to learn to bet $1,000 instead of $20,000. Nice try Charles but it not going to work. Why? Because he gambles for the thrill of competition. If an average Joe who makes $30,000 a year bets $1 a hand it's not really going to affect him if he wins or loses. It's not thrilling to win a $1 here and there. Move that to $1,000 and there's going to be some screaming or cursing every single bet. So if Charles is as wealthy as we imagine, a $1,000 bet is not going to give him the "action" he's looking for. He's going to have to put a sizable bet to get the adrenaline flowing. But the amount just depends more on the person's expectations than their net worth.
People like this will always never win in the long run. Gambling is mostly about money management. Think about it like this. If Charles was up $100,000 in one night of gambling do you think he would stop? You and I might but not the compulsive and competitive gambler that he is. Especially not when he's betting $20,000 a hand. He's going to want more. So if he starts to lose and lose he's going to start betting bigger to hopefully get back to where he was. If luck is not on his side, he'll probably lose twice what he was up. The same can be said if he's losing all night. People "chase" their bets hoping to get back what they lost. However that strategy more often than not loses you more.
I know all that Charles is talking about. As a gambler, I understand the need for action and the thrill of trying to beat the casinos or bookie. It's just trying to control it all and wager smart. Good luck Chuck.
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