What is the difference between contest w/ Prizes, and Gambling? - Page 2

Jeff76 · #11 10-05-2006, 11:41 PM

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If I study 2+2 books and apply what I know to 5-10 on party poker and make +$20 per hour at the tables, how is this any different than me studying material on the capital markets and becoming a successful investor?

[/ QUOTE ]The argument would be that playing poker you are taking money from weaker players and offering nothing in return. You are receiving money for providing no value. With stocks, OTOH, when a stock is sold someone is always receving value for their money- the stock. This is an important distinction among people who will argue that it is unethical to take money from someone and offer nothing of value in return.

I don't hold to that viewpoint, just telling you what you're up against.

At the end of the day, I don't think it matters what clever arguments we come up with. That they carved out horseracing and lottories and left in poker makes it pretty clear this isn't about real moral ethical issues, but how people percieve poker. And the peopel the politicians are catering to view poker as a degenerate money game that destroys families and is unhealthy for our nation.

xxThe_Lebowskixx · #12 10-05-2006, 11:52 PM

Can I make a website with a writing contest like I described? Does anyone have any legal information on this type of thing?

Don_Keehaawtee · #13 10-06-2006, 12:05 AM

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You can enter writing contests were you pay $100 and attempt to win a first place prize that is either cash or scholarship or whatever.

How is this any different than a poker tournament?

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What are the chances of someone blowing their bankroll on a writing contest? Poker is an addiction for many.

Auren · #14 10-06-2006, 02:13 AM

I guess you can argue shares have some value. But there is other stuff on stock market that are much more like gambling for example futures, options etc.

Insurance vs gambling:

CDpoker (or ipoker network can't remember which) had some tournament where they were paying 100 millions if someone hits royal flush. They financed this by taking insurance from insurance company which would give them the 100 millions if royal flush hit. Or you can take insurance against bad weather. How is this different from betting if there is rain at certain day or not?

curious123 · #15 10-06-2006, 02:20 AM

Sign me up K, sounds like good times.

AAAA · #16 10-06-2006, 02:23 AM

www.fundsforwriters.com offers lots of them. they rake the pot too, lol.

curious123 · #17 10-06-2006, 02:24 AM

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What are the chances of someone blowing their bankroll on a writing contest? Poker is an addiction for many.

[/ QUOTE ]
Who said anything about blowing rolls? I plan on pwning you fools. Let's get it on...

Josh. · #18 10-06-2006, 02:26 AM

i think the text is something like "games that are subject to chance." so i guess that comes down to what they consider a game. a raffle is not a game, and a writing contest is not subject to chance.

m80smusic · #19 10-06-2006, 03:21 AM

some of you are comparing stocks to gambling, which shouldn't be done. you can invest in penny stocks/unproven stocks and try and double up quick, but this is like raising UTG with 72os

phillip morris has been the top gainer in the S&P 500 for over 50 years. invest in them, or another huge player

how many companies have gone bust in the last 10 years? there have been a couple (enron, worldcom), but these are few and far between, especially if you look into the companies efore investing

if some of you studied the stock market and +ev techniques to investing, even half as much as you study poker situations, there's some serious money to be had, and it's all legal.

oh, and writing contests are like freerolls. You only put in time, and only the top few get paid anything.

udbrky · #20 10-06-2006, 03:28 AM

Here in Columbus, Ohio, we had a free poker league in bars - sponsored by the tournament fantasy poker league. (www.tpfl.com) - or a combination of those 4 letters. I played a lot last fall and winter, but it got busted in April and all the players at the bar were given gaming tickets and the league was suspended. The reason given was that although the league was free, the prize given to the winner of the state session was given a free tourney entry nationally, and the winner of that tourney got an entry into the WSOP. Since that had a value of $10k, it was deemed a valuable prize, making the league illegal, even though there "was no money being wagered" on-site.