🎰 THE ODDS OF GAMBLING | Easy Money | FRONTLINE | PBS

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Caribbean stud poker also has a nice extra feature: the progressive side bet. Place a chip on the progressive box to stand the chance to win big.


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Roulette bets have the same issue as craps bets; you have to find a casino willing to take a large wager. But, once you do, an even money bet at.


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a big casino bet

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1. William Lee Bergstrom Bets it All - The Biggest Bet Ever Placed in a Casino. Casino owner, Benny Binion revolutionized gambling in Las.


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A good deal of the systems is build around increasing each consecutive bet as anticipation of winning grows, known as martingale systems. So gambling.


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1. William Lee Bergstrom Bets it All - The Biggest Bet Ever Placed in a Casino. Casino owner, Benny Binion revolutionized gambling in Las.


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a big casino bet

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Other big casinos in town give sports gamblers a narrow range of betting opportunities and a limited amount of time in which to bet.


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a big casino bet

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Even in pure dollars and cents, playing higher-denomination games means bigger bets and more risk. If you're betting $3 on a three-coin dollar.


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Just like Ashley Revell, he flew to Las Vegas and started looking for a casino that is willing to take such an enormous bet. Naturally, most casinos he approached.


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a big casino bet

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A67444455
Bonus:
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Caribbean stud poker also has a nice extra feature: the progressive side bet. Place a chip on the progressive box to stand the chance to win big.


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a big casino bet

Jimmy opts to sit tight, which turns out to be a wise decision—the third pitch comes and Peralta goes down swinging. Also unlike others in the finance industry, it never begged the government for hundreds of millions of dollars to cover its bad investments. The swagger even survived September 11, , when its New York headquarters on floors through of One World Trade Center was destroyed. It functions like the predictive computer programs that Amaitis dealt with on Wall Street: Midas acquires information, processes it, finds mathematical patterns and correlations, and uses all of that to divine the ever-shifting odds of sporting events. Vegas casinos have traditionally regarded sports betting as an amenity for guests rather than as a serious opportunity for profit. Why not let people bet the market? This style of on-the-fly wagering while the game unfolds, known as in-running, didn't exist in Vegas casinos when Cantor Gaming arrived. Jimmy is operating more like a daytrader than a traditional casino sports bettor, moving in and out of positions on the fly, looking for hedges, capitalizing on fleeting moments of inefficiency. There are occasional cheers when a big play happens, but mostly there's a palpable tension, a sense that everyone around you is engaged in intense concentration. The count is 0 and 2, and at this point, Jimmy could hedge the bet he made 45 seconds ago by entering a counterwager—with attractively long odds—that Peralta will actually get on base. Amaitis insists that Cantor Gaming's departure from the traditional style of sports books is the future, and some casinos are coming around to the idea. Its wood-accented sports book gambling lingo for the casino within the casino where you can wager on sporting events resembles a cross between an upscale sports bar and a midtier accounting firm. Which would you rather have? He dreams of being able to offer programmed sports betting that will allow gamblers to put in bid orders, just as you would with an electronic stock purchase. For starters, Cantor Fitzgerald doesn't have to deal with stockholders, individual investors, or the press the way its higher-profile competitors on Wall Street do. Overlords at firms like Deutsche Bank and JP Morgan take great pains to differentiate the sober, serious profession of investing from the irresponsible, impulsive act of betting. You win. The Venetian and Palazzo, situated on the northern end of the Strip, launched Cantor's sports operations technology last fall. He has money down on the outcome of the game, but he has also bet on specific at-bats, the performances of various players, and which team will win a particular set of three innings. That is not investing—it's gambling. Not a bad time to bet big on a turnover. Amaitis anticipates that Cantor Gaming will control 15 percent of Nevada's sports betting this year. We do trades all day with Goldman, Deutsche, Citibank. The M Resort is a new casino 8 miles south of the glittering Vegas Strip. The Play Minnesota is stuck with second down and 30 long yards to go. The Action A pass seems likely. The Resolution Big risk, big reward! His hair is slicked back in a style fashionable among financial execs around the time of the original Wall Street flick. There's only one sure thing in sports gambling: the standard commission, known as the vigorish, that casinos charge when they take bets. Amaitis views casino sports books as underdeveloped resources. During basketball season, things move so quickly that the bettors at the M have about eight seconds to consider a wager before the odds change. Some gamblers hunch over workstations identical to the one Jimmy sits at, feverishly entering fresh bets. But the cornerstone of the operation is a piece of number-crunching software called Midas. The Play New Orleans possesses the ball at its own yard line. The resort's new bookmaker openly boasts that it's bringing the pace and style of Wall Street trading to betting on baseball, football, and basketball—and dabbling in everything from horse racing to golf. Newly updated odds appear. Cantor's latest innovation is the Midas algorithm, which is constantly being refined and fed reams of new statistical data. To many people on Wall Street, gambling is a dirty word. From the point of view of casino owners, the result of a sporting event is incredibly uncertain, and they have no control over it. Cantor will make that money by taking far more bets than are made at present, enough that the vigorish will dwarf the income other casinos now make with their smaller and safer sports books. The Resolution The Vikings don't turn over the ball, but they do end the drive with a punt. Casino executives neglect sports books because taking bets on athletic events seems like a risky proposition. Since , the sports book at the M has been run by Cantor Gaming , a division of the Wall Street financial services outfit Cantor Fitzgerald. The stigma associated with the term became even more pronounced after the financial meltdown of late At Senate hearings this April in which Goldman Sachs execs were grilled about the collapse of their mortgage-backed securities—a collapse that threatened to bring down the entire US economy—the worst put-down that senator Claire McCaskill of Missouri could conceive of was, "You had less oversight than a pit boss in Las Vegas. Amaitis' scrappiness and his willingness to use technology to open untapped markets fit right in with the ethos of Cantor Fitzgerald. While it's true that the real estate division of Goldman did acquire the Stratosphere, two branches of Arizona Charlie's, and another Nevada outfit in April , Goldman execs aren't telling The Wall Street Journal that they want to "turn gamblers into traders" the way Amaitis is. The Play The Vikings have only 79 seconds to go 64 yards if they want to take the lead. The Resolution Oof. The veteran sports bettor would rather not reveal his full name, but he's happy to share the details of his wagers. For all these reasons, many casinos have decided that it's best to minimize their risks by posting odds that stay in line with those of the other casinos in town, keeping betting limits low, and discouraging wagers by expert gamblers. The game is the market. But Cantor is small enough that nobody on Wall Street really worries about what they're up to. They like guests to play craps, slots, and baccarat, games in which a favorable outcome for the house is all but guaranteed. But Amaitis wishes he could take more granular bets before kickoff. It was in the thick of this debacle, March , that Cantor Gaming rolled out its M Resort sports book operation, an enterprise that flagrantly, deliberately blurs the line between investing and gambling. Translation: Ka-ching! And a major upset can require a huge payout. Cantor has generated a lot of buzz with the original technology behind its sports book operation, especially the eDeck tablets—touchscreen wireless devices that can be used to bet from anywhere in the casino. Jimmy's a third of the way there. The first pitch is a swing and a miss. Even with Midas, however, sporting events are too volatile for Cantor to always end up on the right side of all the wagers it takes. But that's OK: The point isn't to nail the outcome of every contest; that's a sucker's game. After all, more opportunities to bet means more commissions for Cantor. Jimmy squints through his glasses at the screens in front of him as Peralta goes after the second pitch. The system is robust enough to handle the play-by-play handicapping that keeps Jimmy E. Not money earned—just total bets taken. The Play Minnesota has the ball on its own 18 and is again making risky pass attempts. Pressed further on this point, Amaitis insists that he doesn't worry about the potential for stigma. The Play Minnesota has 89 yards to go if it wants to even the score. It is, after all, the firm that in became the first to do fully electronic US bond market trades with customers. More than two-thirds of its New York staff perished, and the company's primary data center was decimated. You'd also be able to set it up to place a bet on the other side, say, if that number drops from six to four. Amaitis is sitting at the rear of the M sports book, looking commanding in a sharp black suit and a white shirt that's open at the neck. Amaitis insists that Cantor's gambling operation is no more likely to cause a stink than the fact that Goldman Sachs bought four casinos. Another miss. Once your bids are in, you won't even have to watch the game. Conversely, many traditional investment houses are eager to dismiss newfangled equity trading techniques as something closer to spins of the roulette wheel than to long-term investment strategies. And that does seem to be the plan. Experienced sports bettors, known as smart-money gamblers, can win far more steadily than someone playing roulette or pai gow poker. The ideas that led to Midas were born almost 15 years ago, over a lavish dinner at Cliveden House, an elegant manor outside London.{/INSERTKEYS}{/PARAGRAPH} And that is not an accident. After an epic drive, Vikings kicker Ryan Longwell completes a yard field goal. {PARAGRAPH}{INSERTKEYS}Jimmy, a fiftyish man in Bermuda shorts and Crocs, sips green tea as he surveys his options on three small monitors in front of him. Cantor is a private company that derives much of its income from being the middleman in trades between major banks. Jimmy looks a little drained by the accumulation of microdramas. You think those guys are stupid? He likens the Midas program's abilities to Wall Street's first foray into computerization nearly 40 years ago, before people realized how the increased speed of trading opened up many exciting—or frightening, depending on your point of view—new investment opportunities. He also has a gut instinct that the next man up to bat, the Tigers' Jhonny Peralta, is going to strike out. When your wins are effectively balancing out your losses, the vigorish starts to add up. Before the game begins, you'll be able to set your account so that a bet will automatically be placed if, for example, a team is ever a six-point underdog. Other big casinos in town give sports gamblers a narrow range of betting opportunities and a limited amount of time in which to bet. Why aren't they being pilloried? But a skeleton crew of Cantor staffers was able to get back online and resume trading just 48 hours after the attack. Vegas has never seen this level of technological firepower, but Amaitis insists that it's just the beginning. In this light, Cantor's business model begins to look more like E-Trade than a conventional sports book. The Resolution A yard touchdown pass from Favre with 40 seconds to go. Others wander around the floor clutching touchscreen tablet devices that they use to tap in spur-of-the-moment wagers. This year, Cantor was accepting bets on the outcome of NFL games months before the season started.