Memoirs of a Gambler - Blackjack

With the buzz of a $270 million dollar jackpot swirling in the air and suggestions to dream big and that I never know what could happen, I was moved to write about a topic near and dear to my heart, gambling. As I spend my expected 2008 IRS Tax Rebate money on lottery tickets, I am overcome by the familiar and uncontrollable urge to think about what I would do with the money I am about to win. Although such grandeur hopes have always been met with disappointment, I am sure this time it will be different. Why else would I play? Albert Einstein once defined insanity as "doing the same thing over and over again and expecting different results". Although I am not certifiably insane, I am stricken with a similar disorder of irrational thinking - gambler mentality.

Flashback - December 17, 2005 at the Tropicana Casino/Resort in Atlantic City, NJ

It is about 11 pm on a Saturday night and I sit at one of the few $15 minimum blackjack tables. I cash in $195 (high rolling, I know) figuring that I need to lose at least 13 (my lucky number) minimum bet hands in a row to lose all my money.

First hand, I play $15 and dealer shows an 8 and I have a king and a ten, I stand, he flips over his hole card, a 10, and I am straight (my stack=$210).

Second hand, another $15 bet to "feel" the shoe, dealer shows a 5 and I have 8 2, I naturally double down, next card a 4. After sarcastically commenting about my good luck, I stand, dealer shows a hole card 10 and proceeds to bust after drawing an 8 (my stack=$240).

Third hand, yet another skeptical $15 wager, dealer shows a 9 and deals me a blackjack. Maybe today was my lucky day (my stack=$262.50).

Fourth hand, I get aggressive, betting a whopping $22.50, dealer shows a 6 and I have 10 5. I stand hoping that the dealer will bust. Dealer turns over an 8, draws an ace then a king, 25, bust, the tables celebrates (my stack=$285). I think to myself, Sweet, it has only been bout 10 min and I already have a 50% return on my money, beat that stock market. The noise at our table and the general look of content on our faces was more than enough to attract a few people looking to get in on the action.

Fifth hand, 4 for 4 so far, I'm hot, so I place $25 in the betting circle and before the dealer gets the chance to deal, a young woman (lets call her Jane) flanked by two of her giggling cohorts cashes in $40. She bets $15, I am still at $25 and the dealer shows a 6 and I have 3 8 so I eagerly double down, a 6, hmmm... 17, no worries, he'll bust. Jane is dealt a 9 4 and to my horror and the horror of the other players, she hits, dealer hesitantly turns her over an 8. Jane and her friends cheer while the rest of the table watches anxiously as the dealer turns his hole card over revealing a 10. As the dealer pulls out the next card from the shoe, the mounting suspense is dissipated by swears and groans as the dealer apologetically reveals a 4, 20, @#%!. Jane and company celebrate oblivious to the scathing stares from me and the other victims on the table (my stack=$235, Jane's stack=$55). This stupid girl doesn't know how to play, damn newbies, always making me lose money, I should stand up.

I put $25 in the betting circle and Jane plays $20, sixth hand. Dealer shows a jack and I have 10 5 so I hit and receive a 3. Jane has queen 4 and after much deliberation with her friends, stands. Dealers turns over a queen (my stack=$210, Jane's stack=$35).

Seventh hand, I play $15 with the rationale that a loss will only bring me back to square one, Jane bets $20. Dealer shows a 9, I have 10 7 and Jane has 10 8. Dealer turns over a queen (my stack=$195, Jane's stack= $15). Man, three in a row already and I've lost all my winnings, I should really get up from this table.

I place $15 in the betting circle; Jane plays the last of her chips. Eighth hand, dealer shows an Ace, I have 9 5 and Jane has 10 2. Thinking that a 14 was not worth insuring, I decline the dealer's offer. Jane also declines although I don't think she really understood what was happening. After sweeping his hand over the cards to reconfirm that no one took insurance, the dealer turns over a 10. The table boos while Jane's corner whimpers at their misfortune (my stack=$180, Jane's stack=0). I should really get up, this dealer is killing me. Jane then stands up and leaves the table with her friends. My heart rejoices and with a renewed optimism, I wager $20.

Ninth hand, dealer shows a 5 and I have 8 8 so I put up $20 to split them. For the first 8, I'm dealt a 2 so I put up another $20 wager to double down, a 9. For the second 8, the dealer gives me a third 8. Recounting to the dealer and my fellow players about how I have fantasies about a set up like this one, I split again. For the second 8 a 7 and for the third 8, a 3. "Wow, I guess I have to do it" I said to the dealer and put up yet another $20. Now with a total of $100 on the table, my palms moisten as the dealer turns over his hole card, a 6. All is lost, I thought to myself. The dealer reaches for and turns over his next card, a 3. "Yes!" I exclaimed and standing up from my seat and in a mock Chinese accent I call for the almighty "Monkey!" (casino slang for 10) to come out. The dealer slides the next card from the shoe and I try to synchronize a table slap with the dealer's turn of the card. As I vehemently slapped the table, the dealer turned over a 7. Doing the math twice to make sure it was really 21, I slumped back into my chair and watched helplessly as the dealer struggle to clean up the mess of cards and chips in from of me (my stack=$80). Damn me, I should have gotten up when I was flat. I'm already down $115, I can't stop now. Either I get back to flat or I lose it all.

Tenth Hand, I bet $30 since I can't imagine seeing myself making a comeback $15 at a time. Dealer shows a jack, I have 10 3, I hit, a 9, bust (my stack=$50)

"Lets not waste anymore time. I am my father's son and I am here to gamble" and with such declaration, I go all in, $50. Dealer shows a 9, I have 10 4. I hit, a queen, bust (my stack=0, my mood=horrible). What a bad way to go, the dealer didn't even get a chance to bust. I knew I should have gotten up when I was winning.

This particular turn of events is 90% true. The only discrepancy is my poor memory of the actual cards that came out for each hand. This night was memorable not only because it happened so quickly but because a bulk of my casino visits have been very similar to this one. Although the dollar amounts and number of hands played maybe different, the scenarios presented in this flashback occur all the time. This story also contains many examples of the gambling mentality. To understand gambling mentality it is necessary to know:

Why do people gamble?

• The allure of "easy" money is addicting - If you make $100 a day doing hard manual labor, and if you can win $100 in 10 minutes by playing cards, which would you prefer.
  

• To obtain immense wealth unobtainable through hard work - A dollar and a dream, that's all you need. No matter how hard some people work, they will never make $270 million. At casinos, any lucky streak in any casino game will make you tons of money.
  

• The excitement of putting something on the line - Thrill seekers can get a rush from knowing they can lose it all. Adrenaline and Serotonin can come into play.
  

• It's a behavioral psychology thing - The best way to motivate people to perform a certain activity is to give them rewards only some of the time. If people are constantly rewarded, they would get bored of the activity and the effectiveness of the reward will also decline.
  

• It isn't gambling at all - Some people play games that have a skill aspect in addition to the chance aspect such as poker. Card counters, who swing the win percentages slightly in their favor for blackjack by accounting for the history of cards, is another example for skill coming into play. Most of these people are professional gamblers because they possess an edge that can provide them with sustainable consistent income in these "chance" games.
  

What is the Gambling Mentality?

• Attributing Meaning to Things that Don't Have Meaning - Gamblers have a tendency to imbue meaning on things that are otherwise meaningless and this manifests itself in superstitions and signs. Unlucky dealers, elaborate routines, and unwashed lucky socks are all part of the gambling mentality. Gamblers tend to often mistake correlation for causation.
  

• Feelings of Control - Gamblers see chance games as something they can control. The more they play the better they get at it. There is a sense of skill mastery. You can see why with this mentality, gambling can get so addicting. How many people do you know that are "experts" at gambling or have a "winning strategy" to beat the house? Gamblers feel that as long as they play the "right way", they will win money.
  

• Skewed Views - Gamblers have a skewed perspective on outcomes relating to chance events. While a regular person might view a losing streak as a string of losses, a gambler might see the same losing streak as a string of near misses with each loss bringing him/her closer to a win. In most casino games, the probability to win for each wager is the same for every other wager. Just because red comes up on the roulette table, the chance for it to land on red or black on the next roll is still the same as for the previous roll. So just because one loses 8 times in a row, it does not make it any less or more likely that one will win on the next roll. When it comes to games of chance, the probability of the future outcome for the most part is independent of the historical outcome.

From some of the observations mentioned about reasons for gambling and gambling mentality, it is no wonder why casinos can look like palaces and still give complimentary room, meals and awesome amenities. Casinos stay in business not because of beginning gamblers that don't know basic strategy but because of the veteran expert gamblers who roll their eyes and make a fuss when their gambling flow is ruined by people who "don't know how to play". Most people lose when they go against the house but because they feel with every loss they are one step closer to winning, they persist so they can one day get that big payout. If they ever do get that big pay out, they will probably be more entrenched in this vicious cycle because now they've received some positive reinforcement from all their efforts.

I won't lie, I like to gamble and I can't say whether gambling is good or bad but I can say compulsive gambling is bad. Know your limits and if you can no longer control your own actions, it is time to get some help from groups such as Gamblers Anonymous or 1-800-GAMBLER.

Feel free to give accounts of your own gambling exploits or share your thoughts about this and other posts by leaving comments.

Stay tuned for more recollections in the Memoirs of a Gambler series.

Recommended Reading: Busting Vegas by Ben Mezrich