Originally posted on 10/23/2013:

I believe that if you're a person who is inclined to risk - it is largely in-born. And you can't deny who you are or you'll be denying yourself a lot of what life is all about. Gambling is a very challenging pursuit. It can actually be the source of much joy in life - but you better learn to do it right - or you are dooming yourself and those around you to a lot of pain. I'm 65 and have been gambling all my adult life (actually a little longer). Have seen it all. I can honestly say it has worked for me - but only because I learned to respect the dangers of gambling early on. It is brutally unforgiving of any ignorance or lack of discipline. The wolf is always at the door. You have to have complete understanding of every aspect of whatever specific game you are playing (there are few at which you even have a chance) - and most critically an appreciation/respect for the vig you are fighting - plus also develop iron clad rules for yourself so you never get sucked into making the play you have to win. In sports - I've seen a lot of really great handicappers go down the tubes because they were bad gamblers. The words are not synonymous. There's a major distinction between the two. A great example would be Pete Rose. Who knew or will ever know the game better than Pete? Yet he lost his ass betting baseball - because he was a bad gambler. If you're going to pursue this you better master both.