12 Effective Tips to Get Rid of Gambling Addiction
September 10, 2016
Here are some useful tips regarding lifestyle changes to get rid of a gambling addiction.
. ‘Problem gambling’, also known as ‘ludo mania’, can destroy the life of the gambler and also of his/her family members. To experience the same excitement, he needs larger wagers or more frequent gambling.
There are chances that he has other psychiatric problems at the same time; for example, substance use disorder, mood and anxiety disorder, personality disorder, etc. Despite being aware of the serious negative consequences, or despite having a strong desire to quit, he cannot stop himself from gambling. Researchers have noticed increased rates of mental health disorders in gamblers with severe ludo mania. Study results show that a gambler who has not been treated for compulsive gambling during his desperation phase is likely to commit suicide. He lies to his family and friends, borrows money, and loses control over his mind and behavior. As he spends more gambling, he requires more money to recover his losses. Gambling addiction is referred to as ‘compulsive gambling’ or ‘impulse-control disorder’, where the behavior of the gambler is similar to that of a person who has substance addiction.
When an individual realizes that gambling is destroying his family and social life, he thinks of quitting, but in just a few hours or within a couple of days, he is again found in a gaming zone or casino. When a gambler with severe ludo mania meets certain criteria, the condition is diagnosed as ‘clinical pathological gambling’. Addiction to gambling at a young age increases the risk of suicide. But studies show that suicide attempts are usually made by older people with problem gambling. He may lose his job and may commit crimes to get money for gambling. Analysis of casino customer data may help identify problem gamblers, but casino owners do not share this data for fear of losing their most lucrative customers (may be 25 – 50%)
Report: Pete Rose bet on baseball while he was a player
September 9, 2016
Ray Genco, Rose’s attorney, released the following statement from Rose to CBSSports.com:
“Since we submitted the application earlier this year, we committed to MLB that we would not comment on specific matters relating to reinstatement. I might be six feet under, but that’s what you have to live with.”
As recently as April 23 of this year, Rose denied that he ever bet on baseball as a player, according to CBSSports.com. © 2015 CBS Interactive Inc. But he has been banished from the sport – and the Hall of Fame – as punishment for his gambling.
According to ESPN, the incriminating documents are copies of pages from a notebook that were seized in 1989 during a raid of one of Rose’s associates, about two months after Baseball Commissioner Bart Giamatti exiled Rose from baseball. The raid stemmed from a mail fraud investigation and was not related to Rose’s gambling, ESPN reported.
Pete Rose bet on baseball games while he was a player for the Cincinnati Reds, according to documents obtained by ESPN, a report that would contradict Rose’s claim that he only gambled on baseball as a manager.
“I don’t know if I’m going to live to see it,” Rose said. All Rights Reserved.
According to the notebook obtained by ESPN, Rose bet extensively on multiple sports from March to July 1986, when he was both a player and manager for the Reds.
Rose is baseball’s all-time major league hits leader.
Last Updated Jun 22, 2015 2:42 PM EDT. I need to maintain that. To be sure, I’m eager to sit down with [MLB Commissioner Rob] Manfred to address my entire history – the good and the bad -and my long personal journey since baseball. “Someone, at some period of time, will feel it in their heart to give me a second chance. That meeting likely will come sometime after the All-Star break.”
When asked last year by CBS’ Lee Cowan if he feels he will ever get into the Hall of Fame, Rose said yes
College Football Articles | HubPages Sports and Recreation
September 9, 2016
They say that one bad…
The annual USC vs. There are many reasons why this is the case, including the fans, hype and alumni. UCLA game gets nationwide attention and spurs numerous celebratory activities here in Los Angeles. While college football is third behind Major League Baseball, here are 20 reasons why it still remains better than pro football.
Why do people hate the Ohio State Buckeyes ?by Mark3 years ago
The Ohio State Buckeyes, mainly the football program, is arguably the most hated team by fans across the country. UCLA football gameby Joan Hall23 months ago
The USC vs. Audience participation poll.
Top 10 Largest College Football Stadiumsby Pencho Marinov3 years ago
This is the list of the Top 10 College Football Stadiums!
Fact not fiction, Dan Quinn style: the Greatest Defensive Play in Football Historyby Alex Munkachy3 years ago
Linebacker Dan Quinn, after making the greatest play in football history for Notre Dame against Pitt, angers a crooked coach and finds himself trapped in the middle of a sinister gambling conspiracy.
2016 SEC Football Schedule Breakdownby Corey Martin9 days ago
The College Football Bowl Season and the Bully that is ESPNby Larry Rankin8 months ago
The following article analyzes the stranglehold that ESPN currently has on the college football bowl season.
Ohio State University, Harley Field and Chic Harley Stadiumby Patty Inglish10 days ago
Opened in 1922, Ohio Stadium was built because OSU running back Chic Harley drew such large crowds to the old, small Ohio Field, that they needed a larger place to play!. What makes them so good?
EDITOR’S CHOICETop 20 Reasons Why College Football Is Better Than Proby Bill Sego2 years ago
Nobody can say pro football is not the most popular sport in America. For your enjoyment, included are 2013 uniform introduction videos and pictures. Who Is The Greatest College Quarterback of All Time?by MikeBig2 years ago
There is much debate on who is the greatest quarterback to touch the college gridiron. It’s a week-long party for the students, alumni, and fans of two great colleges.
Best 2013 NCAA College Football Uniformsby Julie Grimes21 months ago
Take a look at the best collegiate NCAA football uniform changes for 2013
Football betting – how to win regularly
September 9, 2016
This newsletter carries free tipping advice on sports including football and horse racing.
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The free sports newsletter is a well established publication with an army of fans – because the advice in it works.
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Arbitrage Spreads | Reuters.co.uk
September 5, 2016
The Offer Price per Share (OPPS) is the amount the acquirer offered for each share of the target company.
The Target Price is the latest trading price (delayed by at least 15 minutes) for the Target company’s shares.
The following table shows the arbitrage spreads for proposed mergers and acquisitions of global companies. If the offer terms include a stock component, the offer price per share will fluctuate based on the share price of the acquirer. Historically, the wider the spread, the more investors doubt a deal will close..
All Deal Value, Target Price, and OPPS figures are converted to U.S.
Arbitrage spreads measure the difference between the offered takeover price and the target company’s current trading price
September 5, 2016
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Gambling With Your Taxes: How to Report Your Wagers
September 5, 2016
No Wager, No Gamble
It’s important to note that sweepstakes winnings may or may not be considered “gambling income.” It depends upon whether contestants are required to purchase anything. It’s not a lot, but when you’re living on Social Security an extra $50-100 is a big help. explained that three conditions must exist for an activity to be considered “gambling.” There must be: 1) a prize, (2) a chance, and 3) consideration paid by contestants.
. in favor of a taxpayer. I know we’re supposed to report these winnings but I’m not sure if I need a special tax form or can put this on the 1040-EZ we usually file? Can I deduct my losses?
Furthermore, you can only deduct losses up to the amount of your winnings- you can’t deduct losses over and above the amount you win. Publications 529, “Miscellaneous Deductions,” and 525, “Taxable and Nontaxable Income.” You can download these from the I.R.S. website, www.irs.gov, or order them by calling 1-800-TAX-FORM.
Gambling winnings are considered income and must be reported. (With tangible prizes you have to report the cash value.)
On the other hand, just this month the Tax Court ruled against the I.R.S. It doesn’t matter if your prize is cash, a new car, or a vacation. It also didn’t help that Remos’s name wasn’t on the printout, so there was no way for the court to know if it even applied to him!
Unfortunately, if you have gambling income, the only income tax form you can use is the long, “Form 1040.” The total amount of your winnings for the year is entered on Line 21.
Last year the Tax Court ruled that although a taxpayer had the records to prove she played the slots on a regular basis, she didn’t do so on a full-time basis. In other words, did you put up something of value, i.e. In case you have any doubts, re-read paragraph two above. (Can you already see where this case is headed?)
This point was painfully driven home to Bill Remos last year. You end up with $5,200 in gambling losses.
Section 61 of the Internal Revenue code is pretty clear:
“gross income” must be reported and includes “all income from whatever source derived.”
If betting on the lottery is your thing, then hold on to your ticket stubs. The court said the fact that he spent about 250 days a year gambling and handicapping horse races demonstrated that he pursued this activity with “regularity.” Based on the documentation provided, the judges also found that the taxpayer conducted his gambling in a “businesslike” manner with the intent of generating a profit.
Furthermore, Remos claimed that he actually lost more than he won in 1999, so this completely offset his winnings and wiped out any income tax that he might owe. Since you didn’t wager anything to participate in the sweepstakes it isn’t considered “gambling.” Remember: you can only deduct gambling losses to the extent you have gambling income.
Thanks for your help,
This week, Gail explains how you need to deal with those big gambling wins (you hope)!
Document Your Deduction!
What would have helped Remos? A running diary of the dates he gambled, the amounts wagered, amounts won, and any expenses incurred. the amount of those losses on the basis of the record at hand.” He lost the case.
What if you’re a professional gambler? In this case, you can deduct your gambling losses as a business expense on Schedule C. The court is very clear that the burden of proof is on the taxpayer to demonstrate s/he sustained any losses.
The Tax Court acknowledged that although Remos “most likely had some gambling losses during the year, we are unable to determine… take a gamble?
Provided you’ve kept good records, you can deduct your gambling losses. discovered that Remos had failed to report $50,000 he’d won at blackjack in 1999 and ordered him to pay back taxes plus a penalty for “underpayment” of taxes.
You can find out more about reporting gambling winnings/deductions from I.R.S. It’s a lot of fun, plus they provide a free dinner. Supreme Court has ruled that for an activity to be elevated from the level of “hobby” to constitute a “trade or business” it must be “pursued full time, in good faith, and with regularity, to the production of income for a livelihood.”*
If you miraculously win the magazine sweepstakes, you won’t be able to use your lotto losses to offset this income. She admitted that her primary source of income was her flower shop.
You’d better report it, too.
In some cases, the sponsor of the contest will provide you with Form W-2G spelling out the exact value of your winnings and whether any federal tax was withheld. you send in your entry but don’t sign up for any magazines.
Hope this helps!
Over the course of the year, although you spend $5,200 on lotto tickets, you never hit the jackpot. But even if you don’t receive this, you’re legally required to report any prizes you win.
If you have a question for Gail Buckner and the Your $ Matters column, send them to: firstname.lastname@example.org , along with your name and phone number.
The U.S. This includes the proceeds from such things as betting on horses, slot machines, black jack, bingo, the lottery, etc. Thanks to an audit, the I.R.S. However, you should be aware of the higher standard of proof required.
Remos’ defense? He testified that the pit boss at the casino had told him that winnings you receive on a gambling table are not considered “income,” while money you win from a slot machine is. The benefit is there is no 2% threshold you have to exceed- every dollar is deductible. Don’t ask me why, but I usually come home with more money than I left with. You don’t need the casino or racetrack to sign off on the record you keep, you just need to document how much you bet and the payouts you received.
Like a lot of retirees, my husband and I like to occasionally head to one of the riverboat casinos about an hour from our home. For instance, if your total gambling winnings amount to $2000 and your losses add up to $2,500, the maximum amount you can list as a Miscellaneous Itemized Deduction is $2,000.
Thus, she was not entitled to deduct her gambling losses as a business expense.
*[Groetzinger], 87-1 USTC Paragraph 9191,480 U.S. But you don’t do this by subtracting them from the total amount of your winnings. is going to police the bingo game played in the church basement. You also respond to those contests aimed at generating magazine subscriptions where the chance of winning is one-in-a-gazillion.
To see how this might come into play, suppose you spend $10 per week on lotto tickets. Instead, they are considered a “Miscellaneous Itemized Deduction.” This means that your gambling losses won’t reduce your tax bill unless they, and the other items you list under “Miscellaneous Itemized Deductions” (such as tax return preparation fees and home office expenses) add up to more than 2% of your Adjusted Gross Income.
Click here to visit FOXBusiness.com’s Tax Planning page.
Realistically, it’s not likely the I.R.S. Furthermore, let’s assume that when you enter these contests you don’t take the bait, i.e. In court, he submitted a computer printout from the casino that listed such things as “money in” and “money out,” but he couldn’t explain how the numbers were generated. But if your prize comes to more than a few bucks, there’s a good chance the organization sponsoring the activity is going to report it to the I.R.S.
In a Technical Advice Memorandum (T.A.M.) issued in 2004, the I.R.S
September 4, 2016
Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds. In some cases the situation arises when there are very high potential payouts by the bookmaker, perhaps due to an unintentional error made while quoting odds. In some sports different bookmakers deal with outcomes in different ways (they differ in their handling of – for example – player withdrawal due to injury in tennis, overtime in ice hockey), meaning that both “legs” can lose. Those errors might temporarily have an important impact. A key advantage to scalping on one exchange is that most exchanges charge commission only on the net winnings in a particular event, thus ensuring that even the smallest favorable difference in the odds will guarantee some profit.
Arbitrage betting involves relatively large sums of money for 98% of arbitrage opportunities return less than 1.2%. The practice is usually detected quickly by bookmakers, who typically hold an unfavorable view of it, and this can result in half of an arbitrage bet being canceled. Arbitrage using only the back or lay side might occur on betting exchanges. Websites and bet placement interfaces differ between bookmakers, so that arbitrage bettors need to be familiar with different web interfaces. However, the commission charged by the bookmakers and exchanges must be included into calculations.
The advantage over usual betting arbitrage is that it is a lot easier to find bets with an acceptable loss, instead of an actual profit. As many bookmakers require a certain turnover of the bonus amount, matching money from different bookmakers against each other enables the player to in effect quickly “play free” the money of the losing bookmaker and in effect transfer it to the winning bookmaker. Below is an explanation of some of them including formulas and risks associated with them. Retrieved 19 March 2014.
^ “How quickly is temporary market inefficiency removed?” Ben R. Loss of deposited money into a bookmaker could occur. Marshall The Quarterly Review of Economics and Finance 49 (2009) 917-930
Retrieved from “https://en.wikipedia.org/w/index.php?title=Arbitrage_betting&oldid=734162141″
The bookmaker’s return rate is 1-(1.25*3.9)/(1.25+3.9)=5.34%displaystyle 1-(1.25*3.9)/(1.25+3.9)=5.34%, which is the amount the bookmaker earns on offering bets at some event. a game which can be won, lost or drawn) having the odds o1displaystyle o_1 for Outcome 1, o2displaystyle o_2 for outcome 2 and o3displaystyle o_3 for outcome 3 with their respective bids being b1displaystyle b_1, b2displaystyle b_2 and b3displaystyle b_3 and sum of the bids being B.
Many bookmakers offer first time users a signup bonus in the range $10-200 for depositing an initial amount. In the context of sports arbitrage betting a scalping trader or scalper looks to make lots of small profits, which in time can add up. However, frequent punters may be subject to a discount of up to 60%, i.e. While making deposits is usually made easy and quick, making withdrawals often requires proof of identity in the form of passport/driver license, copies of which need to be shared with the bookmakers via fax/email or even postal mail, which causes additional identity theft risks. More often profits exists around the 4% mark or less.
Shop arbitrage (sharbing)
In Britain, a practice has developed in which highly experienced “key men” employ others to place bets on their behalf, so as to avoid detection and increase accessibility to retail bookmakers and allow the financiers or key arbitragers to stay at a computer to keep track of market movement.
Betting exchanges such as Smarkets have opened up a new range of arbitrage possibilities since on the exchanges it is possible to lay (i.e. This discrepancy can be used to obtain a profit.
While often claimed to be “risk-free”, this is only true if an arbitrage is successfully completed; in reality, there are several threats to this:
Stake in outcome 1
Stake in outcome 2
Odds for outcome 1
Odds for outcome 2
Return if outcome 1 occurs
Return if outcome 2 occurs
This type of arbitrage takes advantage of different odds offered by different bookmakers. 1. They typically demand that this amount is wagered a number of times before the bonus can be withdrawn. Scalping is not actually arbitrage, but short term trading. They offer the following Fixed-odds gambling on the outcomes of the event:
Arbitrage is an extremely fast-paced process and its successful performance requires lots of time, experience, dedication and discipline, and especially liquidity.
There are a number of potential arbitrage deals. For an example of an event with only two possible outcomes (e.g. The bettor can repeat the bet that has been cancelled so as minimize the risk, but if he cannot get the same odds he had before he may be forced to take a loss. In case outcome 2 comes out, one could collect r2=$36.67*3.9=$143displaystyle r_2=$36.67*3.9=$143 from bookmaker 1. “Reward without Risk? An Introduction to Arbitrage Betting and the Asian Handicap”. Therefore, in order to reduce “losses” on the free bet, it is necessary to place a bet with high odds, so that the percentage difference of the decrease in odds is minimised.
Back-lay sports arbitrage is often called “scalping” or “trading”. High street bookmakers however, offer their odds days in advance and rarely change them once they have been set. However, it is relatively time consuming to find close matched bets or arbitrages, which is where a middleman service is useful. a tennis match – either Federer wins or Henman wins), the two bookmakers have different ideas of who has the best chances of winning. Although arbitrage betting has existed since the beginnings of bookmaking, the rise of the Internet, odds-comparison websites and betting exchanges have made the practice easier to perform. Accordingly, profits accumulated through 20-40 successful arbitrages can be lost on a single failed bet.
Won arbitrages realized via betting exchanges are typically subject to a commission fee of about 4-5%. If one wishes to place stake s1displaystyle s_1 at outcome 1, then one should place s2=s1*o1/o2displaystyle s_2=s_1*o_1/o_2 at outcome 2, to even out the odds, and receive the same return no matter the outcome of the event.
Shop arbitrage (also known as sharbing or shop-arbing) is the process of using a betting shop’s coupons and a betting exchange to create an arbitrage position. In theory a trader could turn a small investment into large profits by re-investing his earlier profits into future bets so as to generate exponential growth. The table below introduces a number of variables that will be used to formalise the arbitrage models.
Bookmakers generally disapprove of betting arbitrage, and restrict or close the accounts of those who they suspect of engaging in arbitrage betting. This effectively reduces the odds, in decimal format, by 1. Usually these gaps will be in the order 8 – 12%. However, repetition of this stroke of luck is unlikely, assuming the bookmaker has calculated the odds so they make a profit.
The amount required to bet on each possibility in order to ensure profit can be calculated by
Placing a bet of $100 on outcome 1 with bookmaker 2 and a bet of $100*1.43/3.9=36.67displaystyle $100*1.43/3.9=36.67 on outcome 2 at bookmaker 1 would ensure the bettor a profit.
Or in other words, if there are two outcomes, a 1/1 and a 2/1, by covering the 1/1 with $500 and the 2/1 with $333, one is guaranteed to win $1000 at a cost of $833, giving a 20% profit. Many jurisdictions allow bookmakers to cancel bets in the event of such a “palpable” ["obvious"] error in the quoted odds This is often loosely defined as an obvious mistake, but whether a “palp” in fact has been made is often the sole discretion of the bookmaker.
As well as spending time physically matching odds from various bet sites to exchanges, the other draw back with bonus bagging and arbitrage trading in this sense is that often the free bets are “non-stake returned”. On the other hand, these changes also made it easier for bookmakers to keep their odds in line with the market, because arbitrage bettors are basically acting as market makers.
1.1 Using bookmakers
1.2 Back-lay sports
1.3 Bonus sports
1.4 Shop arbitrage (sharbing)
So for 2 odds o1displaystyle o_1 and o2displaystyle o_2, where o1-1+o2-1<1displaystyle o_1^-1+o_2^-1<1. Arbitrage using back and lay side is possible if a lay bet on one exchange provides shorter odds than a back bet on another exchange or bookmaker. Numerous online arbitrage calculator tools exist to help bettors get the math right. a passport/ID copy). a minimum commission rate of 3%).
Smaller betting exchanges may not be able to deal with consistently winning punters.
Mathematics of bookmaking
^ Cortis, Dominic (2015). TBR. Thus, the risk of seeing bets revoked is also often much higher for arbitrages found via such tools than for arbitrages found manually, that are not shared with other arbitrage bettors.
Arbing often involves making use of bookmaker bonuses which usually require substantial transactions before being eligible for withdrawal, thus reducing total liquidity.
Foreign currency movements can wipe out small percentage gains and can make quick calculation of stakes difficult.
Transferring funds between bookmakers and ewallets may create additional costs at some point; most bookmakers and/or ewallets limit deposits to certain amounts per month.
Withdrawals are often limited to a certain amount per month or to a certain number of free withdrawals per month
Withdrawals are often charged for, not just on the side of the bookmaker, but sometimes also on the ewallet side (transfer to the bettor’s bank account).
In some countries, additional costs are imposed by government taxes, so that the final profit is further reduced by a fixed percentage of say 5% (Germany/Europe).
Professional arbitrage betting may eat up considerable time and energy and requires lots of experience and liquidity, as well as sufficient funds to recover from inevitable losses that will happen sooner or later due to the aforementioned reasons.
Typically, arbitrages have a profit margin of only 2-5% – many other arbitrages are regarded as “high risk” (“palps”). For example, one could actually make more money by placing the “wrong” bet where the outcome happens to be beneficial, though not justified by the arbitrage calculation. For example, arbitrage calculators can handle calculations for both book arbitrage (“back/back” or “lay/lay”) and “back/lay” arbitrage opportunities on an intra-exchange or inter-exchange basis, and is free.. Bonus sport arbitraging is a form of sports arbitraging where the bettor hedges or backs their bets as usual, but since they received the bonus, a small loss can be allowed on each wager (2-5%), which comes off their profit. Arbitrage betting is almost always insufficiently profitable due to detection, unreliable betting websites, limiting of stakes, hackers, and scammers that use high percentage arbitrages to trick bettors into providing security credentials.
From Wikipedia, the free encyclopedia
Betting arbitrage, miraclebets, surebets, sports arbitraging is a particular case of arbitrage arising on betting markets due to either bookmakers’ different opinions on event outcomes or plain errors. Journal of Prediction Markets. For example, the appropriate stakes may be incorrectly calculated, or be placed on the wrong “legs” of the arb, locking in a loss, or there may be inadequate funds in one of the accounts to complete the arb. Without rapid alerting and action, it is possible to fail to make all the “legs” of the arbitrage before it vanishes, thus transforming it from a risk-free arbitrage into a conventional bet with the usual risks involved. to bet against) as well as to back an outcome. all outcomes) of an event, whose implied probabilities add up to less than 1. In the bettors’ slang an arbitrage is often referred to as an arb; people who use arbitrage are called arbers.
By signing up to various bookmakers, it is possible to turn these “free” bets into cash fairly quickly, and either making a small arbitrage, or in the majority of cases, making a small loss on each bet, or trade. By avoiding most of the turnover requirements in this way the player can usually expect a 70-80% return on investment.
Arbers’ dedicated email addresses are subject to advertising campaigns from third parties which suggests that client data may be resold behind the scenes.
Bookmakers who encourage responsible gambling will close accounts where they see only large losses, unaware that the arbitrage trader has made wins at other books.
Capital diffusion is serious; many bookmakers make it very easy to deposit funds and difficult to withdraw them (requiring lots of additional information, and documents as proof of identity, i.e. In this way the bookmakers wagering demand can be met and the initial deposit and sign up bonus can be withdrawn with little loss.
Disappearance of arbitrage: Arbitrages in online sports markets have a median lifetime of around 15 minutes, after which the difference in odds underpinning them vanishes through betting activity. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. These arbitrages can have a lifetime of several hours.
Hackers: Due to the large number of accounts that have to be created and managed (containing personal details such as email, name, address, ewallet, credit card information and often even a copy of the bettor’s ID/passport or driver’s license), arbitrage traders are highly susceptible to cyber fraud, such as bank account theft. Since most bookmakers offer these bonuses this can potentially be exploited to harvest the sign up bonuses.
For an individual bookmaker, the sum of the inverse of all outcomes of an event will always be greater than 1. One would have invested $136.67, but have collected $143, a profit of $6.33 (4.6%) no matter the outcome of the event.
For arbitrages involving three outcomes (e.g. 1.25-1+3.9-1=1.056displaystyle 1.25^-1+3.9^-1=1.056 and 1.43-1+2.85-1=1.051displaystyle 1.43^-1+2.85^-1=1.051
For instance if one places a bet on outcome 1 at bookmaker 2 and outcome 2 at bookmaker 1:
Other potential problems include:
3 See also
In case outcome 1 comes out, one could collect r1=$100*1.43=$143displaystyle r_1=$100*1.43=$143 from bookmaker 2. It is in principle the same as the arbitrage using different bookmakers. This usually leads to unprofitable arbing as the most successful bookmakers are so adept at identifying arbitrage bettors.
Stake reviewal: Some bookmakers are known to accept only very small stakes by default, while requiring larger stakes to be manually reviewed before being accepted, which basically makes it difficult for an arbitrage better to determine if a leg was completely accepted or not, until it may be too late.
Bet cancellation: If a bettor places bets so as to make an arbitrage and one bookmaker cancels a bet, the bettor could find himself in a bad position because he is actually betting with all the risks implied. Mathematically arbitrage occurs when there are a set of odds, which represent all mutually exclusive outcomes that cover all state space possibilities (i.e. The idea is to find odds at different bookmakers, where the sum of the inverse of all the outcomes are below 1, meaning that the bookmakers disagree on the chances of the outcomes. Many bookmakers may now be using shared security servers in order to pinpoint people suspected of arbitrage betting; they can simply limit stakes to make arbing unprofitable and even close accounts without honoring a bet that was placed. In the long term, the benefit will depend on the odds. Bookmaker 1 will in this example expect to earn 5.34% on bets on the tennis game. Matching terms for all bookmakers is time consuming, requires lots of expertise and experience, while still being fairly error-prone.
Detection: There are very few bookmakers who openly tolerate arbing. 9.
^ Keynes, Milton. Making a return involves many bets spread over typically many bookmakers and keeping track requires good record-keeping and discipline.
Responding to an available arb may require transfer of funds from one bookmaker to another, through one or more ewallet accounts with each withdrawal requiring special approval.
While there are commercial software products and web services available to help with some of these tasks, they are complicated and may involve significant initial investments and monthly subscription fees.
Arbitrage bettors using software tools or web services to find arbitrages will often make an existing arbitrage even more prominent and obvious to the bookmaker because of the number of arbitrage bettors placing bets on the same outcome, so that the lifetime of an arbitrage found via such tools is often even much shorter than the average 15 minutes. Scalping relies on liquidity in the markets and that the odds will fluctuate around a mean point. Traders are often attracted to high odds comparison sites that yield high percentage profits per stake (5-30%); this is often used by hackers to lure a high number of arbitrage bettors that then place large sums of money on these arb’s, only to lose all of the profit and even entire savings in bank accounts to hackers or untrustworthy websites, which may further use the gathered data to sell personal data to criminals.
Making errors as an arber: In the excitement of the action and due to the high number of bets placed, it is not uncommon to make a mistake (like traders on financial markets). This is made possible because online prices change quickly to close these positions and betting shops are slower to change the prices on their printed coupons.
Reducing the risk of human error is vital being that the mathematical formula is sound and only external factors add “risk”
Crude tanker storage fleet off Singapore points to stubborn oil glut | Reuters
September 4, 2016
“And the paper market seems blissfully unaware of it.”
“The volumes of oil stored at sea in South East Asia – predominantly Singapore and Malaysia – appear to have increased significantly,” said Erik Broekhuizen, Global Manager of tanker research and consultancy at New York-based shipping brokerage Poten & Partners. This isn’t a trade play, it’s the oil market looking for places to store unsold fuel,” he added.
But the one-year contango for Brent crude futures has collapsed from $7.60 per barrel in January to just $4, far below the $10 that traders say is currently required to make floating storage financially attractive.
“Prices are unlikely to rise too much as the specter of glut is still there,” he said.
“Floating storage is unattractive economically, given the current term structure in crude futures,” BMI Research said this week.
The tankers are filled with 47.7 million barrels of oil, mostly crude, up 10 percent from the previous week, according to newly collected freight data in Thomson Reuters Eikon.
Judging by this, oil markets are still sickly: a fleet of 40 supertankers is currently anchored in the region’s coastal waters for use as floating storage facilities.
Despite this, BMI said that “the volume of crude in floating storage has risen sharply in recent months,” adding that the phenomenon was global, with floating storage up 19.5 percent between the first quarters of 2015 and 2016.
Yet flying into Singapore, the oil trading hub for the world’s biggest consumer region, Asia, reveals another picture: that a global glut that pulled down prices by over 70 percent between 2014 and early 2016 is nowhere near over, and that financial traders betting on higher crude oil futures may be in for a surprise from the physical market.
Storing oil on ships can be profitable when prices for future delivery of crude are higher than in spot market, a term structure known as contango, as long as future prices are high enough to offset tanker charter costs.
A trade financier at a European bank said there had been a “spike in interest from oil traders to finance their storage needs” since the start of the year as onshore facilities were almost full.
Both bankers declined to be identified as they are not allowed to speak to the media.
At a charter cost of more than $40,000 a day for a Very Large Crude Carrier (VLCC) that can store 2 million barrels, the contango is nowhere near steep enough to make it profitable to store oil on tankers for sale at a later date.
STORING AT A LOSS?
“There is clearly still far too much physical crude going around for the glut to be over,” said the European oil trader after flying in to Singapore. “The current volumes are the highest for at least the last five years.”
(Additional reporting by Florence Tan; Writing by Henning Gloystein; Editing by Richard Pullin)
SINGAPORE Prices for oil futures have jumped by almost a quarter since April, lifted by severe supply disruptions caused by triggers such as Canadian wildfires, acts of sabotage in Nigeria, and civil war in Libya.
In fact, the need to store oil is so strong that traders are calling up banks to finance storage charters despite there being no profit in keeping fuel in tankers at current rates.
“We are receiving unusually high amounts of queries to finance storage charters,” said a senior oil trade financier with a major bank in Asia.
Many participants in the physical market dispute recent notes from financial players like Goldman Sachs that forecast a further rise in crude futures.
“There has been quite a bit of bullishness from hedge funds in recent months, betting on higher oil prices, and even the analysts at Goldman Sachs have recently turned more bullish on oil prices,” said Ralph Leszczynski, head of research at ship broker Banchero Costa.. As Asia’s main physical oil trading hub, the number of parked tankers sitting off Singapore’s coast or in nearby Malaysian waters is seen by many as a gauge of the industry’s health.
“I’ve been coming to Singapore once a year for the last 15 years, and flying in I have never seen the waters so full of idle tankers,” said a senior European oil trader a day after arriving in the city-state.
That’s enough oil to satisfy five working days of Chinese demand, suggesting recent supply disruptions – which have mostly occurred in the Americas, Africa and Europe – have done little to tighten supply in Asia as Middle East producers keep output near record volumes in a bid to win market share.
“These queries come from traders fully aware that they will not make a profit from storing the oil
Tipping Slot Attendants In Las Vegas
September 4, 2016
It is all luck.
Just because I won a $500 jackpot does not mean that I am ahead $500. Out of all of these customers, one may hit a jackpot. You should decide for yourself whether you want to tip a slot attendant. For what? The slot attendant did nothing but take 3 minutes of her time to pay me my earnings. Did the slot attendant give me money last week when I lost money?
Tipping slot attendants is simply the right thing too do.
Others suggest that tipping the slot attendant is a waste of money and will never do it. It is very hard to survive in Las Vegas on minimum wage.
If you feel that you have received excellent customer service in a casino and want to tip the person or people, then go right ahead. They can get you paid out faster, and they will let the cocktail waitresses know that you tip so your drinks will come more often without waiting.
A slot attendant always needs to be polite and courteous to players regardless of whether they receive a tip or not. They can point you out too machines that tend to pay off more often. Did the slot attendant pitch in on the money I put in the machine? No. Here are both sides to the story.
The casinos that have tried to the no tipping policy have paid higher than minimum wage to their workers, but it was still not enough.
If I have to tip a slot attendant to keep him or her happy then I will simply spend my money elsewhere. I don’t think so.
Many people who like to tip say “well the slot attendant pointed out the good machines too use”. Every time those casino policies have failed.
If you win a jackpot and don’t tip the slot attendant, and then receive poor and rude service from the slot attendant, quit playing. A lot of their income is based on tips. Instead, the casino wants to verify that the win is authentic, and then have the slot attendant pay me my winnings.
The debate has raged on for years. Slot attendants do not deserve a tip and never have.
It is a scam. You should never feel forced to tip a slot attendant.
In todays world the casino could just as easily have the machine spit out a ticket and then I could take it to the cashiers’ cage to redeem my earnings. As For Slot attendants, the only thing they can do is be rude too you. If your slot attendant is rude, cash out, talk to a floor supervisor, and then move onto a new casino.
Their have been casinos in the past that have tried a no tipping policy. Good tips can encourage great customer service. Image Credit: (Flickr/sophistechate)
Become A Slot Tech In Las Vegas
All Day Long Buffets In Las Vegas
If you go to the same casino to play on a regular basis, a repeat customer, then you should always tip the slot attendants. The problem though, is that in order to survive the slot attendant needs to receive tips.
As for the other casino staff such as cocktail waitresses and blackjack dealers, if you tip or not is up too you. The slot attendant will then stare at you, hoping for tip. They point many customers to many different machines. Casinos want players to keep playing after they win a jackpot, not pack up and move to a competitor’s casino.
The debate on whether you should tip your slot attendant or not rages on. The slot attendants do not know any better then you do which gaming machines are the best too use.
No, Don’t Ever Tip the Slot Attendants
I gamble my own money, I get lucky and win $500, and now I am suppose to tip the slot attendant who simply paid me the cash? It is a scam. I call hors manure on that. I also do not have to stumble with placing 2-3 quarters in her hand each time she brings me a new drink.
Yes, You Should Always Tip the Slot Attendants
Slot Attendants generally work for minimum wage. I then usually receive many drinks and get them without waiting. Each night the slot attendants play a game of numbers. Maybe in the old days, before all of this new computer generated tickets, I would consider tipping the slot attendant. The cocktail waitresses, the slot attendants, and all other casino personnel have no incentive to be friendly, prompt, and courteous to the casino patrons.
If this happens multiple times a casino will then either retrain the slot attendants in customer service skills or fire them.
Most slot attendants will tend to be courteous, even if you do no tip them. On the same token, if you feel a customer does not receive a tip then do not tip them. The customer then thinks they won because the slot attendant pointed them too the machine originally. Cash out your machine and find a floor supervisor or manager. That means I am still down $200, and the slot attendant wants a tip. . Explain to them how you won a mini-jackpot and was going to keep gambling here but instead you are taking your winnings to a different casino to play because you are tired of the slot attendant who is very rude too you, simply because you did not give her a tip.
Further Thoughts on Slot Attendants
Whether you choose to tip the slot attendants or not is a very personal choice. I tend to give a large tip too the cocktail waitress the first time I see her. These people feel that the only thing the slot attendant did is put a ticket in the machine and count out your cash.
Tipping is very personal, at the restaurant if you are not a regular tipper but you always eat there, then be prepared to have mucus in your food. I may have lost $700 before I won the jackpot. Most of them will lose. Many people feel if they hit a jackpot, regardless of the size, they should tip the slot attendant because he or she was the one that paid out the jackpot