Posted on 10/05/2017 8:42:44 AM PDT by PPSman
The Mandalay Bay shooter, Stephen Paddock, was apparently a big gambler.
Various reports have it that he played the video poker machines. He would sit in front of them for hours, often wagering more than $100 a hand, reports The New York Times
The top machines at Mandalay Bay, where Paddock often played, pay out 99.17 percent, or $99.17 for every $100 wagered.
You aren't living off your gamblings with that kind of losing payout.
Paddock's brother, Eric, seems to think...
(Excerpt) Read more at economicpolicyjournal.com ...
Long term very few people can gamble with slots and make money.
You can win a bit in the short term. I won over $200 playing some video poker machine in Vegas. Those winnings were small change. I quit while I was a bit ahead.
I’ve heard some professional gambler types live in Vegas and eke out a living, but they do so staying under the radar, gamble a bit here and there, and cash out while they are ahead for the day.
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In simple terms, no!
He was a “useful idiot” being maintained as any tool is.
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If you EVER win big in vegas, stop right there and never gamble again. You’ve already beat the odds more than most people dream of. You’ll be chasing that win the rest of your life if you keep gambling.
Do any of the whales who go to Vegas make big money or all they all big losers?
for some people, it’s not “losing” any more than you are “losing” money when you drop quarters into a video game.
I don’t gamble, but I used to really enjoy those video games. I use the analogy above to wrap my head around playing the slots.
Hmmm. Whenever my wife and I play slot machines we come out losers 99.17 percent of the time. Bad gambling luck?
bingo
And I read where this guy used to work for the IRS.
I’ve read a couple of stories about pro golfers referred to as whales. They got treated very well as the casinos drained them of millions. Other than that, I don’t know.
My theory:
he was using the “sitting at the machines for hours” gig as a front, a communication base to other people in the hotel, or waiting and watching for his victim to pass by. Should check Mandalay cctv`s images against the concert-goers in vicinity of the killer at the machines.
[[Where did this failed government employee get millions of dollars?]]
Read article early on that he sued nevada casino and settled for ‘undisclosed amount’
It could be the money he made from the building was running out.
I’m betting his profession was to launder money. He didn’t get the casino perks because he was a consistent winner. They only give those perks to guys they know are going to leave with a lot less money than they came in with.
If he was a consistent winner, the only perk he would get would be having someone escort him to the exit. And his name and picture would be circulated to all the casinos in town.
No, he was a professional loser.
That 99.17% payout on Jacks or Better requires perfect play, where you need to memorize a rather long table of possible card combinations. Also, the payout for ‘big’ hands (like a royal flush) is typically lower than on a 96% machine where it can be 3-4 times higher. Also you need to do a max bet each time.
Unless you are card counting or cheating the casinos only care how much and how big you play. They will continue to comp win or lose figuring that in the long run you will lose. If you win too consistently and really defy the odds they will begin to suspect you are cheating.
Sorry folks, I actually DO know a sure fire way to make money on poker machines.
All you have to do is own the machines.
I think he was good enough on vid poker to get 95% of his money back and get some nice perks like free rooms food and drinks. (regular slot machines have almost worst odds in casino, he did vid poker with careful play not regular slots)
Being raised poor and desperate maybe perks would have impressed his relatives.
I’d bet he didn’t make his money from a casino but i’m not a betting sort.
I don’t know enough about laundering to comment intelligently but someone mentioned it in an article I read
Maybe he had figured out a system. Bet the minimum bet on anything not a potential royal flush, and just blow through the others as fast a possible.
I read somewhere 1 in 40,000 hands is chance of royal flush paying out $50,000 on $125 bet.
Yep.
My plan is to never go to Vegas.
I have been to a number of casinos on the Gulf Coast, but I only visit the seafood buffet and the coffee shop before I drive home.
Good point regarding the dirty cash. I read an article that said he was gambling $30,000/day.
I’m ahead lifetime for gambling, but only because I’ve hardly gambled at all and stopped immediately when I won something.
Once I stopped at the slot machines in the Reno airport, got ahead by $80, and immediately stopped playing.... figuring I would be much more likely to lose it all than to stay ahead.
Another time, only time I have ever tried roulette, I was up $170 after an early win and again, walked away, knowing that if I kept playing I would just lose it all.
Other than than I have tossed $20 maybe 4-5 times into slot machines, so I figure I am up roughly $150 for a lifetime..... only because I hardly ever played and stopped the couple of times I won something.
The gambling angle is pure BS and a distraction.
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