saysitsme wrote: "As a matter of fact even though he is a bit too conservative for me if you follow the advise of nightoftheiguna you will never go broke."
If you don't mind carrying a risk of bankruptcy, then the Kelly system is too conservative. The Kelly system applies to money at risk, not money that is not at risk as in freerolls or loss rebates or gambling with someone else's money or true freeplay, and it assumes bankruptcy is anathema and to be avoided at all costs. Personally, I've never gone bankrupt so I don't know if it's easy or hard. Obviously if you have too big to fail status and can get a bailout, then bankruptcy is no problem. If you live in Florida you have an unlimited housing exemption from bankruptcy which is why you see those mega-Estates there. I think in Nevada the housing exemption is limited to $100,000. Also in Nevada gambling debt is treated like a bounced check, which is not true in the other states, while under English Common Law (valid in English speaking countries unless otherwise overruled by local laws) gambling debt is not recognized at all. I would think that as long as you are not on the reservation, Indian Law has no jurisdiction against non-tribal members. I think Bob Dancer has admitted to going bankrupt at least once, perhaps he can say something on whether or not it is something he would risk doing again. Obviously if you are in a situation where bankruptcy is possible, you should consult with a bankruptcy attorney first to minimize any possible fallout.
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Posted by: nightoftheiguana2000@yahoo.com
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