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Speculation vs. Gambling in 'Bringing Down the House' - Everybody Wins
on April 26, 2016
One can hardly deny that making money runs the world today. There are the specialists in making easy money. These are broadly characterized as speculators and gamblers.
Speculation and gambling have several differences.
Speculation involves increasing one’s chances to profit by various means such as news study, pondering, technical analysis, margin trading, hedging, options, and some have used psychics all with the aim of gaming profit from short or medium term market value fluctuations.
Gambling is wagering by means of an uncertain event with the aim of gaining additional assets. It requires consideration, chance, and a prize. The striking feature is that a small fee or amount is required with a chancy large return within a short time.
Bringing Down the House is the true story of how six MIT students turned gambling into speculation to fleece Las Vegas for millions. The best and brightest students are recruited by an eccentric former teacher with teeth like a picket fence of spades, diamonds, clubs and hearts to practice in a college backroom as the MIT Blackjack Team before invading the strip.
The nice thing about the book is that the secrets of card counting, shuffle study, ace cutting, hi-low counting, group spotters, third base coaches, card count code words, statistic indexes, and other tips the students used and the casinos don’t want you to know are revealed. Of course, one wonders the secret they did not reveal to win.
MIT proved blackjack is beatable and Ben Mezrich tells it with a suitable degree of suspense.
Speculation and gambling are similar in the manner in which they can acquire profit in a short time. Both methods involve risk but a speculator may learn more skills than a gambler’s plain luck to lower his risk. One may invest his hard earned money in intelligence such as Bringing Down the House.