In the wee hours of this morning, Joe Cada, a 21 year old college drop out from Detroit, became the youngest winner of the World Series of Poker. His pair beat a possible straight by Darvin Moon, a 46 year old logger from Maryland. Cada took home 8.55 million for the top prize. Moon settled for 5.18 million and second.
This year's World Series of Poker was held at the Las Vegas Rio Hotel and Casino.
Congratulations to these two and to the Casino which no doubt got plenty of TV coverage.
I must admit that I've not been in favor of expanded gaming/gambling whatever you might call it. I once had a tenant who turned his rent money into lottery tickets. The lottery was for over $225 odd million, a record prize at the time. He won an eviction. He also went to jail. Seemed he sold drugs to get additional money for that lottery. He was probably addicted to gambling along with his drug issue.
More than that I come from a background of small farmers. We didn't believe in luck. We believe that God rewards those who work everyday. And the more you worked, the more you got rewarded. Probably seems old fashioned or something these days.
I've also seen over the years a number of people "who hit the jackpot" in different ways, There was the kid who at 18 inherited 2 million dollars. He was broke and owed over $250,000 within 10 years. I know a lady who received a settlement from the World Trade Center disaster- the money has done nothing for her happiness. Read recently about a number of individuals who received substantial money from settlements of sex abuse cases involving the Catholic Church- most are pretty miserable people who have not done well with that money.
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There have been a number of studies done of lottery winners over the years. Most end up broke within 2 years. Most go through a period of intense highs and lows in a very short time.
Sports figures as well show the same tendency- high income for a short period of time that doesn't last. We make much of the broken down boxer or football player in those "Where are they now?" stories Joe Louis ended up as a door man at a New York club.
I suspect based on all that- young Cada, a self described professional poker player, will be broke within 5 years. Maybe - just maybe- Darvin Moon might buy a few acres of trees and build a cabin- and have something a decade from now.
You wanna bet on it? I've got an extra nickle. I did say I was no gambler.
posted by CaliforniaBlonde
Bet I won't either!
Cali
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posted by ChelseaLad
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posted by GothamGal
Playing poker is a skill, whether one is gambling or not. There are some very wealthy poker champs. The wise ones play in tournaments, not the casino gaming tables where all it takes is one idiot to screw everyone's outcome. The true poker champs are professionals who don't fritter away their money on casino games with John Q. Public. Besides, having one of them at a table is intimidating enough for all but the very stupid and/or very drunk to want to take them on.
Since the word 'retirement' isn't in my vocabulary, I've been thinking that when I become old and gray and too feeble to do much more than wheel myself about in a chair, I'd like to put on eyeshades or glasses and wheel myself up to a poker championship table and show the 'young uns' how the game is played. There are plenty of online games to practice on as well as down loadable ones so one needn't spend a dime getting proficient at poker. Yep, methinks I'd like to be a new twist, a new kinda star at that game. To have a 90-year old facing a 25-year old at the poker table just might make for good TV coverage. LOL!
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posted by SherriAnne
I used to like playing cards- but never for money, just for the reward of doing it well. Money does strange things to people, and not all of it good.
Pair of nines? Whoa.
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posted by exedir
If gambling is taking a risk, then everyone gambles.
If it is gambling for money its a good chance the game is rigged. Like, how many times did you ever see some one knock down the milk bottles to win the prize, not many.
Anyway there is a rational explanation for the game when it is rigged and not just random chance. And then there is a skill to change the odds into you favor and not the house, rational skills that make a difference, like cheating.
So maybe its cheating that is the core of any game as to doing it and how far would one go to do and is there a punishment for the crime not worth the cheating and taking a chance for a gain.
Or worse, is the game really honest and fair...and you have been caught cheating.
It's a gamble.
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posted by silvergirl28
I would definitely watch Gotham Gal give poker a new face on tv. Go Girl!!!
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posted by gardenlady110
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posted by Mok1953
Loggers in Maryland? They have forests there? I didn't know that. I thought that was next to the other Washington?
I need to get out more, I think, and see what's going on. Reading John's blog is the next best thing, and the price is right, too.
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posted by Renagade60
The problem is that they also don't know how to manage money and they want this and that - when Annie Banks poker champ(former celeb apprentice) won 250k - the announcer asked does this mean that ya don't have to listen to an employer - she said 'you bet'.
He's a college dropout - sorta reminds me of Michael Dell and Bill Gates who also became Billionaires.
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