THE WORLD'S #1 POKER MANUAL - Card Games

Poker Book, Opponents
advantageous to him.
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Footnotes:
[ 24 ] Gambling is defined in this book as "The wagering of money at unfavorable odds." In poker, the
good player with favorable edge odds is not gambling, but players with unfavorable edge odds are.
Horse players, casino patrons, and losing poker players are gamblers. That definition is consistent with
definitions given in: (1) Webster's Third New International Dictionary--"To wager money or stakes on
an uncertain outcome." The good player's outcome is certain; therefore, he is not gambling; (2) Funk and
Wagnall's Standard Dictionary-- 'To lose, squander, or dispose of by gaming." By that definition, the
good player is not gambling, but losing players are; and (3) The Random House Dictionary--"Any
matter or thing involving risk or hazardous uncertainty." The good player's situation is essentially
riskless and, therefore, is not a gambling situation.
A gambling situation yields a statistically minus return on money wagered, while a nongambling
(investment) situation yields a statistically plus return on money invested.... The intensity of the
situation (rate of loss or rate of return) is determined both by the time span of the wager or investment
and by the percent loss or the percent return. The intensity of' gambling and nongambling (investment)
situations is illustrated by Tables 24 and 25. The tables, compare the Monday night poker players to
other investment and gambling situations: The good poker player is in by far the best investment
situation. By contrast, the poor poker player is in one of the worst gambling situations.
[ 25 ] The joker (also called the bug) is a wild card for low, an ace for high, and good for filling straights
and flushes. In high-low games the joker can be used as both a high card and a low card in the same
hand.
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