I spent this past weekend away at Bachelor party.   Like most Bachelor parties, gambling was involved.   While at time I wish it weren’t true, I enjoy gambling.  I don’t do it often, and never more than what I consider “fun” money.  Yet, I often wonder why I play these games of chance.  The odds are assuredly stacked in the houses favor.  Over the long run, I know I’m effectively paying the house $1 to get 90 cents in return.   But to quote Maynard Keynes, in the long run, “we’re all dead.”   In that regard I’m willing for whatever reason to effectively pay the house it’s cut for the potential elation of winning.  At the same time when I lose, I grumble and ask myself why I play this game of chance.   I’m not sure if the joy winning outweighs the disgust of losing.  

I believe I will probably continue to gamble in the limited quantities that I do today, but what I will do from now on is to actually track my wins and losses (as was suggested by a friend).   Gambling is really just another hobby, and I should know how much it costs me.  I should also be tracking it for tax purposes just in case.  Gambling losses are not deductible against anything other gambling losses, but net winnings are always taxable.  In general I’ve never worried about my take in any given year, because I’ve always assumed that for the year I’ve lost money gambling.  The main benefit of tracking the expense is to better to determine if gambling is worth the cost.  If I end up looking at my balance, and find that the cost has outweighed whatever perceived benefits then it becomes so much easier to give it up.

So my first entry: +$300