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Mod posts Serious posts Megathread Breaking news Unfilter. A gambling ring question: How do the sia gambling work on these mobster's gambling racket? There is a 'lottery' game that is put on by the government here and tens of thousands of people play it daily.
The way it works is this:. Two drawings a day. Numbers 1 thru If you pick a winning number, it pays out Now, there are local mafia guys who run a gambling ring off of the same lottery. Since the numbers are advertised everywhere for the daily how do gambling rings work, they run directly off of those selections. The catch is wok they pay out So people would much rather put their money with them, instead of the Government agency.
Gamblinv, I know for a fact that they don't have the cash to cover all of their bets because someone I know told me that they often have to RUN to the betting station to hedge their bet if they get a large amount of money bet on one number.
So how do they know when to hedge? Well, obviously to start with, if there are 36 numbers, the law of averages says they will take in 36 dollars for every 30 they pay out. Seems pretty simple that if people start betting heavily on one specific number, they would notice this and go bet legally on that number to hedge. They don't have to bet nearly everything they took in on that number, though. Hoq, if that number happens to win, they collect 24x what they bet, pay out ringa Running a gambling ring is just mathematics and risk management.
In this case, the government is cleaning up because they are paying out for only 1 number out of Now, the mafia sees this, and decides to undercut them by offering Sometimes they will win big, and sometimes they will lose big. The key part of hedging is recognizing where your risk lays. Say 1, people play a single game, but work them bet on number 12 the rest are evenly distributed amongst the other numbers i.
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This name will be used to credit you for gakbling you share on Reddit. What should we call you? Having a hard time wells fargo desktop deposit not working a name? Here are some available suggestions. Log hpw or sign up in seconds. Filter posts by subject: We have spoiler tags, please use them! This is an archived post.
You won't be able to vote or comment. I live in a non-US country. The qork it works is this: Any gambling racketeers on Reddit? Want to jow to the discussion? Do mobsters use excel? Posts are automatically archived after 6 months. Sign up to get your own personalized Reddit experience! Find hoow good stuff Reddit is filled with interest based communities, offering something for everyone. Choose your username Your username is how other community members will see you.Technically, anybody can set up an illegal gambling ring. There have been instances where rings have been established within the premises of. You will still have to be tough fucker to kick some ass if some of the people that work under you if they begin to steal money or try to open their own gambling ring. All the major Korean cities do have casinos, but they are for tourists only The entire sting was based on in-depth underground work from the police The gambling ring which was busted in was said to be running 70%.