Feb

28

 Casanova was a consummate gambler. He started the French Lottery which Stigler has written about and visited every other European country trying to establish a similar arrangement there. He was unsuccessful in these countries in that area although he was able to gain romance in the process. Down and out on his luck, he realized the key to success was to own the House, and take the rake. He started a Faro Game in partnership with a patrician which apparently was necessary to avoid the inquisition. He had to borrow money for this purpose as he was very generous with his 124 romantic conquests. The terms on the Rialto were 5% a month, with the interest deductible and paid in advance. Security was also required. The denizens of the Rialto took quite a piece of flesh. But Casanova was able to repay the debt shortly thereafter and made a fortune as the house in Faro, albeit according to what I've read the house advantage in honest Faro games was just 1 % or so.

Jeff Watson writes: 

I always love seeing slot machines being advertised as being the loosest slots in town, 98.5% payback etc. What 98.5% payback really means is that if one puts $100 through the machine, one will get, on average, $98.50 back and so on. 1.5% vig is quite lethal in the long run, it's lethal in the short run, for that matter.

As an aside, here's the full text of "Memoirs of Jacques Casanova". This is a really good read, by the way.
 


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  1. Andre on February 28, 2017 6:42 pm

    There’s 15 dollar app called voice dream that you can find many books on pdf for free and have them read to you while you drive cross country over and over again.

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