CBS had a great 60 minutes piece on Billy Walters - the legendary sports betting individual in Vegas. While watching the piece, it struck me how Vegas has turned into a better "game" than Wall St. I hate to "gamble" but the word gamble needs to be better defined. Gamble in my mind means pure chance where a player is guaranteed over the long term to lose. The probabilities are guaranteed over the long term to work against the player. Playing blackjack is a gamble. Craps, lottery tickets, slot machines is gambling. Sports betting and Texas hold em may or may not be gambling. Gambling one does because one has to much money, one has gambling issues, or the pleasure one receives over the long term from the fun involved is valued higher than the money lost so it makes sense on an individual economical basis.
Unfortunately, Wall St. is turning more and more into a gamble. The reason? Because Wall St. sets the rules. If Wall St. still jacks up, they than change the rules. They also have a "mob boss" - the U.S. government, helping enforce these changes. Billy Walters has found a system and has worked within the rules of the system to win and make money. The rules are not being changed on him mid bets.
One other interesting note. Walters admits there are shady characters in Vegas but per person he has met many more shady individuals connected to Wall Street than Vegas.
Anyway - very interesting video below. There are actually several bonus videos at the CBS website.