So much misinformation on both sides…
For the record, I think Bennett is a moralizing blowhard who should mind his own business. He’s made a tidy sum of money telling people how to live their lives. I have zero sympathy for a guy like that being caught doing something that he knew would embarass him. He sets a very high standard for the moral behaviour of others. He should not accept a lower standard for himself.
And who cares if he hasn’t specifically argued against gambling? That’s because he does it! That’s exactly what I don’t like about him. If he didn’t gamble, but instead had three divorces and a mistress, he’s the kind of guy who would become an anti-gambling crusader and make excuses for mistresses. Bah.
He’s a hypocrite in the same way that Arianna Huffington is a hypocrite. She goes around screaming about SUVs, while flying first class wherever she goes and maintaining two giant mansions. Even if she only drove a 30 year old Yugo, she’d still be a hypocrite, because the larger issue is not SUVs, but living ‘lightly on the land’ - she claims to be for the environment, while her personal lifestyle burns more energy than any ten average people with SUVs. The same goes for other ‘limousine liberals’. Bennett is a ‘limousine moralizer’, who exempts his own personal preferences while nailing other people for theirs.
That said…
Gambling is not immoral. Nor is blowing 8 million bucks necessarily excessive, when done by the very rich. Bennett is a very rich man. If his major hobby is to go to Vegas or Atlantic city and be treated to palatial rooms, the finest liquors, the best meals, the best entertainment, private golf courses, and all the other trappings of the vegas ‘whale’, and this costs him $800,000 per year in gambling losses, what’s the big deal? Would it have been more moral of him to buy a $40 million dollar Gulfstream jet so he could fly to Cannes every year? How about a $20 million dollar villa on the Riviera? Perhaps a $30 million yacht?
We’re all shocked because it sounds like a lot of money to just ‘blow’. But I guarantee you, the casinos make sure guys like Bennett get value for their money. When he decides to go on a junket, they probably fly THEIR Gulfstream down to pick him up. He gets to live like a king for a week or two several times a year, and it costs him what, the advance on one of half a dozen books? The money he makes from five or six speaking engagements? To him, this may well be controlled gambling for entertainment.
Now, did he lose 8 million? Probably not. I have personally purchased, over the last ten years, several million bucks in casino chips. Over that period of time, I made a couple of hundred thousand dollars gambling. If I had purchased those chips in amounts of over 10K at a time, the casino would have had a record of those purchases, but not necessarily a record of the chips I cashed back in. I also guarantee you that the casino does not believe I made that money, or they would not have let me play blackjack any more.
In Bennett’s case, he’s not an ‘advantage gambler’. In other words, he’s a loser. But the games he plays (high stakes slots and video poker) actually have quite low house odds - he probably lost about 1% of the money he fed into the machines. But that doesn’t mean he only lost $80,000. Because he may have cycled that 8 million through the machines many times. How much he lost depends on how many cycles he would go through.
Consider it this way: I take $100, and feed it into a machine with a 1% edge. $99 comes back out. I feed that back in again. $98.01 comes out. I repeat until bored or exhausted, and cash out whatever I have left.
This difference between buy-in and cashout is the casino’s ‘hold’, and for games like the ones Bennett plays, it’s typically 30-40%. So if 8 million was the amount of his chip purchases over the last ten years, he probably lost 2.4-3.2 million.