Well, cjhoworth, it’s not “pecularily American,” as you were wondering. This Canadian can tell you that his born-again Christian relatives certainly look down upon him for (gasp) being a horse racing fan and bettor, (shudder) one who enjoys a cold beer at the track from time to time, and (ahem) one who has actually been inside local casinos.
I’m sure they’re praying for my eternal soul as I post this. In fact, as I post this, I’m having a drink. So perhaps, in their eyes, I’m doubly-damned. Spoons is a drinker and a gambler, so he’s going to hell.
No, I don’t think so. Not based on what I heard from the mainstream church I attended for many years. “Gambling isn’t the best thing you can do, but all things considered, it’s not as bad as some things you could be doing. Do it in moderation, as you would do anything else.”
And therin lies the key: do it in moderation. No wonder I liked going to this church! I admit that I like horse racing–but the real fun, for me, lies in handicapping cards and picking horses from the Daily Racing Form, and then seeing how I did on my picks after the races are run. I’ve spent nothing except the cover price of the Form, but I’ve had fun, in my own way.
Yes, I do go to the track and try my luck as a $2 or $5 bettor. And sometimes, I win on the day. Sometimes I lose. But I’m not betting the rent; I’m wagering money that I can afford to lose–if I wasn’t spending it at the track, I’d be blowing it on a night at the pub, or a new book or video, or at the movies, or somesuch. If I choose to wager it on a horse whom I’ve spent a few hours analyzing through its past performances, how is that any less honorable than the investor who follows the markets and invests based on a stock’s past performances? We’re doing the same thing!
(This, BTW, never fails to p*ss off my non-racing friends who play the markets. They insist that what they’re doing is something different, something more honorable. But really, each of us is betting on a future outcome based on past performance. Horses or stocks, each requires an investment–a stake–to make money, and the only way you’ll make it is by analyzing past performance in the context of today’s contest and investing accordingly.)
Think about that the next time some born-again Christian tells you how bad gambling is. Ask them whether investing in stocks or bonds is any different. No matter what, you’re betting on a future outcome based on past performance–and if playing the markets is OK by them, then horse race betting must also be. If they have a problems with the races, but no problem with the markets, then…
Well, you can complete the line with the epithet of your choice.