Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1905-10-13

intersect, and the ball stops on eth
er one of those squares, l get one
fourth of IS times.
There are many ways in which
may wager my money, and I've al
ways got an even chance to win. barr
ing the existence of those two green
compartments labeled 0 and 90. When
ever the ball drops into one of these
slots, providing no one else has plac-
ed bet on them, the house takes
everything on the board.
Il have figured it out many times,
and know l have got it reduced to
a mathematical nicely The Ameri-
can roulette wheel gives the propri.
etor~ an advantage of 5-19 per cent
of all the money placed on his board.
"That percentage is maintained as
relentlessly as fate itself. You can
not get away from it. Of course, you
may be the one to win, and the other
fellow may be the one to lose. Take
us altogether we must lose SIC per
cent of the money we wager.
THAT is, Of course, providing the
wheel is on the square. Few Ameri-
can wheels outside of New York are
on the square and not all the wheels
in that city are honest. At Monte
Carlo the game is absolutely on the
level and the chances against the
player are only about 2h per cent, ow-
ing to the fact that in Monte Carlo
there Is only one compartment on
the wheel reserved for the house.
6ucketshop skins Them All.
People who don't understand gam.
bling are always surprised in going to
Monte Carlo to find out how nearly
even the chances are. But the per-
centage of the house is constant. 1t
makes no difference to the Casino peo-
pie if you win or lose. They are get
ting their rakeoff on every play, and
that same little 2k per cent amounts
to millions in year.
"Just compare the 2k per cent of
Monte Carlo with the profits of Joint
like Sullivan's right here in good old
Puritanical Boston. Sullivan doesn't
buy any stocks. l simply place my
money against his. He owns the ma
chine and gets a rakeoff on every play
made And what does he get? Let's
see what he gets.
Suppose buy ten shares of North
ern Pacific on l per cent margin. That
means that I put up SO. Sullivan gets
one-eighth of 1 per cent for buying
the ten shares of stock for me. OF
course he doesn't buy it. He and
just make believe he buys it. But
he charges me the commission just
as surely as if he did buy. That COM
mission is the 'rakeoff' of the house.
1t amounts to 1917 per cent of the
amount l put up as margin.
But that isn't all. Then he sells
the stock for me, providing it hasn't
been wiped out in drop in the mar
ket Tin which case he gets all of my
500, he deducts another commission
of oneIeighth of per cent. OF course,
he hasn't sold any stock for me, be.
cause didn't own any to sell, but he
and l make believe he sells it.
$50 that in handling my little SIC
deal Sullivan has charged me a com
mission of one-fourth of / per cent OF
500, which represents the par val
ue of ten shares of stock that new
er owned.
In other words, his commission on
handling $40 has been $3.50, or 81
per cent of my investment. Dick
Garfield never made any such money
as that. and as for Monte Carlo, with
its dinky little IN per cent-why
Monte Carlo compared to Sullivan's
joint here is church fair"
In Sullivan's place side betting il
frequently INDUCED in by the habit
ues. BY making bets among them
selves on the rise and fall of stocks
as announced by the ticker, the stocl
gamblers save the commission of the
house. Such betting is of course
of more or less petty nature, bu
it is all perfectly open and above
board, as though it were taking place
on some race course where gambling
is licensed.