A Wall Street Gambling Addict Talks Money, Winning, And Losing
The Gambling Addict is a thirty-something attorney-turned-Wall Street bond trader.
Here, he talks about his first time, what he’s won and lost, and his other vices.
What is your first memory of gambling?
I was probably 11 or 12. My uncle worked for Salomon Brothers in the ’80s [and] ’90s. He wasn’t into sports at all, but all of the guys in his office used to pass out those sheets where you pick four games against the spread, and if you win all four, you win four times your money. He used to bring them home to me and my cousin who I was close with and tell us to fill them out for him. He’d turn them in, and we’d never win. But I recall the excitement of having won the first three games we picked, and during the fourth game, staying on the phone with my cousin for the whole second half.
What method do you use?
Currently, I go through a bookie. He has a shop set up in Costa Rica that runs the website where you enter the bets and does all of the “back office work,” if you will.
Why do you like gambling?
I’m a sports fan at the core, but when you have action on the game, it makes it that much more fun. When you’re willing to stay up past midnight to watch the start of a Hawaii football game with absolutely zero rooting interest, you’re obviously just in it for the action.
When did you realize you had a problem?
I was about 26 years old and only had been working two years or so. I still wasn’t making much money, but something possessed me to take a loan against the couple thousand bucks I had in my 401k and use it to bet on an NCAA College Basketball Conference Tournament. Now, it was an extremely small conference (I’m not talking about Duke and UNC), and I had recently graduated and still followed the conference and the teams very closely. Maybe I was cocky, but I consciously realized before I ever took the loan that it was a terrible idea, but it ended up working in my favor. Did I return the initial money I borrowed to the 401k and just keep the profits? F*** no!
What are some of the negative consequences?
I’ve had bad cold streaks and some really bad weeks. You end up robbing Peter to pay Paul until you get your next paycheck. I remember times I had to have a girl I was dating front me the money for my monthly train pass just so I could get to work.
Do people in your life know?
I don’t know. I’ll say that everyone is definitely aware I do it. On Thanksgiving, when the family is watching football, someone will always ask me what the spread was. I don’t think they know how extreme the addiction has gotten at times, though. I’m pretty good at keeping a strong front.
Have you ever gotten treatment?
No. Like I said, I’m fully aware it isn’t the best thing in the world for me, but I am fortunate in that I make enough money these days to cover my losses.
How much would you estimate you’ve won and lost?
I always wonder about this. I’m quite sure I’ve lost more than I’ve won, but I honestly have no idea. I’m not sure I’d want to know. No matter what, though, you never forget the big weeks where it was almost impossible to lose.
What do you see in the future, as far as gambling?
I think it’ll always be something I do in one way or another. No matter what is going on in the world or at work, the first thing I do when I get on the train in the morning and open the paper is check that night’s lines.
Do you have other vices — smoking, drinking, drugs, prostitutes?
No smoking. Drinking, definitely (and it’s gotten worse, for some reason). Drugs, not really, but I wouldn’t have a career without my Adderall, which I do have a legit prescription for. Not prostitutes so much, but sex in general. Going through a horrendous divorce right now because of a two-year affair I was involved in.
On a side note, the over in the first half of the Knicks game is a loser. Marquette is a win, though. 2-4 tonight, so far. It’s time for a cocktail.
http://www.forbes.com/sites/susannahbreslin/2014/01/31/gambling-addict/
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