Wow, this Victor guy was gambling on another level. They should definitely make a film about him, like Owning Mahoney. He could use the money to pay his investors back.
Well he should've done more backtesting to confirm the system that he discovered for Keno is really unique and universal that would apply to all games and not just Keno. Gambling games are just like financial instruments, every single of them is unique and different from the other. The trading system that you discovered that works for stocks might not work for Forex or Futures. So if you trade multiple financial instruments, you will have to come up with customized trading systems that are tailored to each financial instrument that you trade unless you have really confirmed your trading system is really universal and applies to all financial markets and instruments. This is why I always stress the importance of backtesting and demo testing. If he had done more backtesting and demo testing he would've discovered the limitation of his system and wouldn't have risked so much on the Daily 3. Daily 3 looks like it's lot more complex than the Keno in that there is lot more randomization and permutations of numbers. The success of a particular system drops sometimes significantly with each level of increased randomization and permutations of numbers. What a shame. Such a skillful negotiator and talented businessman. If he had stuck with his real estate development business and never dabbled in gambling, he could've become very very wealthy, possibly even ending up on the Forbes list, lot wealthier than his gambling system could've ever made him be.
He had no edge in any of those games, he just had a big bank roll. And you can see some pretty big wins if you can gamble for long enough. The gamblers fallacy, thinking numbers that haven't come up recently are more likely to come up is so common and must ruin a lot of people financially. They should warn kids about it at school.
One of my favorite philosophers, as portrayed by Clint Eastwood: DIRTY HARRY WAS RIGHT: A MAN’S GOTTA KNOW HIS LIMITATIONS
For a very smart guy, he did not know that the lottery is a negative expectation game? Now, I also, play the lottery when the Mega Millions or Powerball has a jackpot of $300 million or more. I buy 1 ticket costing $2. I will probably, 99.9% lose that $2 but, in the unlikely, event I win, then I would have made out like a bandit. Risking $2 to make $300 million and up? He should have bought a casino or absent that, bought shares in the top gaming companies like MGM, CZR, WYNN, LVS? Then, he would be making monies easily, every single year.
Everything about his cognitive ability was told at the episode, ,,The numbers x, y, z, haven't felt in a while so he knew that it's a matter of time" And the game is random. He also should known that there was a test run on a computer, where it generated some few trillion numbers bet with 0 & 1, and somewhere along the line, number 1 managed to fall 87 times in a row. And he had, 3 numbers out of 30 or smthng, while if you double a $, 32 times in a row you get a billion or so (?) I think he was but a shizophrenic fool.
1. He was heavily addicted to gambling. 2. He was defrauding his investors to fund his habit. 3. He had an expensive lifestyle and a family to support. Each one of those three is highly stressful on its own. The three combined is just stress levels off the charts and was clearly driving him nuts towards the end. Gambling addiction may well be genetic, hard for some people to stop once they get hooked in by a few lucky wins. The most addictive of all is almost winning and also intermittent winning and losing.