It's been great to meet you!

Recent goings on mean that I publish this article sooner than I imagined. I retired from full-time work in 2002 in my mid thirties. Lucky to have worked in The City though with misgivings. Even luckier to have been offered a redundancy package. Sensible enough not to have wasted my money on any of the pleasures London has to offer.

Therefore my reasons for entering the world of sports trading were not the same as most others. I don't need the money. However, I did want to put to good use all that I had learned in the financial markets. Hence, this website and two books (1) were written.

In The City I saw a lifestyle that appalled me. The worship of money. A system that was meant to aid economies, and take the poor out of poverty, corrupted by greedy people. I had wanted to do good in The City, for the betterment of mankind but it was not to be. The City and financial markets across the globe have become casinos where leeches extract blood money on a daily basis.

And so too do I see the same in sports trading, where exchanges charge more than is due and third-parties extract yet more money through subscriptions, worthless tips and dubious educational material. As if sports trading isn't hard enough, the cost of doing so diminishes the profits of the few who are successful and gives another kick in the teeth to those who are already down. And woe betide anyone who attempts to point out the skulduggery rampant in sports trading.

My intentions were to show people how not to lose money rather than promise them how to get rich quick. The first book I published, Programming for Betfair, is a manual to aid those wanting to write their own trading software and avoid subscription fees.

A second book, Betfair Trading Techniques, points people in the right direction with regards to the search for edge and a survey of current trading methods and which to avoid. Both books are available on Amazon with a money back guarantee and are independently reviewed by readers, unlike ebooks bought via PayPal.

If my books or my website articles have the negative effect of turning people off sports trading then I regard that as much of a success as anyone who makes a profit. It is better to walk away having broken even and realising how hard the game is rather than losing money through third-parties who do not have their interest at heart.

A few months ago I used the term "The Chuckle Brothers" (a pair of UK children's entertainers) to refer to two well-known sports traders. However, a rather pompous programmer called Paul Spry (owner of the dated Geeks Toy) incorrectly thought that I was referring to him. When I last used the term Mr Spry attempted to throw his toys out of his pram and maliciously display a photo of my parents' home.

Mr Spry should stick to programming in his back bedroom as he is none too skilled at using Google Street View, whose address algorithm is always a few doors off. The house shown was owned by a neighbour, who has since moved, taking his caravan with him.

I haven't lived in that street as a resident for over 25 years. Instead, I have been living in Madrid (and elsewhere) and only returning to the UK to vote or for visits. Surely, nobody is that stupid to think that someone who worked in computer security in the past wouldn't cover his tracks online?

As they say, "birds of a feather flock together" so now it makes perfect sense why Messer's Berry and Spry should have teamed up. Two peas in a pod, unskilled in basic public relations and unable to tell the difference between criticism and maliciousness.

Death threats received through this website and intimidation (2) via the breaking of Twitter's terms and conditions (whether related cannot be proven without resort to the courts) have all been noted by the relevant authorities so any physical harm done will mean that those same authorities will have some leads to go on.

Curiously, the maliciousness of Messer's Berry and Spry was mentioned in Cassini's blog, Green All Over, who was also the person who published a photograph of Berry's address (I never did such an act). A comment by Mr Spry on the Green All Over website made no mention of Cassini being the publisher and was quite cordial towards Cassini. Very curious indeed!

The constant online bickering between Berry/Spry, Webb and "The Badger" (another trader linked to trading software) is pathetic. They are all pigs in a trough fighting over the scraps. Others have done their due diligence and used simple logic to come to the conclusion that the aforementioned are no longer what they say they are, if they ever were in the first place.

So what of me? What am I really? Simply I am someone sick of leeches in all walks of life. I had no chance fighting against the money men in finance and so I decided to look at sports trading instead.

The concept of the betting exchange had so much promise but it has been destroyed by greed. Betfair's greed is demonstrated by the premium charge, which punishes the successful.

However, everyone is punished - be they winners or losers - by the licensing of trading software. Because Betfair licences trading software, vendors are forced to pass on this charge to traders in the form of subscriptions, which can be thought of as additional commission eating into any profits. So much money is generated by subscriptions that being a licensed software vendors is very lucrative. This creates a conflict of interest.

Most trading software vendors either purport to be traders themselves or employ traders to educate newcomers to trading. The conflict of interest is that, win or lose, software vendors make a lot of money from subscriptions and don't need to trade at all. The educational side of their business is just their to promote subscriptions, the majority of which will be bought by losing traders or, if successful, punished punitively by Betfair.

On top of this, Betfair is a virtual monopoly. Competitors come and go but Betfair keeps generating profits for its shareholders and associates. It is about time government did something about this state of affairs. There needs to be more competition. Less restrictive practices. Less conflict of interest.

I stopped being a beta tester of Betfair's new API and communicating with Betfair in the middle of 2016 when Betfair decided to force a £200 one-off fee on anyone using the API for live data. Yet another act of greed by Betfair.

Do I trade now? No. I switched my bots off at the beginning of the year. Diminishing returns meant that it wasn't worth the bother. I was never in the business of making outstanding profits, just researching what was possible. But, even that became tedious. Threatening behaviour didn't help either.

Does this mean that sports trading is dead? No. Not if you are courtside, pitchside or course side, part of an insider trading syndicate or colluding with Betfair to extract subscriptions, premium charges or fees for API live data keys.

Is my retirement a victory for manual trading? No. Trading for everyone, be they manual or algo traders, gets harder every year as the businessmen and syndicates grab an ever larger slice of the pie.

Eventually, sports markets will be updating so quickly that manual trading will give way to algo-trading, which will be perfected by quantum computing such that all markets will be efficient to the degree that only insiders and cheats can win. To disagree is to delude yourself.

I am surprised I sold so many books. It rather took me by surprise and shows there is a large group of people looking at alternatives and thinking carefully before jumping into sports trading. Did I make a lot of money from the books? No. They took a year of preparation and writing, and I made less money than if I had a zero hours contract with a fast food chain.

Am I proud of the books and the articles I have written? Yes. I and others have seen through the bull. We can only hope that the 90% and more who are destined to lose money from sports trading/betting either keep control of their habit, give it up or be sufficiently resourced to compete with the large profitable concerns.

But be warned. As my experience shows, when you step on the toes of those who make profits by whatever means from sports trading then there are no depths they will go to silence you.

The "fame" received via this website and the books I have written has been hard to shoulder. I am not one for whom a public persona comes easily. No doubt it will be seen by some as a victory for my detractors. They would be foolish to think so. Sports trading gets harder every year, never easier.

Now it is time to enjoy a full retirement and will no longer be consulting. If you trade on sports markets then ensure that you do so as cheaply as possible. Read the other 195 pages (3) on this website. It will cost you nothing. Always investigate the opposite view of those telling you how easy trading is.

There are no shortcuts so don't pay people anything for offering you non-existent shortcuts. If you think you can trade without a deep mathematical and logical understanding of what you are doing then think again. Good luck!

Addenda

(1) I will continue to support these books.

(2) I am not the first to receive threats and intimidation. See http://moneymakersreviewed.co.uk/caan-berry-betfair-trading-guide-review-pre-race-video-pack/#Police_Matter_8211_Threats_Received_8211_Trolling

(3) When you have written all there is to say about sports trading then it's time to call it a day. Sports trading is a simple subject to understand (if you are given the correct education) but difficult to profit from. Daily posting by software vendors is merely advertising in pursuit of subscriptions.

Note

In the interest of security I will be deleting all of the email addresses gathered during correspondence with my readership.

Relieving the Stress of Trading

In answer to my previous article, The Search for Edge, Boris (probably not Johnson) left a comment that I felt would be best answered in a dedicated article rather than as a reply in the comments section of the original article.

Last week's article saw me state facetiously that I was loath to publish details of my trading lifestyle, "Primarily because it is so dreary. No poolside selfies from me, courtesy of a cheap AirBnB holiday."

Boris commented

James you have never been keen on showing the poolside life of trading, I understand why. But wouldn't it be better to say it's a highly important part because of how stressful trading is? - or any high level competition and learning to turn it off and turn it on is one of the most important parts of high level competition (Trading & Business). Which is why business and trading is the two more difficult domains to achieve substantial success in is becuase it run's 365 and your neck is on the line everyday. My point being as long as people understand intermittently busting your ass then having a week of in capetown once a quarter will do you much better in the long run then just solid grind in which you become more likely to make errors and costly mistakes. Rest is key whichever way you get it.

I didn't know there was a poolside life to trading. Did I miss a clause in my agreement with Betfair?


Betfair User Agreement

15.2 - All users of the Betfair exchange are expected to post nauseating photographs of their chest hair from different poolside locations on a regular basis or forfit their exchange rights and privileges.

That'll teach me to scroll immediately to the bottom of those tiresome service agreements and click "I Agree" without reading anything.

Boris says, "But wouldn't it be better to say [poolside life is] a highly important part because of how stressful trading is?"

Why? Is chlorine invigorating for you? Personally, my ears clog up when I'm in a pool and I become very grumpy for the rest of the day so no, being poolside, toasting my chest hair (singular) would not be a good idea. A grumpy bunny does not a trader make.

Reading Boris's comment in its entirety suggests that he is talking about himself, a manual trader, who sits in front of a screen all day long. If I did that then I would not be looking for a pool, I'd be looking for an optician and maybe a psychoanalyst.

If Boris (and others) took the time to read more of this website then he (and they) would realise that I am an algo-trader, one who doesn't sit in front of a screen all day long.

Maybe it is not fully understood what algo-trading is. Yes, there is research and programming to be done in front of a screen but that is varied and enjoyable work and not the chore that the ladder lovers have to endure.

When a manual trader has constructed (or guessed) a strategy they have to implement it by hand in front of a screen from entry to exit. An algo-trader codes the logic of a strategy into a bot (i.e. entry, exit and any money management strategy) and then leaves the bot to get on with it. Therefore, the algo-trader has a lot more free time and suffers a lot less stress (if any) because they are not physically trading.

Boris is rather behind the times if he believes that manual trading is still the mainstay of the financial markets. Most open outcry trading pits have gone. Some of the jobbers have swapped their brightly coloured jackets for a shirt and tie, and sit at electronic terminals but the bulk of financial trading is automatically performed by computers. Yes, the markets are running, somewhere on this planet, 365 but news and data are being processed and acted upon at the speed of light and that's no place for a human.

If you want to relieve the stress of trading then don't trade. Build a trading strategy and leave it to an automated trading system to implement. If you truly have an edge then why are you allowing your human frailties to get in the way of your potential profit? If you have to constantly jump in and take control then your system is not quantifiable and there is no proof of edge.

There are those who claim to have a sixth sense when it comes to manual trading. Some call it a gut feeling and use poor research (since when did high-frequency trading involve manual trading?) in an act of confirmation bias to prove they can do it. However, if you can quantify your trading then your strategy can run as an algorithm in a trading bot. Otherwise, there is no strategy and it is all guess work. There are no excuses for not wanting to automate your trading and benefiting from the scaling up of your income that automation will provide.

Back to Boris's poolside angst. I have no problem with people taking holidays. What I have a problem with is people using exotic holiday imagery as a marketing exercise to sell an unattainable lifestyle to the many. After all, if a trader is that good and earning plenty of money then why doesn't that trader set up an office in his favourite sunny clime and use a VPN for trading or better still, run an algo-bot from a server, rather than living in a shabby rental in dreary England?

The Search for Edge

I thought I would take another look at the search keywords that have brought people to this website. Sometimes, the keywords remind me of an old article that I reread and decide it needs to be reworked so as to get the point over more succinctly. Other keywords alert me to the need to add new articles. Let's have a look at some of the search keywords that brought people to this website.

My previous article titled Gaming Betfair? was ingeniously linked to by the Google search engine with the keywords "hoovering betfair". I guess gaming and hoovering can be regarded as synonymous in this context. However, hoovering suggests a certain ease to picking up pennies in front of a steamroller. Trader247's website demonstrates that hoovering up pennies is possible but not easy.

There are no simple 'rinse and repeat' strategies that you can apply to Betfair and guarantee a steady income stream. Although many of my strategies have been based on a theme, none of the strategies last intact for anywhere close to a year, requiring scrappage or reoptimising and other less subtle changes.

"Betfair secrets the pros use" is a common search phrase I see on my website's statistics page. I am sorry that the website does not provide them in the fashion the person using that phrase was expecting. I assume he spent less than a minute on this website and was soon looking at another, more forthcoming but, perhaps, less realistic website.

Secrets are secrets. An edge shared is still an edge halved. If I give or sell you a secret then it's no longer a secret. As my About page says, publicly I am only in the business of releasing a lifetime's worth of research for beginners and experts alike to do with as they please. Any edge is kept for my own use or for those making use of the consultancy side of my work.

The search phrase "day in the life of a sports trader" is also the title of an article I have sitting on my hard drive in draft form but I have yet to publish it. Primarily because it is so dreary. No poolside selfies from me, courtesy of a cheap AirBnB holiday.

Instead, my life consists of programming tools to manipulate, visualise, and back-test data. If I get out then it is (was after leaving the London area) to meet shabby looking, caffeine addicts running syndicates. Otherwise, I was on Skype, talking to people in the Far East discussing latency issues with their setup between Europe and elsewhere. Once, I got to visit the Football Pools office in Liverpool whilst consulting but enough of the glamorous side of my work, people might get jealous and want to emulate me.

Gaming Betfair?

Recently, I was approached by a journalist looking for information and a few quotes. During the conversation, the term "gaming" cropped up. The journalist wanted to know if it was possible to game Betfair. In other words, is it possible to make money on betting markets using non-traditional methods.

What is the traditional method of winning in a betting market? Until the advent of exchanges, the only way to profit from betting was through form following and the statistical arbitrage of incorrect prices.

Today, Betfair and similar exchanges allow for trading on both sides of the back/lay spread, which gives rise to technical trading of sports. In a way technical trading is a  legitimate form of "gaming" a market because at a basic level no knowledge of form is required.

At its simplest, technical trading can involve pure and bonus arbitrage, which are mechanical ways of profiting from an exchange. However, these arbs are not entirely risk free. More  complex methods of technical trading involve an understanding of market structure and psychology. I go into more detail on this in Betfair Trading Techniques.

In other gambling arenas, for example, we see gaming in online poker. Online, players are able to multi-table online poker games, which they can't do in a casino. Enterprising coders have developed the HUD (head up display) for online poker so that a player can look at a realtime database of the players they are playing against, with notes and statistics so that opponents can be played against with the optimal strategy.

Messaging software allows online poker players to collude, which is not possible in a live game. Artificial intelligence has created poker bots that play heads-up (one on one) poker at a high level to almost guarantee a win against unaided human players.

Other than the basic rules of the game, online poker is now a different game altogether when compared with the live version of the game, requiring a new skill set with which to profit. Some might call it 'gaming the system', the lazy might call it cheating. I prefer to say that the better equipped will always win in the long run.

Are there other methods of gaming Betfair? Being a middleman​, offering a service, is a way to game Betfair. Disreputable tipster services act as an addition to any commission paid by traders. Some tipster services operate by simply covering every eventuality in an event and using survivorship bias to sell fake tips to the unwary.

Any service or information offered to traders has to be evaluated for its effectiveness and the cost of that service or information deducted from trading fees - as commission would be - to determine value.

Another way of gaming a betting market is through the use of "fake news" in order to create a movement in the spread so that a stat arb can be employed before the spread is corrected, once the true facts are known. Recently, Megarain reported false information being given about a cricket match, which might have affected the odds long enough for a stat arb.

Match fixing and insider information also permit people to game the markets with superior knowledge. Curiously, insider information is not always frowned upon as it is in the financial markets. Such activity has always been part and parcel of horse racing. Fixing though is generally reviled because it affects television ratings and thus advertising.

In conclusion, yes gaming the system is more than feasible and all part of thinking outside the box in order to gain an edge in whichever gambling activity you pursue.

"Not for ordinary punter"


And so started the review of my second book, Betfair Trading Techniques, on Amazon. That truism was then followed by just two more sentences. "More about programming and APIs. Sorry I didn't like it."

I'm sorry too that the person who had bought my book left the review "Not for ordinary punter". Obviously, they had not understood what they had read in the book. Yes, there is programming. You won't get far in algo-trading if you cannot program. There was not much mention of APIs as that is covered in my first book, Programming for Betfair.

What was the reader expecting? Some simple trading systems you can scrape off a third-party trading software blog or a video? Simple trading systems are easy to find and therefore have no edge. If you cannot understand that fact then you have no chance as a trader.

Betfair Trading Techniques is a survey of most techniques from beginner to the intermediate level. I have left advanced trading for future publications. What  programming there is in the book is used to help the reader gain a deeper understanding of risk, reward and variance. There is also some programming for machine learning, which acts as an introduction to evolutionary computation and it's uses for sports trading.

To say that the book is mostly about programming suggests that the majority of the book was not understood by the reviewer. Yes, the ordinary punter won't find much of interest in Betfair Trading Techniques because the book is not aimed at mere punters. Certainly, I don't demonstrate the usual simplistic strategies that you will find in the ebooks you can buy unreviewed on author's websites.

As explained on this website, time and time again, the majority of exchange users lose money. Most exchange users have no understanding of markets and use naïve methods, which ultimately fail. By reading Betfair Trading Techniques you will at least lose less and, with the hard work that is required, you might turn a profit.

It's up to the reader to put in the effort and gain the necessary understanding. There are no free lunches. Yes, ordinary punters won't benefit from this book but who wants to be ordinary when you really need to be exceptional?

Heroes

There is an adage which says, "Never meet your heroes," which is an attempt to warn us that we might be disappointed if I we do. Generally, we idolise someone for a particular reason and not for their whole being. We might play a sport in our spare time and idolise an exponent of the game for their skill and not for any aspect of their private life that we might find abhorrent.

As a child I was a fan of Bjorn Borg, at the time known as The Ice Borg because of his calm exterior. Certainly, a player to model myself on. However, his private life was chaotic and he was burned out by the age of 25. Borg's last year at the top showed him in a new light, without the calm exterior, arguing with umpires. But Borg was a proven winner. His trophy cabinet - if he had one - was a testament to that.

In sports trading there is a tendency amongst beginners to latch on to those who they think are winners. The hope is that they will learn something (very difficult in an edge driven zero-sum game) or that association is enough to imbue the powers of their idol within themselves. However, proving that these idols are what they say they are is far from easy.

Cassini has performed some excellent investigative journalism on a certain Mr Sunshine to demonstrate that all is not as it seems. An apparent playboy lifestyle acted out online with holiday snaps, cheap beer and an extremely dodgy photo (meant as an April Fool's joke) that will hardly endear him to any lady followers.

Another well-known trader/vendor appears to be constantly defending his reputation on Twitter due to accusations that he no longer trades. If you had a multi-million pound trading software business and five directorships in various companies would you waste your time on low margin trading unless it was part of your marketing narrative?

Those that lack confidence always need affirmation that they are following the right path. Be it struggling traders latching onto those they believe are successful or vendors for whom this is the first time in their lives that anyone has paid them any attention.

Gambling Movies

Previously, I posted an article about my favourite finance related movies. This time I present my favourite gambling movies. Most gambling related movies are based around con artists and very few about the daily grind of professional gambling although this list has a few exceptions. It is understandable that the daily grind doesn't make for a good plot. A con trick plus a few dead bodies will always grab Hollywood's attention.

The list is not complete, as it is just a list of those films that I have watched and enjoyed over the years. I have left out a few that I didn't like, so much so that I can't remember their names and I am disinclined to look them up. I won't go too deep into storylines so that I don't spoil the movies if you haven't seen any of them before.

As with the finance movies I recommend, I do so for their cinematic qualities rather than as some form of inspiration. Are any of these films inspirational? No. In fact, I would hope not, seeing as most of them centre around breaking the law or destroying one's life. Yes, it is good to occasionally put one over the corporations but in today's corporate-centric world that is against the law. With one or two exceptions all of the movies show, to various degrees, profit through cheating.

House of Games

If you like con movies then House Of Games consists of one con trick after another. One of the co-stars is Ricky Jay an accomplished magician and consultant for the movie so the scams and tricks are all legitimate tools of the trade.

John Mategna and Lindsay Crouse in House of Games

In the film a psychiatrist, Margaret Ford (Lindsay Crouse) gets caught up amongst a group of con artists led by Mike (Joe Mategna) that can only end with something unpleasant happening. The movie is full of twists and turns so I won't give any more away.

I saw this film a few years before my first visit to a casino so I imagined all kinds of shenanigans when I finally walked through the doors of the Regency in London. At least it kept me on my toes and yes I did see a fair amount of cheats and tricksters* so House of Games was of value as well as being entertaining.

*Splashing the pot, out of turn, with less than the value of a call, apologising and then taking out the full value of the call was one trick. This allowed the perpetrator to top up his blinds during lean rounds. A semi-unethical activity was the questionable "buying a piece of each other" that was common amongst players. Would you try to bust someone out of a tournament if you had a share of their winnings? Likewise would someone unload their chips on you if they had?

Hard Eight (aka Sydney)

A film that does delve a little into the daily grind of a gambler is Hard Eight. In it we see John (John C. Riley) who is down on his luck and in need of money to bury his deceased mother. We see John as he is befriended by a stranger named Sydney (Philip Barker Hall) of whom John is initially suspicious as to why a stranger should offer any help at all.

Sydney takes John back to Las Vegas - where he has lost all of this money - and shows him a few comping tricks, which makes a casino believe that you are a high-roller. Comping is the act of giving complimentaries by a casino if it feels that the receiver of a comp has a lot of money to spend and anything the casino gives for nothing will be more than compensated for by the losses of the person receiving the comp.

 Philip Barker Hall and John C. Riley in Hard Eight

In the movie we see Sydney showing John how to turnover his money rapidly through slot machines with little loss so as to demonstrate through his comp card (rather like the store cards you get from UK supermarkets) that he spends a lot of money and soon enough John finds himself in a casino hotel room for little to no rent.

A period of time later we see that John is now firmly established as a professional gambler in Reno. Without spoiling the plot John and his prostitute girlfriend played by Gwyneth Paltrow get into trouble requiring Sydney to get them out of their predicament. There is a final twist in the tale, which tells us why Sydney has been so helpful to John.

Hard Eight is unrealistic in that if comping your way through life in Nevada is that easy then anyone can do it and the casinos would certainly put a stop to that. John and Sydney are probably the lucky few and we must not get caught out by survivorship bias. However, the film has a good storyline with a little in it for everyone.

Leaving Las Vegas

What man doesn't want to blow it all in Las Vegas whilst meeting a beautiful prostitute who falls in love with him? If your wife is looking over your shoulder then you might want to scroll to the next movie in a nonchalant, not interested sort of way.

Leaving Las Vegas is not really a gambling film although we do see the main protagonist played by Nicholas Cage playing black jack in a Las Vegas casino. The film centres around Ben Sanderson (Nicholas Cage) and his alcoholism, which has cost him his career as a Hollywood scriptwriter, his family and his friends.

Nicholas Cage and Elisabeth Shue in Leaving Las Vegas

Ben burns his possessions, fills his car with bottles of alcohol and heads to Las Vegas where he happens upon Sera, a prostitute played by the stunning Elisabeth Shue. The two fall in love and have an agreement not to judge each other's chosen lifestyles, although the slow death of Ben is hard for Sera to accept. Another salutary tale from Sin City.

The Hustler

I'm rather partial to a game of pool, preferring American versions of the game on full-size 9 or 10 feet tables, rather than UK pool on 6 feet tables, which is rather a Mickey Mouse game. A movie which takes us away from the more usual gambling venues and into pool halls where pool players bet against each other is The Hustler, which shows "Fast" Eddie Felson (Paul Newman) in a high-stakes battle against "Minnesota Fats" (Jackie Gleason).

 Jackie Gleason and Paul Newman in The Hustler

Although Rudolf Wanderone swears that the Minnesota Fats character was based on himself, even going to the extent of changing his name, the author of the book on which the movie is based denies it. Still, if you watch old games on YouTube from the 1970s played by the likes of Willie Mosconi (the consultant on The Hustler), Wanderone et al there is just as much talking a good game as Felson and Fats in the The Hustler.

The Color of Money 

A sequel to The Hustler made some 25 years after the original, The Color Of Money shows Paul Newman reprise his role as "Fast" Eddie. In it we see a retired Eddie take under his wing Vincent, a young pool player, as a protogé. Not as satisfying as The Huster, Cruise's character (and quite possibly the actor himself) is a bit too showy. The two leads, along with Vincent's girlfriend travel to Atlantic City for a pool tournament whilst hustling games along the way.

Tom Cruise and Paul Newman in The Color of Money

The Grifters

Another scam movie, using gambling as a conduit is The Grifters. In the film we see a mother (a bookie's runner, played by Anjelica Huston) and her son (a con artist, played by John Cusack) team up, along with the son's girlfriend (Annette Bening) to perform a series of gambling and financial con tricks. Where there is money you will always find con artists trying to lever it out of people's hands.

Anjelica Huston, John Cusack and Annette Bening in The Grifters

Rounders

A popular movie amongst poker players is Rounders, which depicts a young man by the name of Mike (Matt Damon) attempting to earn a living from poker rather than concentrating on his law studies. The film was made in 1998 and presages the rise of online poker so it was very much in the minds of most early adopters of the virtual game.

John Malkovic and Matt Damon in Rounders

Mike is cleaned out by a Russian poker player called Teddy KGB (John Malkovic), who runs an illegal cardroom. The movie centres around Mike's hustling games, along with his friend Lester (Edward Norton) to build a new bankroll for a rematch against his Russian nemesis. The popularity of the film amongst poker players is evidenced by the number of online players who use the name Teddy KGB (or a variation thereof) for their online avatar.

The Sting

A classic con movie, The Sting is set during the 1930s. For those youngsters who have read Kelly's A New Interpretation of Information Rate (Kelly Criterion) but don't understand what "a wire" is then this movie will demonstrate it. 

Robert Shaw, Robert Redford and Paul Newman in The Sting

The plot consists of grifters, Henry and Johnny (Paul Newman and Robert Redford) setting up a fake bookmaker's shop to con gangster Doyle (Robert Shaw) out of a large bet. As with Kelly's analogy the wire is delayed (other analogies have an intermittent fault) and Doyle is to be told the winner of the race before it is relayed to the bookmaker's office so that he has a guaranteed win. Doyle places everything he has on the winning horse (he has 100% information) but still he doesn't win as the con has a twist in its tail.

The Cincinnati Kid

Another poker movie is The Cincinnati Kid. The film was made in the 1960s and has a different feel to other films from a few decades later. Slower paced with a more general storyline, rather than constant gambling action, as the film leads up to a heads-up game between "The Kid", played by Steve McQueen, an up and coming poker player, against "The Man" an old master of the game, played by Edward G. Robinson.

Steve McQueen in The Cincinatti Kid

Croupier

The only movie in my list made in the UK is Croupier. Like many of the other movies in this list it is scam based in which a croupier (played by Clive Owen) has a relationship with a lady visitor to the casino who asks him to act as an insider for a robbery attempt on the casino.

Clive Owen in Croupier

For anyone who has been to a casino in the UK they will recognise the strict atmosphere depicted by the film, where patrons go to gamble in a rather austere building and employees are watched like hawks and not permitted to have relationships with patrons nor with fellow employees. No doubt there are similar restrictions in other countries but as far as British casinos are concerned the one depicted in Croupier reminds me of the one I habituated when I worked in The City.

I like Croupier a lot, being in the mould of Hard Eight (see movie above), the storyline is not overly fantastical and contains a large degree of the workings of casinos and the lives that centre around them.

Hopefully, you have enjoyed my list of gambling movies and if you have seen other gambling related movies that you wish to recommend then do add them to the comments section below.