Anyone fancy £1M?

LSB2 said:
Actually, if the £50K was for my wife and me, how much of it would be mine..?
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Don’t forget about great auntie Jean in New Zealand (who you’ve never met) you could help her out a little too
 
Money is the root of all evil and gambling is a mug's game.

I'd tell them to fuck off, i'm not playing.
 
If I was 25 and trying to save for a mortgage, I'd take the £50k all day long. Now I'm in my 40s and with a mortgage that £50k wouldn't really make much of a dent in, I'd gamble all the time.
 
I love how we are all taking this so seriously and are quite sure of our responses and our ability to deal with large sums of money. I include myself in this of course.

Immediate reactions with money on the table might be different. Behaviour
with money in pocket would almost certainly depart from stated intentions. In my heart of hearts £100M needs to be dispensed promptly but who knows.
 
jogills said:
Immediate reactions with money on the table might be different. Behaviour
with money in pocket would almost certainly depart from stated intentions.
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Absolutely.

Whilst I would definitely toss the coin in the scenario nibbles originally stated I'd think carefully before wagering £50k of my own money.
 
nibbles said:
What would you find acceptable?

Don’t think it’s necessarily solely about the ‘value’ of the betting odds either.

I wouldn’t take the £50k (I’d probably cash out at £250k in this scenario), but offer me a guaranteed £5M or risk it all for £100M, then I’m taking the £5M.
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Well, from a strictly financial point of view, the "value" of a 50/50 coin flip that can win £1 million is £500,000. That is what you "should" be getting. People on this thread, and on the poll are accepting a 10th of that, £50,000.

It's obviously a much easier question tp answer "hypothetically" than in real life, but surely you shouldn't be saying no to getting 20/1 on an even money bet?

My personal situation is late 50's, trying to pay off mortgage, have adult children, but trying to look after myself. £50k would be nice, £1 million would mean a complete different lifestyle and being able to set up my children as well.

What would I take? 200k i think. I know that is less than a half of 500k, and 199k is a lot of money, but it is a 50/50 chance
 
This discussion is slowly teasing out the origins of our collective and determined pessimism regarding GFC.

I'm long retired and have plenty enough to buy and do what I am still capable of. I may have already bought my last car already and don't need another bike. A yacht soon becomes a millstone.

I'm intrigued by the knowledge and calculations of gamblers. From my perspective you start with nothing. Buddha starts and ends with nothing along with around half the gamblers. A number finish with £50k but no one loses anything
 
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Buddha said:
Money is the root of all evil and gambling is a mug's game.

I'd tell them to fuck off, i'm not playing.
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I think you have clearly shown why gambling is NOT a mugs game.

In the scenario there are 2 options, you are either given £50k, or you are given a coin flip where you can win £1 million pounds.

You have turned both of those down, and will be taking nothing.

That sounds like you are the mug.
 
jogills said:
I'm intrigued by the knowledge and calculations of gamblers. From my perspective you start with nothing. Buddha starts and ends with nothing along with around half the gamblers. A number finish with £50k but no one loses anything
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Interesting, because that's not my perspective at all.

For me, in this instance you very much start with 50k - That's the premise of the scenario. 50% of people who gamble for the full amount are likely to lose 50k because at the moment of the gamble they have entered into the premise and that 50k is theirs.
 
Buddha said:
Money is the root of all evil and gambling is a mug's game.

I'd tell them to fuck off, i'm not playing.
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Admirable but not true is it.

You can have 50K or flip a coin for a £1M....
You arent playing ?

Take the 50K mate and walk away
 
ThreeSixes said:
I think you have clearly shown why gambling is NOT a mugs game.

In the scenario there are 2 options, you are either given £50k, or you are given a coin flip where you can win £1 million pounds.

You have turned both of those down, and will be taking nothing.

That sounds like you are the mug.
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markinkent said:
Admirable but not true is it.

You can have 50K or flip a coin for a £1M....
You arent playing ?

Take the 50K mate and walk away
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I already told, I'm not playing.

Why would either of you be interested in convincing me that this would be a foolish decision?
 
ThreeSixes said:
Well, from a strictly financial point of view, the "value" of a 50/50 coin flip that can win £1 million is £500,000. That is what you "should" be getting. People on this thread, and on the poll are accepting a 10th of that, £50,000.

It's obviously a much easier question tp answer "hypothetically" than in real life, but surely you shouldn't be saying no to getting 20/1 on an even money bet?

My personal situation is late 50's, trying to pay off mortgage, have adult children, but trying to look after myself. £50k would be nice, £1 million would mean a complete different lifestyle and being able to set up my children as well.

What would I take? 200k i think. I know that is less than a half of 500k, and 199k is a lot of money, but it is a 50/50 chance
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50k is more money than I've ever had spare so I wouldn't gamble it and hope I get lucky. For me it would hurt more to end up with nothing.
 
JoeScout said:
Interesting, because that's not my perspective at all.

For me, in this instance you very much start with 50k - That's the premise of the scenario. 50% of people who gamble for the full amount are likely to lose 50k because at the moment of the gamble they have entered into the premise and that 50k is theirs.
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But you don't because you have to join to take the £50K. To start with £50K it would need to be a £50K gift to everyone not just Mrs jokerman.
 
Buddha said:
I already told, I'm not playing.

Why would either of you be interested in convincing me that this would be a foolish decision?
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Just curious, that's all. Why would you not take £50K if offered to you? You will take someone's land to park your van, so why the objection to taking free money that had no strings attached?
 
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