Wednesday, May 03, 2006

Bit of Gambling Problem

Golfer John Daly used to be an alcoholic. He recovered from that, and became a compulsive gambler. In his new book he says he has lost between $50 million and $60 million during 12 years of heavy gambling and that it has become a problem that could "flat-out ruin me" if he doesn't bring it under control.
He told one story of earning $750,000 when he lost in a playoff to Tiger Woods last fall in San Francisco at a World Golf Championship. Instead of going home, he drove to Las Vegas and says he lost $1.65 million in five hours playing mostly $5,000 slot machines.
He has spent the last 10 years paying off gambling debts with his sponsorship income (he's made $8.7 million in winnings on the PGA Tour) and appearance money.
He said he owed $4 million to casinos in two years of gambling until he won the 1995 British Open at St. Andrews, his second major. That victory and the ability to get handsome appearance fees enabled him to pay off the debt.
Now he plans to start at the $25 slots in the casinos and set a "walkout loss number," which would tell him it's time to leave.
"If I make a little bit, then maybe I move up to the $100 slots or the $500 slots, or maybe I take it to the blackjack table," he wrote. "It's their money. Why not give it a shot, try to double it? And if I make a lot, I can ..."
Spoken like a true gambler.
Somewhere TallSkott is reading this and holding his hand over his eyes.

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