Buffett Plays for Charity, Goes Broke
It took less than 45 minutes for Warren Buffett, billionaire investor and avid bridge player, to go broke in a charity poker tournament.
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Casino gambling facts:
- Pathological gambling is recognized as a medical disorder by the American Psychiatric Association and has elements of addiction similar to alcohol and drug addiction.
- In Paris, legislation prohibiting playing cards was passed in 1377, and in Italy, playing cards and dice were burned.
- The name blackjack came from an early bet (since discontinued) that paid 10 to 1 if the player got a jack of spades and an ace of spades, both black cards, as the first two cards.
- During the 1950s, the Senate Committee to Investigate Organized Crime in Interstate Commerce held a number of hearings on criminal influence in the casino industry. The committee was chaired by Senator Estes Kefauver, and the committee is also known by his name.