Gambling

Hope springs eternal for sports bettors, as they typically expect to break even on future wagers even when they have consistently lost money in the past.

Now we know roughly how overconfident many gamblers are. A study by Stanford University researchers finds that the average online sportsbook customer expects a gain of 0.3 cent for every dollar wagered. In reality, sports bettors lose an average of 7.5 cents per dollar wagered, reflecting “widespread overoptimism about financial returns,” according to Matthew Brown lead author of the study.

The study also found that 20% of participants reported betting too much. To promote responsible gambling, online sportsbooks have rolled out features making it easy for users to track their results over time. But since most sports bettors are overly optimistic about their future betting, those measures likely won’t do much to curb problematic gambling,

Brown says. “Even when bettors know their past losses, they remained optimistic about the future, so that particular approach to consumer protection might not be enough,” he says.

Possible Preaching Angle:

As online gambling infiltrates society (and the church), there are more opportunities for temptation, people can hide their gambling addiction by not leaving their home. How many secret addicted gamblers are there in our churches?

The cacophony of slot machines, dice rolls, and card shuffles is what usually comes to mind when people think of gambling. The more pervasive way to gamble that has become more popular over the years is with your cellphone.

The computers in our pockets provide us with 24/7 access to sites and apps that facilitate our bets for us. People can’t even watch a sports game on their phone without being inundated with ads for fantasy sports platforms. Why not combine phone addiction with gambling? What’s the worst that could happen?

Writing in The Atlantic, Christine Emba anticipates the dreadful impact:

In a sense, Americans have been training themselves for years to become eager users of gambling tech. Smartphone-app design relies on the “variable reward” method of habit formation to get people hooked—the same mechanism that casinos use to keep people playing games and pulling levers. When Instagram sends notifications about likes or worthwhile posts, people are impelled to open the app and start scrolling; when sports-betting apps send push alerts about fantastic parlays, people are coaxed into placing one more bet.

Smartphones have thus habituated people to an expectation of stimulation—and potential reward—at every moment. Timothy Fong, a UCLA psychiatry professor and a co-director of the university’s gambling-studies program, said, “You’re constantly surrounded by the ability to change your neurochemistry by a simple click. There’s this idea that we have to have excessive dopamine with every experience in our life.”

The frictionless ease of mobile sports betting takes advantage of this. It has become easy, even ordinary, to experience the excitement of gambling everywhere. It isn’t enough anymore to be anxious about the final score of the Saturday night football game—let’s up the ante and bet on the winning team!

But at what cost? Indeed, what happens when we begin to think of every scenario in our lives in terms of risk/reward and the dispassionate calculations of probability? This can turn life itself into some cosmic game, twisting relationships into scenarios we scheme and manipulate as we chase the dopamine rush of a winning bet. The easy accessibility to gambling won’t just affect us personally, for it can also change the culture around us.

Possible Preaching Angle:

As online gambling infiltrates society (and the church), there are more opportunities for temptation, people can hide their gambling addiction by not leaving their home. How many secret addicted gamblers are there in our churches?

In a remarkable twist of fate, a couple from Bowling Green, Kentucky experienced the rare joy of winning the lottery twice—first by winning the prize and then by finding their lost ticket.

In November, the Kentucky Lottery announced that Mark Perdue and his wife were the winners of $50,000. Mark Perdue recalled the moment when he realized he won, recalling the store owner's words of congratulations.

“I said, ‘For what?’ And she said, ‘You won the lottery.’ I said, ‘I wish.’ She said, ‘You did, I have you on video.’”

However, the Perdue’s rejoicing turned to despair when they couldn’t find the ticket. Despite their best efforts, the ticket remained missing for several days, leading them to believe it had been accidentally discarded. His wife said, “I’ve been beating myself up for three months thinking I threw this ticket away.”

However, the story took a fortunate turn three months later in February. Mark was inspecting a company car, and found the ticket. He rarely does such inspections, but a visitor needed transportation, which prompted it.

“I don’t know how long it might have sat out there if I hadn’t needed the car,” he mused. The discovery left him visibly shaken.

With the ticket finally in hand, the couple visited the lottery headquarters the next day, and received a check for $36,000 after taxes. Reflecting on their plans for the money, the couple expressed a desire to clear debts and perhaps celebrate their good fortune with a trip.

Possible Preaching Angle:

You should use caution in using this illustration because it is not intended to encourage anyone to play the lottery. But, this does illustrate the elation of those who find what they believe was irretrievably lost, such as woman who found the lost coin (Luke 15:8-10).

The Supreme Court overturned the Professional and Amateur Sports Protection Act in 2018, quickly resulting in 38 states plus Wahsington D.C. jumping at the chance to increase tax revenue. Sports betting has since rocketed into an annual $7.5 billion industry. Men's Health surveyed 1,500 American men of whom placed bets in the last 12 months:

• 61% bet either daily or weekly
• 58% say sports betting has affected their mental health
• 44% say it's difficult to watch a game without feeling the urge to bet
• 20% say it’s destroying their life
• 20% spend 25% of their paycheck on sports betting
• Millennials bet more frequently than any other age group

According to the National Council on Problem Gambling (NCPG), the US is experiencing the largest and fastest expansion of gambling in our nation’s history. According to the NCPG, "As sports betting becomes more and more accessible, the number of people who are likely to develop a gambling addiction will continue to increase.”

Addicted problem-gamblers inevitably face job and home loss, damaged relationships, suicidal thoughts, and legal issues. The average debt accrued is between $55,000 and $90,000. According to Timothy Fong, M.D., codirector of the UCLA gambling-studies program:

There’s a state of gambling withdrawal just like opiate withdrawal or alcohol withdrawal. When you’re not able to gamble or participate in gambling, your body and your brain react to it. It goes through sleeplessness, changes in appetite, sadness, depression, and anxiety.

Delusion and pride cause many gamblers to fall into the snare. Sports bettors specifically often have higher education and income levels. Many perceive the results of their gambling as being determined by their skills and knowledge rather than chance and luck, overestimating their ability to win. This is known as the delusion of expertise and can accelerate … the development of a gambling addiction.

Keith Whyte, executive director of the NCPG, notes that: “We call [gambling addiction] the hidden addiction. There are few, if any, outward physical signs, and it makes it a lot harder to track and detect.”

Is a trip to Las Vegas becoming a thing of the past? A recent survey finds 4 in 10 gamblers have never actually set foot in a casino. A spokesperson for Online Betting Guide said, “Habits are changing all the time. Online gaming sites are becoming more and more popular, and in-person equivalents are evolving to meet the new needs.”

The results also show that 43% of gamblers feel an in-person casino has too many barriers to entry. Meanwhile, 32% just feel more confident behind their screen, with just 16% having more courage in the flesh. Another 22% fear they’ll look out of place in an actual betting parlor.

London (49%), Las Vegas (31%), and Paris (12%) are among the locations where respondents would most like to gamble in person. It also emerged that 83 percent feel the Internet has fundamentally changed the way people play.

Playing the lottery (53%), betting on sports (52%), and buying scratchers (41%) are the most common ways people indulge in a bit of gambling. However, 4 in 10 prefer games that require an element of skill, such as predicting sports scores or playing poker. Another 16% like to leave it to pure chance, playing games such as roulette.

Possible Preaching Angle:

As online gambling infiltrates society (and the church), there are more opportunities for temptation, people can hide their gambling addiction by not leaving their home. How many secret addicted gamblers are there in our churches?

Cybersecurity services provider Kaspersky has released a report on risks associated with cryptocurrency use. The report titled “Crypto Threats 2023” focused on the United States and uncovered some surprisingly poor user security habits.

Kaspersky surveyed 2,000 American adults and found that 24% of respondents overall owned cryptocurrency or digital assets. Ownership ranged from 36% in the 25–44 age category to 10% among those aged 55 or older.

A third of the crypto owners surveyed reported having crypto stolen, and an equal portion reported being victims of scams. Identity theft, theft of payment details, and loss of account access led the list of scam consequences. The average value of assets stolen was $97,583. Here, too, there was a sharp differentiation by age, with 47% of those ages 18–24 reporting thefts of (larger amounts of) crypto, compared to 8% of those over 55 (who reported smaller amounts of loss).

Lax security might account for many of the losses experienced by respondents. The survey found that crypto owners last checked on their crypto six weeks ago, and their accounts have minimal protection: “27% of users keep their crypto stored in an exchange account with no added protection, while only 34% use multi-factor authentication to protect their account.”

Possible Preaching Angle:

This report is another excellent reminder to focus on the security of our treasure in heaven and not to trust uncertain wealth on earth “… a treasure in the heavens that does not fail, where no thief approaches and no moth destroys” (Matt. 6:19-20; Luke 12:33).

Given its propensity to lure in athletes and entertainers as celebrity endorsers, it’s no secret why cryptocurrency companies have proliferated in the state of California. But now the California Department of Financial Protection and Innovation is offering a new product to help the public with investing.

The DFPI has launched a Crypto Scam Tracker, which allows members of the public to search through its database of complaints in order to assess the legitimacy (or potential fraudulent nature) of any particular crypto opportunity.

But such searches are not as simple as they might otherwise seem. Because crypto companies often disappear from the web with very little fanfare or advance notice, the lack of complaints about a particular company or coin do not by itself indicate its safety or reliability. On the contrary, users are instructed to be specific.

Elizabeth Smith, a spokesperson for the DFPI said,

We have heard from consumers that scam alerts help them avoid similar scams. Our hope is that this tool will be a resource for Californians to use before they are targeted or make financial decisions and help Californians from falling prey to prevent future scams … [reporting] helps us keep all Californians safe.

Possible Preaching Angle:

We need to be prudent in how our money is stewarded and not be swayed by every new opportunity or scheme. Remember that we are told to “store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal” (Matt. 6:19-20).

To an outsider, the name Sam Bankman-Fried might seem like a pseudonym, too on-the-nose to be real. The 30-year-old entrepreneur and philanthropist, known by his initials SBF, became one of the youngest billionaires in the world after founding the cryptocurrency exchange FTX. In the 90s hip-hop parlance, one could say he made “bank, man.” But after FTX collapsed amidst solvency concerns and he lost approximately $16 billion in net worth, SBF now appears, rather appropriately, “fried.”

As proof of his lack of business savvy, Washington Post columnist Molly Roberts recently mentioned the fact that SBF once spurned the practice of reading books. Not certain books, but books, period. He said, “I would never read a book. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. ... If you wrote a book, you (failed), it should have been a six-paragraph blog post.”

Roberts says that such impatience is characteristic of his overall approach, a philosophy he identifies as “effective altruism.” This is defined as making as much money as possible, as quickly as possible, in order to give it all away. According to Roberts, SBF’s unwillingness to hoard the money is laudable, but he used it to justify a series of high-risk speculative bets that eventually proved to be his economic undoing.

Roberts explained:

SBF was also immersed in a type of effective altruism known as longtermism, where that ultimate outcome you’re seeking is hundreds of thousands or even millions of years away. So, instead of buying bed nets for children dying of malaria today, you’re trying to prevent the hypothetical next pandemic or the overheating of the earth. ... (This way of thinking is an) obsession with the future [that] disconnects you from the present.

Roberts concludes her analysis this way: “Why not scam a few bucks today to save a few billion lives in the 23rd century? That’s not just skipping to the end of the book—it’s skipping to the end of the entire series.”

Possible Preaching Angle:

Those who spurn instruction and consideration in favor of efficiency and haste, cut themselves off from needed wisdom and hasten their own destruction.

The next time LeQuedra Edwards unexpectedly bumps into someone, she might expect more than just an awkward situation. Because her last unexpected bump resulted in some very good fortune. Edwards was in a convenience store when she spent $40 on a lottery vending machine. However, when she went to make her selection, a rude patron bumped into her, causing her to push an unintended number on the machine. Edwards said, “He just bumped into me, didn't say a thing and just walked out the door.”

Instead of spending money on several lower-priced tickets as usual, she ended up spending most of her money on a $30 Scratchers ticket. But her irritation quickly faded after she went to the car, scratched off the numbers on her ticket, and realized that she’d won the grand prize of $10 million.

She said, "I didn't really believe it at first, but I got on the freeway and kept looking down at (the ticket) and I almost crashed my car. I pulled over, looked at it again and again, scanned it with my app and I just kept thinking, 'This can't be right.'"

According to the news release, Edwards plans to use her winnings to buy a house and launch a nonprofit organization.

Possible Preaching Angle:

Even our accidents can be redeemed by God for our good.

Writer Leah Muncy recalls one of her earliest memories is of her mother buying a lottery ticket at the supermarket. “When I was young, my mother was always talking about the ‘lotto.’ Around the kitchen table, she’d tell us what she’d do with the millions: buy a large farm with chickens, fly us to Mexico, solar-panel the roof.”

The odds of winning the multi-state Powerball jackpot are one-in-292-million. You have a greater chance of dying from a falling coconut, which is one in 250 million. Despite this, Americans spent $71.8 billion on lottery tickets in 2017. The bulk of this revenue was generated by the poorest Americans.

According to a study conducted by Cornell University, the lottery is most aggressively advertised in impoverished communities, particularly minority and rural white neighborhoods. This exploitation leads to the “desperation hypothesis”: those in the direst of financial circumstances turn to the lottery as “a hail-Mary strategy.” It is a source of hope for those in despair. A 2019 survey found that 75% of lottery players believe that they will win.

The study also found that people who made less than $30,000 a year were more likely to play the lottery for financial stability. One in three Americans with incomes below $25,000 believe that winning the lottery “represents the most practical way for them to accumulate several hundred thousand dollars.” This, in turn, only makes America’s poorest even poorer.

Muncy continues, “My mother estimates she’s spent $3,000 on lottery tickets in her lifetime. ‘You can’t win if you don’t play,’ she says. But I tell her, that you can’t win if you do play.” The lottery did not ever and will not ever provide her with a ranch, or solar panels, or vacations. This beacon of false hope can be seen at the top of every California lottery ticket, a sun shining above the chosen numbers. It is golden, radiant, looming. And it is blinding.

Ken Fuson actually wrote his own tribute before passing:

Ken Fuson, born June 23, 1956, died Jan. 3, 2020 in at Nebraska Medical Center, of liver cirrhosis, and is stunned to learn that the world is somehow able to go on without him. Ken attended the University of Missouri-Columbia’s famous School of Journalism, which is a clever way of saying, "almost graduated but didn't." Facing a choice between covering a story for the newspaper or taking his final exams, Ken went for the story. He never claimed to be smart, just committed.

In 1981, Ken landed his dream job, working as a reporter for The Des Moines Register. Ken won several national feature-writing awards. No, he didn't win a Pulitzer Prize, but he's dead now, so get off his back.

In 2011, Ken accepted a job in the marketing department at Simpson College, where he remained until 2018. He was diagnosed with liver disease at the beginning of 2019, which is pretty ironic given how little he drank. He is survived by his sons who all brought Ken unsurpassed joy. He hopes they will forgive him for not making the point more often. He loved his boys and was (and is) extraordinarily proud to be their father.

Ken had many character flaws - if he still owes you money, he's sorry, sincerely. He prided himself on letting other drivers cut in line. For most of his life, Ken suffered from a compulsive gambling addiction that nearly destroyed him. But his church friends never gave up on him. Ken last placed a bet on Sept. 5, 2009. He died clean. He hopes that anyone who needs help will seek it. Miracles abound.

Ken's pastor says God can work miracles for you and through you. Skepticism may be cool, and for too many years Ken embraced it, but it was faith in Jesus Christ that transformed his life. That was the one thing he never regretted. It changed everything. God is good. Embrace every moment, even the bad ones. See you in heaven. Ken promises to let you cut in line.

The Powerball Lotto is a legalized multi-state form of gambling in the United States that pays enormous jackpots to the very few who purchase winning tickets. Jack Whittaker won almost $315 million in 2002. Hardly a rags to riches story, Whittaker had plenty of money before his big win, having built a $100 million equipment company from scratch.

At first, things went well. Whittaker tithed on his winnings and was generous to a variety of charities. He reportedly gave a home, automobile and $40,000 in cash to the woman who sold him the ticket.

All of his philanthropy, however, was not enough to curb Whittaker's destructive behavior. Within a few years, he had been robbed, involved in sex scandals, bounced checks at casinos, and named in several lawsuits. The worst was still to come. He is reported to have given his teenage granddaughter a $4,000 a week allowance. Whittaker received his worst blow when the girl, perhaps the person he loved most in the world, was found dead from an apparent drug overdose. The cause of all his troubles, claims Whittaker, was the "Powerball curse."

Researchers have determined that a person who drives 10 miles to buy a lottery ticket is three times more likely to be killed in a car accident while driving to buy the ticket than he or she is to win the jackpot. Yet, even with nearly impossible odds of ever winning a dime, one out of every four Americans believes their best chance of getting rich is by playing the lottery.

If you win the Powerball jackpot, you may not be as lucky as you may think. Many winners befall the so-called curse of the lottery, with some squandering their fortunes and others meeting tragic ends.

"So many of them wind up unhappy or wind up broke. People have had terrible things happen,” said Don McNay a financial consultant to lottery winners and the author of Life Lessons from the Lottery. “People commit suicide. People run though their money. Easy comes, easy goes. They go through divorce or people die.”

“It’s just upheaval that they’re not ready for,” McNay told TIME on Tuesday. “It’s the curse of the lottery because it made their lives worse instead of improving them.”

About 70 percent of people who suddenly receive a windfall of cash will lose it within a few years, according to the National Endowment for Financial Education.

Forty-five states, along with the District of Columbia, Puerto Rico, and the US Virgin Islands, run lotteries [as of September 2024 …. According to a CNN article, "More than half of us have played the lottery in the last year, although 20 percent of customers buy the majority of the tickets." In fiscal 2023, Americans spent around $113 billion playing lotteries. Since 1964, when New Hampshire launched the first modern state lottery, ticket sales have gone up every year, even during the Great Recession, when the sale of most other items declined.

What drives the popularity of lotteries? Not the incredible odds. You're more likely to be attacked by a shark (one in 11.5 million) or die in a lightning strike (one in three million) than you are to win Powerball's grand prize (one in over 175 million). You'd have to buy 86 million tickets to reach even a fifty-fifty chance of winning. Although the chances of winning Powerball is less than having a meteor crash into your house (one in 182 trillion).

So why do we people keep playing the lottery? Maybe because it lets us live in a fantasy world. As Rebecca Paul Hargrove, president of the Tennessee Education Lottery Corporation, puts it, "For $2 you can spend the day dreaming about what you would do with half a billion dollars—half a billion dollars!" Psychologist Dr. Stephen Goldbart suggests the lottery appeals because "it lets you believe in magic: that you will be the one who spent a little and got a lot" and that the money "will give you a respite from the conflict, complexity, and angst of everyday life." Journalist Adam Piore writes, "[The lottery] is a game where reason and logic are rendered obsolete, and hope and dreams are on sale."

Possible Preaching Angles: (1) Gambling; Money. (2) Faith—Christians aren't the only ones who practice "faith." People can put their faith in many things besides God (like the lottery), but faith is always only as good as the object of our faith. (3) Hope—For the Christian hope isn't equated with "I hope I win the lottery." Hope is solid assurance that God's promises are true.

If you happened to win the lottery, your financial situation would improve, right? Actually, according to a study, the answer is maybe not. Three economics professors wrote a paper titled "The Ticket to Easy Street? The Financial Consequences of Winning the Lottery." Their research tried to address the following questions: Does a lottery windfall have a permanent impact or does it merely postpone financial pain? Does getting a "boatload of money" solve people's financial problems or just push those problems down the road?

The professors obtained a list of winners for a Florida lotto game called Fantasy Five. Then they compared those names to Florida bankruptcy records to see how many winners filed for bankruptcy and when. In the first couple of years after winning a jackpot, people who won small amounts were more likely to file bankruptcy than people who won larger amounts. That makes sense. Someone with a large amount of money can initially weather a bad time or keep creditors at bay.

But after three years, large lottery winners were more likely to file for bankruptcy than small winners. The people who won larger sums did not use their new wealth to pay down debt. Financial consultant Don McNay concludes, "Winning the lottery did not help people increase their net worth. They needed to have set goals and an understanding of finance to make their lives better. It appears that [the lottery winners] did not have those fundamental tools."

Possible Preaching Angles: (1) Gambling—the negative effects of gambling; (2) Budgeting; Debt; Finances—Most of us don't just need more money; we need "those fundamental tools" that will help us get out of debt and manage our money wisely.

Before serving as a Methodist minister from 2000 to 2010 near Nashville, Tennessee, John M. Eades spent two decades as a therapist counseling drug and alcohol addicts. But his professional expertise did not prevent his descent into compulsive gambling.

His downfall began when some friends pestered him into accompanying them to a casino. Although Eades had never been a gambler, the urge to play the slot machines that was sparked that night escalated into daily casino visits.

"I went every afternoon after work and stayed until late, and I'd go every weekend," recalls Eades, 68. Missing church was no concern. At the time, Eades only attended sporadically.

Within two years, he had maxed out 17 credit cards and amassed $245,000 in gambling debts. One night, driving home from the casino, Eades decided to kill himself. He pulled over at a rest stop and reached into the glove compartment for his .357 Magnum. The gun was gone. Upon reaching home, Eades hugged his wife, Karen, and thanked her for saving his life by hiding the weapon. But he was in for another surprise.

"I didn't take the gun to save your life," Karen told him. "I sold it so we could pay the electric bill."

Soon, the economic strain became too much for Karen. She swallowed an entire bottle of pills in front of her husband. After getting his wife's stomach pumped at a hospital, Eades tried to escape his own depression by going off to gamble.

Later, in a drastic step to remove temptation, Eades moved to a Tennessee town 300 miles away from the nearest casino. He agreed to Karen's request that they attend church regularly. Yet Eades secretly started stashing money in his car trunk for a planned trip to a Mississippi casino.

Another suicide attempt, this time by his 27-year-old daughter, Ginger, over a failed relationship, finally prompted Eades to change …. He opened his car trunk and gave the $600 he had saved for gambling to his wife.

Today Eades is in recovery and marvels at the power the addiction had over his life. "When you're in an addiction and you look back, it's just like you were an insane person," says Eades …. "You cannot believe the things you did."

Eades says there can be no removal of addictive desires or recovery without God's intervention. He also credits Karen, his wife of 48 years.

"When you're [an addict] you really want people to leave you alone so you can feel sorry for yourself and keep [up your addiction]," Eades says. "It's very important to have [someone] who loves you enough to stay with you through it."

David Wayne Sharpton, 54, has won major prizes in the Georgia lottery not once, not twice, but three times. In 2004 he won $350,000; in 2005 he won $1 million; and in February 2007 he won $2.5 million.

Sharpton continues to work at his job as a restaurant-oven repairman, though his accrued winnings have given him more than enough to retire. He has a different take on what it means to be wealthy.

"Am I the luckiest man alive?" he asks. "I suppose so. I got [sic] a pretty good circle of friends, a wonderful job, and a beautiful wife."

As of 2006, the stock market boasts 150 mutual funds that designate themselves as "socially responsible." This means that investments are only made in companies that meet the ethical standards of fund managers.

But back in 2002, a new investment vehicle quietly surfaced: the Vice Fund. The prospectus of the Vice Fund claims that it favors "products or services often considered socially irresponsible." Investments have been made by various managers in companies linked to alcohol, tobacco, gambling, and military contracts.

This fund and another, the Gaming and Casino fund, both rest on a certain approach: Stocks that exploit the dark side of human nature are a natural for Wall Street, particularly during economic downturns.

Dan Ahrens, former manager of the Vice Fund who moved to start the Gaming and Casino fund, expands on this philosophy in his book Investing in Vice. He believes that bad habits don't change, even through bad economic times. People still indulge in vices regardless of what happens in the stock market; smoking, drinking, gambling. There's financial profit in war.

And, so far, those philosophies have produced results. The Vice Fund has returned positive monetary gains, some reaching beyond 20 percent over five years.

Editor’s Update (2023):

The Fund has reported fairly steady annual total returns, with dividends consistently contributing to the Fund’s overall return. As of June 30, 2022, the Investor Class has a five-year annualized return of 0.74%, and a 10-year annualized return of 6.79%.

Through June 30, 2022, it reports an annualized return since inception of 7.82% versus the benchmark set at 8.32% by the MSCI All Country World Index.3 As of Sept. 9, 2022, it has a dividend yield of 0%.

As of Sept. 9, 2022, the Vice Global Fund had total assets under management of $79.2 million. As of June 30, 2022, top holdings in the Fund included Galaxy Entertainment, Northrop Grumman, Raytheon Technologies, and Philip Morris International.

Throughout his life, Pablo Picasso is estimated to have produced about 13,500 paintings or designs, 100,000 prints or engravings, 34,000 book illustrations, and 300 sculptures or ceramics. Thanks to casino magnate Steve Wynn, however, one oil painting will enjoy a greater level of infamy than all of these works.

The painting is titled The Dream, and Picasso completed it in 1932. In 1997, at an art auction at Christie's in New York City, Steve Wynn purchased the painting for 47 million dollars. His purchase actually turned out to be quite an investment. In less than a decade, Wynn completed a deal to sell the painting for $139 million—tripling its value! This transaction would have set a record for the sale of a piece of art. It would have.

Just after completing the deal, Wynn, who was standing close to the painting, turned and inadvertently clobbered the Picasso with his elbow, placing a six-inch hole in the middle of the masterpiece. While no one is certain what this does to the value of the painting itself, the effect on the sale price was immediate. Even more quickly than it had come, the record-breaking $139 million sale evaporated.