Probability however…
Assuming you have a 50% chance to double your money and a 50% chance to lose all of it, you would have a 97% chance to leave with no money and a 3% chance to leave with 3200% of your money
With gambling, you have a 50% chance of success. Either you win, or you don’t. It’s 50/50.
When there’s 5000:1 odds of winning you either win or lose. It’s 50:50.
People how know what an expectation value is are typically not so fond of gambling. Reminds me of the story when a physics conference took place in Las Vegas and resulted in a really low take for the casino.
Hi, Econometrician here.
We routinely and regularly refer to State run lotteries with such phrases as ‘the idiot tax’.
As in, it is a regressive form of taxation, that objectively hurts people who are objectively idiots.
…
I’ve actually gambled once in my entire life, at a horse race.
My strategy?
Walk in with $40 bucks.
Place a $5 dollar bet on the horse with the silliest name.
I ended up walking out with $60 bucks, after being able to pay for a hot dog / fries / drink, forgot how much they cost (this was about a decade ago).
…
Stonks.Gambling.…
Its funny, I legitimately love playing Texas Hold’em Poker.
But … you can just play for pennies, or just have a set of plastic chips, little or no actual money involved.
Its a fun game, I am fully in agreement that it does constitute a legitimate competetive sport, it totally involves strategy, bluffing, acting, essentially… but there’s no need at all to risk financial ruin over it.
I gamble very rarely and am fully aware of its expectation value. But when I do gamble I still enjoy it, in the same way I might enjoy an amusement ride. Sure I part with some of my money but it’s just the fee for some thrill and entertainment. Roulette can actually be fairly cheap and a nice way of socializing with others.
If you start thinking of it as a way to earn rather than waste your money, you’re lost.
While I get this sentiment, to me it still feels pointless, because it all just seems… boring?
Because what’s the thrill? That you might win money? But then if you intentionally go in with your sentiment, there is no money to be won. The thrill is gone.
Why not just play a video game instead?
You do not need to objectively benefit from a positive outcome in order to enjoy it. My local sports team wins at least once per blue moon, and I feel good despite neither profiting from, nor contributing to their successes.
I can understand if it doesn’t do it for you, but I’ve found a great deal of joy in things that do not materially benefit me. I like it better that way.
I get my gamble dopamine from gatcha mobile games and Pokemon tradable cards game packs
I get mine through unprotected sex with strangers.
I love that factoid! It was also a question on Lateral podcast. I just spent a few minutes trying to find it on their highlights channel on YouTube, but no luck.
Gamblers will talk about gains but forget about the odds
Hahaha yeah true…
Now go home and get your fucking shine box
