Pinball Used to Be Illegal Fact
Between the 1940s and the 1970s pinball used to illegal in parts of the United States. It was thought of as a gambling “game of chance” and was caught up in the post-prohibition push-back against gambling.
Gambling
Gambling is the wagering of money, typically on games of chance or skill. Despite the societal problems, gambling contains the roots of probability theory, game theory, and many aspects of the social sciences. Thus, while gamblers should check out gamblers anonymous and look at the Wizard’s of Odds to dampen their potential rose colored glasses, gambling will continue to interest the more academically inclined (and thus is a section on our site).
Factoids tagged with "Gambling"
Slots Account for More Revenue than all other Casino Games Combined Fact
According to 2016 data, slot machines account for more revenue than all other casino games combined, and penny slots account for more revenue than any other casino game.
The More Instances Considered, The More Theoretical and Actual Results Converge Fact
The law of large numbers says, the more instances of a probable event that are considered, the more the theoretical and actual results converge.
Probability Theory Was Invented to Solve a Gambling Problem Fact
Blaise Pascal and Pierre de Fermat invented probability theory in 1654 to solve a gambling problem related to expected outcomes.
The Average Person Can Make a Living off of Blackjack Myth
Very few can make a living off of blackjack. To win in the long run you must count cards, watch tables, risk big money, and employ questionable betting strategies.
The More You Do Something, the More You Value it Fact
The more time and energy you put into something, the more you value it. This Escalation of Commitment phenomenon (or commitment bias) relates to a number of other decision making biases.
eSports are Real Sports Fact
eSports can be considered “real sports” by definition, much in the same way chess or poker can be. There are many parallels between traditional athletic sports and eSports.
Past Outcomes of Random Events Affect Future Outcomes Myth
Past results of random independent events, like a coin flip, don’t affect future results. The mistaken belief that past results affect future results is known as “the Gambler’s Fallacy” (AKA the Fallacy of the Maturity of Chances, or the Monte Carlo Fallacy).
Competitive Sports Have Always Been Popular in the U.S. Myth
Competitive sports became popular in the United States from 1850 – 1950 because of lighting technology, mass media, and developing labor and education laws.