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"
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 law of large numbers says, the more instances of a probable event that are considered, the more the theoretical and actual results converge.
Blaise Pascal and Pierre de Fermat invented probability theory in 1654 to solve a gambling problem related to expected outcomes.
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.
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 became popular in the United States from 1850 – 1950 because of lighting technology, mass media, and developing labor and education laws.