riwu
2012-11-17 20:39:56
Gambling hosts always get an unfair deal at their end, eg. 55% vs 45%, even with a basic literacy in math/common sense, the gamblers should realize that they are bound to lose in the long run.
The net profit is negative by nature of the biased deal, and the more you gamble, the more you are dragging the standard deviation down (Central limit theorem), that is, the more certain your loss will be.
Even in the case of a fair gamble, such as when the gambling is 'hosted' among 2 gamblers of a 50 50 chance, the expected return would be zero. That is, you are wasting precious time for absolute zero return. And since time=money, you are practically still losing money :p
It's fine if you enjoy it, (consider it a leisure expenditure), but the truth is, gambling often adversely affects the happiness of individuals. Even if you have a lucky day, the joy would only be temporary because eternal happiness can only be achieved when your success is achieved with immense effort.
It is, therefore disappointing/surprising that gambling activities can remain so prevalent (both in RS&RL) even after centuries of lesson learnt from history. Gambling is even more illogical than for instance, taking drugs because you have everything to lose but nothing to gain. (at least you have almost a 100% certainty to gain temporary gratification from drugs)
How many mathematical proofs are needed to convince the population that the Gambler's fallacies are simply flawed math/logical thinking? Would gambling continue to flourish even as literacy rates skyrocket? Discuss.

And back to rs gambling, the gambler is at a further disadvantage because of the possibility that the host will take their money regardless of the outcome.