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References:
[1] https://www.statista.com/statistics/253416/global-gambling-market-gross-win/
[2] http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_MET_2017.pdf
[3] https://twitter.com/wendoverpro/status/1054533498722111488
[4] https://www.nber.org/papers/w18237.pdf
[5] https://twitter.com/wendoverpro/status/1054533837328281600
[6] https://twitter.com/wendoverpro/status/1054534236642795522
[7] http://www.its.caltech.edu/~snowberg/papers/Snowberg-Wolfers%20Risk%20Love%20or%20Decision%20Weights-NBER.pdf
[8] http://www.football-data.co.uk/blog/favourite_longshot_bias_tennis.php
[9] https://economix.blogs.nytimes.com/2010/06/02/the-bp-spill-and-the-favorite-longshot-bias/
[10] https://ac-els-cdn-com.ezproxy1.library.usyd.edu.au/S0167268114002194/1-s2.0-S0167268114002194-main.pdf?_tid=6aac86b2-7e4a-46d0-bf4d-5ab70e8db750&acdnat=1540355242_b9bcf6d0549207112968a3467b39a9a0
[11] https://www.hbs.edu/faculty/Publication%20Files/08-061_17c22e32-fe06-4b4a-8b5e-e09227fc8104.pdf
[12] https://www.commissions.leg.state.mn.us/ladder/120511prizelinkedsavingsFAQs.pdf
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Well now we know how our lives will end
In my opinion casino gambling is a fraud. A slot machine is programmed to pay out after consuming hundreds or thousands of dollars. The only ones gambling are the bettors against eachother. Give it to charity and you'll get a nice warm glow. ☮️
Gamble Rap:
Make the 5 dollars 500,000 and all the other values also multiplied by 100,000 and people will think very carefully about this question
Your premise fails in the first minute. Gambling customers pay for entertainment value; I might pay to see a movie, I don’t expect the theater to give me 100% of my money back. Why would the casino give you all your money back after entertaining you?
But you DON’T get to play the 80% chance of $6.25 “infinite times”. That’s why your comparison is a bit absurd.
06:10 Again, 0.5% chance of $1000 is NOT the same amount as 100% of $5, YOU DO NOT GET TO PLAY INFINITE TIMES.
Your examples make no sense why would anyone want the additional volatility of two bets with the same ev when they don’t have infinite trials
Gambling should honestly be banned…
Gamble is death penalty..
Gambling…. it's a mug's game