COLDRICK.COM.AU
Politics - Celebrities - Scam Busting - Paranormal - UFOs - Jokes - Trivia - Opinions - Information and much more.
Related pages
|
Gambling and probability on Cold RickImages and videos used on the Cold Rick site are to the best of our knowledge public domain. Anything found to be breaching copyright will be removed immediately. Articles on the Cold Rick site remain the property of the writer/submitter and the opinions stated in these articles are not necessarily the opinions of the Cold Rick site or its editors.23rd April 2006 I am often amazed at the comments people make about how they "always win" at some game of chance like poker machines or Keno. After they see my look of incredulity at their comment, they will usually change to "almost always win". What is truly amazing is how many of these people's stories defy the laws of probability with their winnings. I would pay 100 to 1 odds against the majority of people who make such comments understanding probability at all. Of course there are certain betting games where the punter can increase their odds with a little knowledge. Several card games come to mind, various forms of racing and markets such as shares, options and futures. If the punter is good at these games, they can nudge the odds in their favour. People actually make a living out of such games. Some games however have absolutely no way of changing the odds to the punters favour. Roulette, poker machines, Keno, Lotto, Powerball, Craps etc. We need to differentiate between gambling which is "pure chance" and gambling which can "involve skill". There is no skill in roulette or keno. Skill can be involved in racing, some card games and financial markets - yes financial markets can be considered a form of gambling. It should also be noted that to the novice even the games which can involve an element of skill are simply games of chance. Continued below... |
It should also be noted that to the novice even the games which can involve an element of skill are simply games of chance.
Some facts .... In games of pure chance, the odds are stacked against the punter. People who "win more often than they lose" are either very forgetful or are riding against the odds and waiting for a fall. People who think that it is possible to win at these games over the long term do not understand probability. IF YOU PLAY THESE GAMES LONG ENOUGH THE PROBABILITY IS THAT YOU WILL LOSE. What about someone who wins $1,000,000 on the Lotto you ask? Same thing. If that person does not understand probability and decides that they are going to keep gambling on the Lotto and increase their bets using their new fortune, they will lose it all. The only way to come out a winner, is if you are lucky enough to beat the odds before you lose too much, and then to stop playing the game (or keep playing, but stick to bets small enough that you will never make much of a dent in the original win).
Winning at one of these games of chance can be the worst thing to happen to an impressionable young person who does not understand probability. It gives them the false notion that "winning is easy" and can lead to large losses in the future. Not only do they gamble away all the winnings, but they often continue gambling with money that they can't afford. I'll let you in on a secret. Casino owners don't like to give money away. The best money we've ever made from a casino is when we've invested in their shares.
How little do people understand probability? I was reading a book about share trading recently and the author commented on an otherwise seemingly intelligent person he met at a party. The author asked the person a simple question - "if the chance of rain is 50% on Saturday and 50% on Sunday, what is the chance of rain on the weekend?" The person's answer - 100%. No matter how much the author tried to explain to this person that the odds were not 100%, the person could not understand. THIS IS WHY THE CASINOS MAKE MONEY.
Opinion of...
CONTEMPLATEOUS
|
|
Images and videos used on the Cold Rick site are to the best of our knowledge public domain. Anything found to be breaching copyright will be removed immediately. Articles on the Cold Rick site remain the property of the writer/submitter and the opinions stated in these articles are not necessarily the opinions of the Cold Rick site or its editors. A random Youtube video from our favourites collection MOTHER ROGER WATERS
A random funny or unusual picture for your enjoyment Change The Stupid Sign 
|
Have your say - Contact us
Please use the form below to submit an article, joke, critique or anything at all. You can also use the form to ask questions of our panel of weirdos.
Everything the weirdos find interesting will be added to the site.
If you wish to have your name or your company name and web site published as the provider of the article please include the details at the end of the article.
Main categories on this site
Categories
Animals
Art
Celebrities
Classic ads
Consumer madness
Contemplateous
Countdown
Fun stuff
Gadgets
Illusion
Jokes
Klinny
Martial arts
Mathematical conversions
Movies
Music
Opinion
Paranormal
Politics
Privacy policy
Reviews
Scams
Search
Sebastian
Sports
Trivia questions
Tv
Ufo
Words
Youtube favourites
Recommended Links
Couplings Information
Family Tree
Gearboxes Information
Hobby Engineering Supplies
Miniature Bearings Australia
Old Family Photos
Paris Panorama
Trivia Party
Shafting Information
Small Parts and Bearings
UFO Research Queesnsland
Unfair Contracts
Wikipedia
Windows To The Universe
World-o-meters
World Time
Youtube
Site Summary:
ColdRick.com.au is a site for everyone. This site consists of articles submitted by people of all ages and all Nationalities with subjects on just about everything.
ColdRick.com.au is edited and administered by three weirdos who go by the names of Klinny (Klinsman), Contemplateous and Cold Rick. If you have something interesting to say, then this is the place to say it.
User input is encouraged and forms are provided throughout the site to enable users to make corrections or submit articles for review.
Some of the subjects covered on the site include politics, celebrities, paranormal, UFOs, opinions, product reviews, scams and much more. The site is packed full of jokes, social comment and satire. The site is constantly growing through user input and is by no means limited to the topics already covered. If it's not on the site yet, it probably will be someday. Send in anything you find funny or interesting.
© Copyright the Contemplateous Klinny Cold Rick group. All rights reserved.