they’re both dependent on recreational bettors to make their profits. In
they’re both dependent on recreational bettors to make their profits. In
offense, looking for vulnerabilities in the sportsbook’s very large attack surface. With such a large menu, edges aren’t that hard to find on opening lines.
Nate Silver • On the Edge: The Art of Risking Everything
Successful gamblers, instead, think of the future as speckles of probability, flickering upward and downward like a stock market ticker to every new jolt of information. When their estimates of these probabilities diverge by a sufficient margin from the odds on offer, they may place a bet.
Nate Silver • The Signal and the Noise: Why So Many Predictions Fail-but Some Don't
All that was clear was that the profits to be had from smart people making complicated bets overwhelmed anything that could be had from servicing customers, or allocating capital to productive enterprise.
Michael Lewis • The Big Short: Inside the Doomsday Machine
people are willing to take big chances with their “winnings.”
Richard H. Thaler • Nudge: The Final Edition
the paper that referenced the “Gambler’s Ruin problem,” a theory that no matter how much money you have in a betting scenario, the casino (or house) has an infinite amount of money, and therefore, if you keep making bets, the house will eventually win.
Nick Bilton • American Kingpin: Catching the Billion-Dollar Baron of the Dark Web
Poker stands at the fulcrum that balances two oppositional forces in our lives—chance and control.