they’re both dependent on recreational bettors to make their profits. In
they’re both dependent on recreational bettors to make their profits. In
For the second time, the Ten-Count System had shown moderately heavy losses mixed with “lucky” streaks of the most dazzling brilliance. I learned later that this was a characteristic of a random series of favorable bets. And I would see it again and again in real life in both the gambling and the investment worlds.
Edward O. Thorp • A Man for All Markets
For the second time, the Ten-Count System had shown moderately heavy losses mixed with “lucky” streaks of the most dazzling brilliance. I learned later that this was a characteristic of a random series of favorable bets. And I would see it again and again in real life in both the gambling and the investment worlds.
Edward O. Thorp • A Man for All Markets
Is America’s increasing penchant for gambling another sign of stagnation?
Nate Silver • On the Edge: The Art of Risking Everything
Poker abides by a “trickle up” theory of wealth: the bottom 10 percent of players are losing money quickly enough to support a relatively large middle class of break-even players.
Nate Silver • The Signal and the Noise: Why So Many Predictions Fail-but Some Don't
We also have a skewed perception of probable gains and losses: We overestimate the likelihood of unlikely things. Insurance is a profitable business because people would rather suffer a series of guaranteed small losses (premiums) than risk a single but unlikely catastrophic loss