Unpopular Opinion: Gambling Edition

What do you think about Betting?

In the midst of the rubbles betting thrives. | Photo taken by me

Gambler’s Fallacy

Roulette table

In the summer of 1913, something incredible happened in Monte Carlo. Crowds gathered around a roulette table and could not believe their eyes. The ball had landed on black twenty times in a row. Many players took advantage of the opportunity and immediately put their money on red. But the ball continued to come to rest on black. Even more people flocked to the table to bet on red. It had to change eventually! But it was black yet again — and again and again. It was not until the twenty-seventh spin that the ball eventually landed on red. By that time, the players had bet millions on the table. In a few spins of the wheel, they were bankrupt.

…People believe in the “balancing force of the universe.” This is the gambler’s fallacy. However, with independent events, there is no harmonizing force at work: A ball cannot remember how many times it has landed on black.

Excerpt from The Art of Thinking Clearly, Rolf Dobeli

Control

I take out time to think, What’s the issue with Gambling? The issues seem to be that because most gamblers can’t influence the outcome of the result so it’s wrong or a lazy (Wo)man’s sport. Isn’t it an educated Guess? Reading up a team’s stats and past performance records is similar to reading a company’s financial’s and other related reports before making an investment decision.

Stories that touch

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Daniel Adeyemi

Deliberate Amateur | Interested in business, design, storytelling, psychology, products, economics, technology |Find me @danieltadeyemi or danieladeyemi.com.ng