Shuffle Up and Deal
- Gambling's widespread appeal comes as much from the hope of imposing order on the fundamental randomness of the world as from the expectation of economic gain.
- Blaming a bad result on an offended spirit or a good result on divine favor is more comforting than accepting the cold indifference of probability.
The Risk Instinct
- W.I. Thomas--early 20th Century sociologist; Taste for risk is essential to human development; Gambling instinct born in all humans.
- Similar to faith in that both express a need for reassurance, order and salvation.
- Alec Roy, a psychiatrist, found that chronic gamblers had a low level of norepinephrine and people gambled for the thrill of action.
At War with Luck
- More experienced player feel that poker is not about luck.
- A 2009 study analyzed 103 million hands of Texas Hold Em played at pokerstars.com and found that over 75% of them were decided before a showdown--indicating that outcomes were determined by people's betting decisions prior to cards being dealt.
- Similarities to chess in that chess players focus on finding the right moves, rather than having fun or stroking ego.
Cutting off the Arms-Slot Machines
- Slots keep 5% of your money.
- Over time, the amount the machine pays back to the customer will approach its average rate, but at least in regulated markets, each spin is independent of the previous one.
- Important branding for slot machines---Wheel of Fortune is the most popular one.
When the Chips are Down
Las Vegas-In 2009, 13% of visitors said gambling was first priority
The Dragon's Gambling Den
- Chinese Macau's casino rejects hub and spoke casino design that forces guests to pass through the gaming floor on their way in or out. Separate entrance to restaurants and rooms. This could be a benefit to Chinese officials who may not be photographed gambling.
- Macau is the world's biggest gambling market.
- Not as much interest in poker or blackjack---more interest in bacarat.
- Mainlanders need a visa to go to Macau---but there are still enough visitors to go.
Come, All ye Gullible - Lotteries
- American lotteries generated 17 billion in revenue.
- One in 176million to win Mega Millions; 1 in 750,000 to get struck by lighting.
- Poorer people spend a higher percentage of their income on the lottery than wealthier, so it's not as effective if looked at it from a tax perspective.
- One in Five Americans think a lottery ticket is a sound retirement plan.
- Much of lottery ticket purchase comes from social security, unemployment, and disability benefits.
Sure Thing
- Possibly $380 billion spent on illegal betting.
- Crime and pathological gambling happen near legal casinos. Problem gamblers tend to be unemployed and more likely to commit crimes.
- Gambling coalitions argue that state sponsored gambling like lotteries are anti-democracy in that they trick people into thinking they will be rich but are really just getting taxed.
- Customers are at risk today, not from betting on line, but from betting through unregulated sites located in foreign jurisdictions which leave customers no recourse when cheated---Properly overseen and regulated, online gambling can become as safe as e-commerce.
- Ensuring people aren't cheated requires regulation, rigorous oversight and a commitment to an open and competitive market.
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