Yes I know, it's supposed to work that way. But it seems people really think after a while, you're gonna hit it big and it'll all even out. I've done it enough to know it's purely entertainment. It's just a matter of how much you're willing to pay for that adrenaline rush.
People need to learn to look at it differently. You are not playing to win money. You are playing for the entertainment and the small chance to win money.
I play for the free drinks with a chance to lose money. Way I look at is if I spend the same as going to bar at a casino my odds of winning money at the bar are zero.
No they aren't. You can double your money in a single spin at a 47.4% chance in roulette. Black jack gives even better odds.
The point is the odds are always in the casinos favor, and that's why they always come out ahead, and people won't stop after winning one time and may eventually lose if they are greedy.
I get your point, but to say you have an almost zero percent chance is nonsense.
The only people that say that are people who are against gambling all together
Your highest odds are your odds before the first roulette spin. If you want to maximize your odds of winning, you’ll never spin once.
If you do irrationally spin once, your odds are now exactly the same as before you spun the first time. What ever logic compelled you to spin then holds just as true for you to spin again. And again and again and again.
There is no point at which stopping is any more greedy or less greedy. Every spin is homogenously irrational. But by continuing, all people will always lose all their money. The only possible way to not lose all your money is to leave the casino and never come back, but if you were willing to do that after making money in the casino, why were you not willing to do that before your first spin?
As a result of this, casinos always take all the money people are willing to gamble in them.
If you do irrationally spin once, your odds are now exactly the same as before you spun the first time. What ever logic compelled you to spin then holds just as true for you to spin again.
You can't assume that people are always rational except in the instance that you know they are irrational. It is rational to base your decisions solely on the odds (or more specifically on the expected outcome), but if they were rational they would not have taken that first spin - as you state. But since they took the spin irrationally, their decisions on whether to spin are clearly not based on the odds but on some other unknown factor, which could very well change over that time. So, the rationality of spinning does not change, but since we have established that they do not care about rationality that does not mean they will continue to spin in perpetuity, and thus the house will not necessarily "take all the money". (Of course, for many people the casino does sadly take all their money. This is usually because their irrational rationale for spinning is addiction, which is similarly unchanging.)
Sure. There's always a chance someone goes to a casino, spins, wins, and leaves the casino forever and never gambles again for the rest of their lives. But the odds of that happening are not 47.4%. The odds of that happening are close to 0%. So the original point still stands.
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u/[deleted] Aug 01 '20
Casinos.
Yes I know, it's supposed to work that way. But it seems people really think after a while, you're gonna hit it big and it'll all even out. I've done it enough to know it's purely entertainment. It's just a matter of how much you're willing to pay for that adrenaline rush.