this post was submitted on 08 Nov 2024
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People have an inherent inability to assess probability. Even with "safer" games like black jack when your odds are a little closer to 50:50, people will keep pushing until they have no money left. Bet it all 4 times and there's about a 94% chance you lose it all.
When I turned 21 my dad (very rational guy) was helping me learn video blackjack, it was stuff like determining probability, risk reward, strategy (getting dealer to guarantee bust allowing us to play safely), just blackjack stuff
Some advice that will now stick with me if I ever go gambling again is, due to probability, losing any money you won and then some, is a matter of when. House will always win if you’re in it for the long game, so either quit while you ahead, quit once you’ve won $X, or quit once you’ve lost $Y. Always assume the third option will happen even if you’re playing smart
That's the smart plan. Every time I've been to a casino (4 times I can recall) I had an amount set aside that I was prepared to lose and that would be it for me. A couple times I got ahead and just cashed out.
Your comment reminded me of another thing he said regarding that matter
Think of the money your putting in as what your willing to pay for to have fun
Your dad's a smart guy!
Oh yeah 100%
There’s a reason the guy who whips out the terms of service to get a better deal is in charge of our families finances