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Animation by Josh Sherrington
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Thumbnail by Simon Buckmaster
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Gambling…. it's a mug's game
Gamble is death penalty..
Gambling should honestly be banned…
Your examples make no sense why would anyone want the additional volatility of two bets with the same ev when they don’t have infinite trials
But you DON’T get to play the 80% chance of $6.25 “infinite times”. That’s why your comparison is a bit absurd.
06:10 Again, 0.5% chance of $1000 is NOT the same amount as 100% of $5, YOU DO NOT GET TO PLAY INFINITE TIMES.
Your premise fails in the first minute. Gambling customers pay for entertainment value; I might pay to see a movie, I don’t expect the theater to give me 100% of my money back. Why would the casino give you all your money back after entertaining you?
Make the 5 dollars 500,000 and all the other values also multiplied by 100,000 and people will think very carefully about this question
Gamble Rap:
In my opinion casino gambling is a fraud. A slot machine is programmed to pay out after consuming hundreds or thousands of dollars. The only ones gambling are the bettors against eachother. Give it to charity and you'll get a nice warm glow. ☮️
Well now we know how our lives will end
Great video very informative
Yeah but I have a system.
Where is hidden dollar pounds
my gambling ass wanted the 80% 💀
Dear Sir › $5 is good price
Many people have trouble thinking abstractly, so they just can't comprehend probabilities.
But insurance spreads the catastrophic risk among millions of policy holders. People are willing to lose a little (premiums) to avoid losing their homes, life savings, etc.
Gamblers, on the other hand, are not investors. Science has shown that dopamine in addicted gamblers goes up when? Not when the outcome is revealed, or when the payoff is made. No. It shoots up when the bet is placed! THAT's what casinos are selling.
By the way, do casino resort owners run their businesses like cruise shops or amusement parks (keep the customers inside their business long enough to drain their $$$)?
10:17 all forms of gambling are set up in a that theyre guaranteed to make money UNLESS BLACKJACK BECAUSE YOU CAN COUNT CARDS AND BEAT THE ODDS
"A form of taxation to fund education" 😂 gotta appreciate the irony.
check your facts on where state run lottery money goes. despite what they say, it rarely goes to education.
Insurance is also a scam how can they win money and gambling. Insurance metel el casino
It takes years of hard work to understand the game,you expect to go play with 1000 dollars and make 50k over a weekend nooo,just like going for degree at university to start earning,same to gambling,a winning mindset, discipline to overcome variance.
Wait. Is your channel not related to the city of Wendover, NV? The city is famous for it's casinos and the Enola Gay began it's infamous flight to Hiroshima from there
this video has errors
there is no gamble where you have a 100% chance of getting a 105% return. If there was you could sit there and play over and over and within hours you would have many times your original bankroll. Dont confuse interest over time with gambling.
Your statement that people at a casino are playing to get 97% return is also an error.
the 97% return is not a guarantee – many people who gamble walk out with no return unless they win big, because they keep playing with the small return they get till they are out of cash.
The thing you are missing is variance. If you play a roulette wheel and bet black or red, you will break even in the short run and go broke in the long run, but the most you can win on any bet is 2X. The best you can hope for is to put all your money on red and double it, and then leave. Like you said in the video, doubling your money is not a life changing event.
But on a slot machine, with every spin you have a chance of winning nothing, 2X… 5X…10X…20X… 50X…100X… up to 1000 to 5000X of your bet.
On a high value slot machine, like $10 or $25, the odds are in the long run your $1000 bank roll will return $970… but its the variance that makes it interesting to play.
You could win $20,000 on one $25 spin
or $5,000, or $1000, or $500…. or $50
or you could play the entire $1000 and win nothing at all….
That is the hook
Can you win at a casino? Yes. You CAN put $25 in a slot machine and win $20,000 on one spin.
just as you can walk out the door and be hit by lightning, hit by a truck, shot, eaten by sharks, struck down by cancer, catch a virus and die.
Life is a less than zero sum game: you cant win, you cant break even, and you cant get out of the game – everyone dies in the end.
At a casino you can win and you can get out of the game (take your winnings and walk out)….. but the odds are 3% in favor of the casino.
Ten minutes to explain that people are dumb but is over the heads of the dumbies.
It's fully about the number of tries
We pay to use insurance. We use insurance and the price go up. So to keep the price low, we must not use insurance we paid for. Imagine paying for netflix but price increase everytime you watch a movie 🤔
I'm sorry but this video is dumb. infinite is not a thing that applies to human lives, for instance, I need insurance because I don't have infinite time to get the money I would need if I get into an accident, the biggest problem is having all those money at once.
200/1 = 300$ for each dollar someone needs to go back to school lol
Except when it’s healthcare. Then it’s not insurance it’s just welfare
Casinos "work" exactly like any fiat currency. THEY "PRINT" THE CHIPS. The percentage odds on all the games is the "interest." Like our currency system, there will always be losers so money constantly flows in. That's why casinos are constantly trying to find more players and the government/fed keep subsidizing population growth through welfare and tax exemptions.
As a guy that knows these statistics I don't gamble, however my step dad goes to the casino from time to time for fun and 3 years in a row has won thousands more than he put in, somehow he keeps hitting large jackpots, the workers at the casino just shake their head and tell him he is not the norm. Long story short, it's ALMOST persuaded me to go there and be irrational to see what happens
This is actually quite biased. Instead of focusing on how much people would win, you could also say "Would you rather have a 99.5% chance of winning nothing and a 0.5% chance of winning 1000 dollars or a 0% chance of not winning, in other words a 100% chance of winning $5."
It is entertainment. The escorts are great though. However, fairly expensive.
gambling is a sickness toward which some people are extremely fragile and irremediably fall for it. Kinda like crack. Don't try to find out for yourself if you can be a victim or not.
This guy didn’t watch the 2022 Kentucky derby regarding the horse races
It’s a entertainment expense when I go blow money at a casino..I have a blast so whatever
Play whichever 2 to 1 line that has lost at least 3 spins in a row.
Insurance are not gamblers. If they see increased costs in one year, they just increase insurance for their clients in the next year. Same like putting on red on roulette, over and over, until you win and get your money back. Insurance has the money to work almost indefinitely.
Very informative video thank you.
Success depends on the actions or steps you take to achieve it. Show me a man with no investment and I'll tell you how long it takes to fail. The investment creates a safe haven for the future. With the right investment choi noce that has at least a minimum risk of 2% and with expert advice, both profits and interest are 100% guaranteed.
This doco should be printed off in paper back.
Idk how people can spend all day at casinos after wasting 20 bucks I'm like fuck this