## Gamblers are Losers. Ha! Ha! HA

February 22, 2011

Here is a good exercise that helps us understand random numbers and … that also shows why gamblers lose money.

It comes from Alex Bellos who wrote Alex’s Adventures in Numberland (Bloomsbury) with some additions by Mathspig.

## 4. Finally, see if the class can guess which is which, and calculate the probability of getting those guesses right.

As Alex Bellos explains, we humans try and impose order on chaos. Our imagined results show a pattern. The real results are more… well, random. The problem is when we write HH we then think it must be Ts turn. It doesn’t matter how many Hs appear in a row, the probablity for the next flip producing a H is still 1:2. Therefore the random results for tossing a coin can have any number of Hs or Ts together!!!!!!!!!!! The longest recorded run for Black on the roulette wheel was 26. See an earlier mathspig post, The Wheel on the Roulette Table went round and round, round and round.

See if you can pick which of the following results A, B, C  or D  was guesswork. The other three are real coin flip results.

In fact, A was the guess.

Gamblers constantly think it’s time for a particular number to be drawn in loot or for a machine to pay out. And they are wrong. Sooooooo wrong……. This is called the gambler’s fallacy. More @ Prevent Gambling Addiction

# And this … The Venetian Casino

## Are you feeling lucky, punk?   Don’t bet on it!!!!!

On the other hand, a maths genius might not need luck. See Maths Makes Money post (following).

## Maths Makes Money

February 22, 2011

Business partners David Walsh (top, left) and Zeljko Ranogajec(bottom, left) make millions from maths. They employ many mathematicians to constantly calculate probabilities  – OK – odds, and gamble worldwide. But this is BIG time gambling.

From being thrown out of Tasmania’s Wrest Point Casino in the 1980s for counting cards in Blackjack, these partners are now believed to be the BIGGEST GAMBLERS in the world.

According to the HERALD SUN (February 13, 2010)- Mathspig was a columnist with Herald Sun 18 years -

## But that is just the start. Once the overseas betting turnover of his 24-hour, seven-day-a-week operation is taken into account, his total annual spend globally is believed to be well over \$1 billion.‘

More The Mercury.

If you think this is just gossip, David Walsh has spent over \$180 million on his hobby, art collection. He has just opened MONA, the Museum for Old and New Art, involving \$100 million worth of exquisite art housed in an \$80 million architectural masterpiece outside Hobart, Tasmania. It is a state-of-the-art Art museum. iPods using GPS guide visitors through the museum. It is FREE to the public. More at The Mercury.

Here are some pictures of the museum and the art.

# How do you beat the odds?

One way is to buy all possible outcomes in a lottery.

Tattslotto Draw 3073 Results

And a last word from Kenny Rogers and the Muppets. You won’t see this again .. a muppet smoking and drinking.

Think about it. Know when to follow through, know when to run … but most of all

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