Gambling

Gambling is a timeless pastime dating back to before human's even had writing. We had gambling before we even had math!

In our modern age, gambling has evolved to be a major sector of our economy, sometimes politely termed “the gaming industry.” From gambling chickens and cows we have progressed to casinos, lotteries, fantasy sports, card games, dice games, sports gambling, presidential candidate gambling, and pretty much anything you can think of.

But all of this comes with a social cost. All of life's pleasures and vices can be taken to an extreme and become an ills on individuals and families.

So what is a “healthy approach” to gambling? While initially you might ask a psychologist, therapist, social worker or doctor (i.e. health experts), you'd be a remiss if you didn't talk to a mathematician.

Luckily, games of chance are a favorite of "math-people" to analyze! One of a math's great application and source of countless probability questions for professors to use on exams! For many “math-people” it is one of there favorite subjects, but one they may shy away from discussing openly (until you get a few drinks in them...). Why? Because conventional wisdom is simple. YOU ARE GOING TO LOSE. The house always wins.

So what practical advice can math give us in a game that you will always lose? And what if I told you that if you take in the bigger picture, you may even be able to win.

First, gambling can mean a lot of different things to different people. Broadly speaking we may be able to divide gamblers into three groups.

1. Gambling Addicts
2. Casual Players
3. Professionals

If you are of the first category, please stop reading now and go get help. If you are of the third category, read on, but you might be less curious to hear what I have to say. If you are a pro, I hope you figured out the secret to wining.

The majority of us fall in the second category, and this is where we have the most opportunity to refine our strategies. Let's go through a few examples.