Jerick McKinnon Authentic Jersey  The Magic Economics of Gambling

By the 18th century, the term "statistics" designated the systematic collection of demographic and economic data by states.
The term "mathematical statistics" designates the mathematical theories of probability and statistical inference, which are used in statistical practice.
Blaise Pascal, an early pioneer on the mathematics of probability.

The Magic Economics of Gambling

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Length seconds: 11m 24s


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Karl Pearson was a founder of mathematical statistics.


About: The Magic Economics of Gambling

Best gambling qoutes on Instagram @gambling_circle
This video is filled with inaccuracies. Behavioral economics is difficult to grasp intuitively, but you made some pretty incorrect analogies there
200/1 odds returns 201 for each dollar not 300. 6:43
The House Always Wins
Casinos not just sell loses, it sells entertainment.
I didn't hear mention of entertainment being a motivation for patrons. I know I will lose money gambling but the thrill of winning has a value to consumers.
1$ at 200/1 does not return 300$. It returns 201$
Casino gambling and lotto are rigged games that always favors the house.
This is a stupid explanation of gambling hes leaving out so many factors juat by saying essentially you lose 94 cents for every dollar you play. Btw playing black or red is a suckers play on roulette. You play 3 numbers every spin they pay out like 38x
if you go see a movie you will loose the 10$ but get 2 hrs of entertainment. if you gamble 10$ you could win more, break even or loose all the 10$ all the while you are entertained and prob get a free drink.
just go and look at the quarterly Nevada gaming commission revenue per casino and games.
The only reason I have car insurance is I am legally required to have it for liability.
Sports betting no different
Double Zero American Roulette is for Mushes.

Now let me go put a c-note on 11.
Now explain how people buy loot boxes in videogames when it's cheaper to buy a game without loot boxes and it's way more fun.
The reason people buy into low probability big wins is because most people that gamble can't afford too. Gambling feeds off the poor.
Except intrest is basically nothing
Wendover? more like Bendover
Doesn't the background music around 11:00 sounds like Arriving Somewhere But Not Here - Steven Wilson?
You want a big gamble with low risk? Buy bitcoin and don't touch them for 5 years, than sell them for a big profit!

What is statistics?
Statistics is a mathematical body of science that pertains to the collection, analysis, interpretation or explanation, and presentation of data, or as a branch of mathematics.