Gambling: is it good?
Gambling is not looked upon with a lot of positivity and it has its share of critics, however, the fact is there are good things about this favorite past time. Gambling requires one to use their intellect which in turn improves various brain functions. Many of the card games or casino games are designed in a way that it intellectually stimulates skills that can have a positive impact on thoughts and behaviors. As odd as it may sound there are benefits of gambling;
It helps in improving focus as one is putting in their hard earned money in it so people would definitely pay more attention.
Gambling improves math
Gamblers have to continuously keep on calculating and bet accordingly so that they can win, which in turn helps in improving their number skillsIt also makes our brain more efficient as in gambling we have to continuously keep on doing mental calculations so it makes our brain sharperThis also helps in improving decision making skills. In gambling, one is expected to make decisions in split seconds to place their bets, so this improves the decision making ability of individuals
Math and gambling
Well, probability is one branch of mathematics that was set up to understand gambling. The basic principle at all games is the theory of probability. As we know in gambling it’s all about either winning or losing and if one wants to have a better chance of winning it would bode them well to have an understanding of the theory of probability.
In gambling, there are random events that are taking place and people get fooled by random events as it makes them believe that they can predict the random outcomes. When we say that something is random we mean that we cannot be sure what the outcome will be. The fact is there are random events that are deterministic in nature but they are so complex that it is quite impossible to predict them.
One has to understand that in gambling the odds in most of the games are heavily stacked against you and unfortunately there is not much that you can do about it. There are games like blackjack and video poker which can be won over a period.
One of the thing math also helps you with is to understand which games to avoid on the whole. So one should absolutely keep away from betting on lottery tickets; one can lose about 50% of everything that one bets on a lottery ticket.
Just as how math deters you from gambling in a certain game it helps in deciding which games to gamble on. For instance, sports betting can be a real money spinner. There is always data available that can be used and probabilities built on which can help in placing a more informed bet.
There are three basic principles which trigger casino games:
Defining probabilities: when one is gambling, they need to understand the chances of a particular outcome and what is the chance of the particular outcome occurring. For instance, when flipping a coin there is 50% chance of a head and a 50% chance of a tail. So there are only two outcomes but in larger games where the chances of outcomes are more skilled players calculate the probabilities and then place their bets expected value: this is the amount of money that a player expects to winVolatility index: this is a technical term for standard deviation which tells the player his chances of winning more or less than the expected value
Gambling, if done as a recreational activity is fine, it should not be a way to make money. A good thumb rule would be to decide how much money you are ready to lose and if you lose that much just stop gambling. One has to remember that even though math helps in gambling, the fact is casino houses have the bets stacked in their favor and they give out very little to the player.