In math class when learning statistics we learned “the law of large numbers” , how with enough samples the average approaches the probability. Then applied it to two real world examples, gambling (lottery and roulette) and insurance. The math was the same, and the house always wins because the house deals in large numbers.
The takeaway is that gambling is stupid because the house always wins.
But also, statistics do not apply to individuals, so insurance is not stupid. At least not for life-altering expenses, like home, medical and traffic.
Just for a simple tiblit: House always wins in roulette because if you bet every number your win will be 1-2-3 tokens short. Depends on 0/00/000 tables.
There is no hidden cheat in it.
The only fair bet in a casino is the odds on the craps. But you have to be already in with a disadvantageous bet: Come/Dont come.
One more vote financial literacy.
Credit wcore, how loans and credit cards work.
And knowing gambling only works for the House.
In math class when learning statistics we learned “the law of large numbers” , how with enough samples the average approaches the probability. Then applied it to two real world examples, gambling (lottery and roulette) and insurance. The math was the same, and the house always wins because the house deals in large numbers.
The takeaway is that gambling is stupid because the house always wins.
But also, statistics do not apply to individuals, so insurance is not stupid. At least not for life-altering expenses, like home, medical and traffic.
Just for a simple tiblit: House always wins in roulette because if you bet every number your win will be 1-2-3 tokens short. Depends on 0/00/000 tables.
There is no hidden cheat in it.
The only fair bet in a casino is the odds on the craps. But you have to be already in with a disadvantageous bet: Come/Dont come.