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Gambling is an adversarial relationship. Insurance is co-operative. When I insure my house against fire neither I nor the insurance agent want my house to burn
by Marazan 10y ago
Gambling is an adversarial relationship. Insurance is co-operative.
When I insure my house against fire neither I nor the insurance agent want my house to burn down.
When I gamble on Man Utd to win 2-0 with Pogba to score the bookie doesn't want that to happen and I do.
Anything that is co-operative is insurance, anything that is adversarial is gambling.
- humanrebar 10y agoIt's cooperative before an event happens, then adversarial while deciding whether an event is covered by the policy. Nobody wants a house to blow down in a hurricane, but they don't necessarily agree on the value of the property or how much of the damage was caused in which ways (wind, water, acts of God, etc.).
- jkulubya 10y agoJust as a side note; A bookmaker isn't actually your adversary in the way you mean it here. A bookmaker (as defined) in a normal? environment shouldn't care for a particular result in a gamble. All they care for is the profit they make from squeezing the odds on both ends of a gamble. See https://en.wikipedia.org/wiki/Mathematics_of_bookmaking https://en.wikipedia.org/wiki/Mathematics_of_bookmaking
- Marazan 10y agoI went for a relatively specialised market in the scorecast for my example as the bookmaker won't have a balanced booked as there are just too many options to cover.