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I disagree. If you open a probability textbook they'll recite the same thing. But in actual colloquial usage, gambling usually implies a lack of statistical edg
by fractionalhare 6y ago
I disagree. If you open a probability textbook they'll recite the same thing. But in actual colloquial usage, gambling usually implies a lack of statistical edge and rigor.
If you tell people your uncle goes to Vegas every weekend to gamble, they will have a markedly different reaction than if you tell them he goes and counts cards every weekend.
- runarberg 6y agoCounting cards is a better analogy then I originally anticipated. You can only expect a positive outcome by counting cards if you have a high starting capital. This means that counting cards is a different game for rich folks then for poor folks. For poor folks to have a positive expected outcome they need to take out a big loan before they start. For most people this is options trading. Only for the already rich can you expect a positive return of investment. The poorer folks would need to take out a loan (often this is a second mortgage) to have a positive expected value. If you tell people your uncle just took out a huge loan to go to Vegas to count cards, they will have a different reaction still.