It is because the odds and probabilities of someone winning on a regular or consistent basis are so remote that the concept of a person being a “professional” gambler (making a living at gambling) is not practical nor realistic.
I have observed that, at best, the most fortunate (or lucky) gambler will lose at least 52% of the time. In casinos and gambling “houses” all over, the person or player who wins more than he or she loses is considered a “cheat” or a “card counter” (in poker or blackjack card games), and is therefore banned from participating.
Remember this: When you gamble, you are paying your money for “entertainment”.
B. Odds and Probabilities
Far too many “gamblers” do not understand what probabilities and odds really mean. Consider the following scenario:
Assume that a gambler’s odds of winning a particular prize in a drawing or raffle are 1 in 10. This means that if only 10 raffle tickets are sold and put “in the hat” so to speak, the hopeful gambler would have one ticket in the drawing.
However, if the drawing or raffle sold 100 tickets and drew for 10 prizes, the gambler is still not guaranteed to win, even though the odds suggest he or she will win.
Odds can be misleading to gamblers, therefore it is helpful for the player to understand the mathematics behind probabilities.
Probabilities do not guarantee winnings. Probabilities simply propose a likelihood of winning. [mathcentral.uregina.ca/beyond/articles/gambling/odds.html]
C. The Concept of “Independent Events”
The Concept of “Independent Events” helps explain the odds of winning in gambling. It is frequently misunderstood by gamblers. Independent events is a probability term meaning that past events actually have no influence on future outcomes.
In other words, in “gambling” history does not matter.
Take, for example, the flipping of a coin four consecutive times. Under the concept of independent events, the probability of getting four heads in this scenario is as follows:
(1/2)(1/2)(1/2)(1/2)=1/16
The reason for this is because the probability of flipping a head if you flip a coin is (an independent event). Therefore, no matter how many times you flip a coin, the probability of getting a head remains the same: 1/2.
The problem that many gamblers have, however, is that they believe or hope that the first three flips (for example) will somehow influence the fourth flip. It does not. That is a misunderstanding. The probability remains the same for each and every flip of the coin: 1/2.
In “gambling” history does not matter.
EXCERPTED FROM:
The Secret Science of Winning Lotteries, Sweepstakes and Contests: Laws, Strategies, Formulas and Statistics [Paperback]Charles Ware (Author)
Book Description
Publication Date: July 26, 2012There is a science of winning lotteries, sweepstakes and contests! When it comes to lotteries, sweepstakes and contests, there are ways to improve your odds or probability of winning. They are discussed in this book, with a lot of detail and some humor. Blind reliance on luck or chance is not necessary to win lotteries, sweepstakes and contests. The "4Ps" of persistence, preparation, poise and a positive mental attitude are necessary to win on a consistent or regular basis. Therefore, just about anyone is capable of winning. Charles Jerome Ware is a noted author and attorney, microeconomist, lotterician, sweepstaker and contester. He is a principal in the national law firm of Charles Jerome Ware, Attorneys and Counselors. Dr. Ware is a highly successful and life-long sweepstaker and contester. He is also a successful lotterician who, for several years, has investigated, monitored and researched lotteries throughout the United States and several foreign countries. Dr. Ware is the recipient of numerous awards for his accomplishments in law and other areas. He lives in Columbia, Maryland.
Product Details
- Paperback: 166 pages
- Publisher: Outskirts Press (July 26, 2012)
- Language: English
- ISBN-10: 1432793888
- ISBN-13: 978-1432793883
http://amzn.com/1432793888
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