The Hypocritical Legal Campaign Against Daily Fantasy Sports This has been the year when daily fantasy sports went mainstream. Ads from the two biggest daily fantasy sites, Draft Kings and Fan Duel, were inescapable on sports broadcasts all summer and … Continue reading How New York promotes gambling
For Addicts, Fantasy Sites Can Lead to Ruinous Path A giant cardboard picture, tattered by time, rests against a wall in Joshua Adams’s home. It shows a radiant young woman with an Auburn University corsage hugging the university’s mascot, a … Continue reading Addicted to a fantasy
How to Win at Rock-Paper-Scissors “No washing dishes for me tonight.” Beat my sister at a game of Rock-Paper-Scissors (RPS). I was 10 years old and RPS was our “go to” game of fate to decide all kinds of important … Continue reading Psychology for gamers
God Can Help Companies Turn Customers Into Daredevils God is often portrayed as a benevolent father figure, or a protective force. But how about a different image of God: the marketing force? New research shows that when consumers are presented … Continue reading Advertising with God
We often make stupid choices when gambling, says Tom Stafford, but if you look at how monkeys act in the same situation, maybe there’s good reason. When we gamble, something odd and seemingly irrational happens. It’s called the ‘hot hand’ fallacy – a belief that your luck comes in streaks – and it can lose you a lot of money. Win on roulette and your chances of winning again aren’t more or less – they stay exactly the same. But something in human psychology resists this fact, and people often place money on the premise that streaks of luck will … Continue reading The hot hand fallacy in monkeys
A self-fulfilling fallacy? Lady Luck is fickle, but many of us believe we can read her mood. A new study of one year’s worth of bets made via an online betting site shows that gamblers’ attempts to predict when their luck will turn has some unexpected consequences. A common error in judging probabilities is known as the Gambler’s Fallacy. This is the belief that independent chance events have an obligation to ‘even themselves out’ over the short term, so that a run of wins makes a loss more likely, and vice versa. An opposite error is the belief that a … Continue reading Does a run of wins make winning more likely ?
Improve Your Gambling Odds – Do Not Think Like a Winner My Aunt C. took up an unlikely hobby after her retirement as a school teacher. Not long after she read her last Dr. Seuss to a roomful of children, a flashing neon sign on the highway lured her to the new casino. From then on, whenever my parents visited Aunt C., I no longer heard about golf scores but of small wins at the slot machines at the casino. The Curse of the “Almost Winners”. Despite Aunt C’s loyal business, the blackjack tables were not always happy to see … Continue reading The almost winner’s curse