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yellowboots's picture
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6 June 2012 - 2:00pm

Fun article about gambling odds...

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Bit of fun for any statisticians out there..

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6 June 2012 - 4:17pm

Great article yellowboots! I appreciated the read. I am sure Ed will like that article.

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7 June 2012 - 3:40am

Excellent and fun article! Thanks for sharing!

I am on a big ole loosing streak, so this puts it into perspective, lol. I like how they talk about going with the "gut feelings." That never got me anywhere, lol, and I lose not or lack of positive thinking! 😉

Time to WIN and WIN BIG!!!

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8 June 2012 - 3:18pm

Hope - well to put a losing streak into perspective, this might cheer you up... forgive the lateral thinking but I am sure you will get my point...

A little over a month ago a huge % of rational, intelligent people with some financial nous would have told you to put your shirt on Facebook shares. 'Can't fail' > you would have been told. 'Sure free, easy $$$' > you also would have been told.

Sure enough indeed the overscribed stock did open at around 40 bucks a share...

Then it plummeted.....

Now this morning it is trading at about 27 bucks a share. A :'( loss of over 10 bucks a share so far...

So, even if you had taken the bucks involved in your losing run and chucked them on that 1000% certainty Facebook you would still be losing... and quite possibly more than on the machines...

Thus do not be too hard on yourself & go for it girl. You will win again! (Hopefully sometime so will those surefire investors in Facebook .. )


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8 June 2012 - 11:26pm

I loved the article. It reminds me a bit of one I read a long time ago that worked out that if you wanted to win a million dollar jackpot at the casino, you were better off trying to win something like 20 hands of blackjack in a row while letting your winnings ride than playing a progressive slot machine.

It also had this awesome article on the related section about people modding pinball machines so I lost a bit of time on both of those! 🙂

On Facebook, this "rational" (I hope!) person right here wanted to short it as I figured it was way overhyped and didn't make anywhere near enough money to justify the price tag. Anytime you hear "can't fail" and "sure winner" etc its time to go the other way. Like when your next door neighbour who is a flight attendant starts telling you to invest in gold (this happened to me a while back), you know there's a bubble. Unfortunately it was almost impossible to short as the brokers wouldn't allow it. I guess they were smart enough to realise not to buy it for you. And then I never got around to buying some put options. Too bad, I could have made a lot of money.

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2 July 2012 - 8:11am

Great article! thx! 🙂

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2 July 2012 - 1:59pm

Interesting! I think I'm going to start playing roulette 😉