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From Wikipedia, the free encyclopedia

Gambling is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome, with the primary intent of winning money or material goods. Gambling thus requires three elements be present: consideration, risk (chance), and a prize.[1] The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.

The term "gaming"[2] in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; i.e., a "gaming" company offers (legal) "gambling" activities to the public[3] and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universally observed in the English-speaking world. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission).[4] The word gaming is used more frequently since the rise of computer and video games to describe activities that do not necessarily involve wagering, especially online gaming, with the new usage still not having displaced the old usage as the primary definition in common dictionaries.

Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009.[5] In other forms, gambling can be conducted with materials which have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces.

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This video was made possible by Squarespace. Build your beautiful website for 10% off at According to conventional economic rules, casinos shouldn’t be able to exist. That’s because conventional economic rules assume humans are rational. Conventional economic rules would predict that, if someone offered you a deal where you gave them $100 and they gave you $94.80 back you wouldn’t take that deal but for some strange reason, perfectly intelligent people head to the roulette table every day and, in essence, take that exact deal. Just look: an American roulette table has 38 numbers on it—double-zero, zero, and one through thirty-six. The best odds on the table are in the red, black, even, and odd boxes. If you put a $5 chip in the red box, for example, and the ball falls on a red number you double your money, you gain $5, but of course the ball can fall on zero or double zero which are neither red nor black and, for these purposes, neither even nor odd. Now, if the zero and double zero didn’t exist then playing roulette would make perfect sense. If you came in with $100 and played infinite times you would leave with $100 because it would be a 50% chance of doubling your money each time. In reality, because of those zeroes, the odds of doubling your money are actually 47.4%. That means that for every dollar you play you can expect to lose 5.2 cents but for some reason people still do it while this small gap in between fair odds and the odds casinos and other gambling institutions offer earn them worldwide close to half a trillion dollars per year. But consider this. For the same reason gambling shouldn’t work insurance also shouldn’t. Insurance is essentially the exact opposite of gambling. Insurance companies are basically gambling companies but the roles are flipped—the insurance companies are the gamblers and you’re the casino. If you pay a car insurance company, for example, $1,500 a year to insure your vehicle they’re gambling that you’re not going to cause more than $1,500 in coverable damage in any one year but of course it takes money to run the insurance company so they need a margin. MetLife, one of the world’s largest insurance companies, for example, takes in $37.2 billion from the people who hold insurance policies with them but then pay back in insurance claims just $36.35 billion. Of course there are other sources of revenue and other expenses at MetLife but just looking at the balance between what comes in and what goes out for insurance the odds are pretty decent compared to the roulette wheel. For every dollar you give them you can expect to get about 97.7 cents back but that’s still that’s losing money. According to the same conventional economic rules that say that casinos shouldn’t be able exist insurance companies too just shouldn’t work as a concept because people get back less than they put in but here’s why they do. Just consider this: would you rather, with 100% certainty, receive $5 or would you rather have an 80% chance of receiving $6.25. Feel free to think about it for a second but chances are that you said you’d rather have that sure $5. When surveyed with this question over three quarters of respondents said that they wanted the certain $5 over the 80% chance of $6.25. But here’s the strange thing: these two options are worth the exact same amount. If you took the 80% gamble infinite times you would receive an average of $5 each time as 80% of $6.25 is $5. Therefore, in theory, people should have no preference between these two options because they’re worth the exact same amount. But here’s the thing: people, in general, dislike losing a given amount of money more than they like winning it. That is, the negative effect of losing $5, for example, is greater than the positive effect of winning $5. Because the second option comes with the chance of loss, which is a negative experience more powerful than the positive experience of certainly gaining $5, this option is worth less overall even if it’s worth the same in a dollar amount. This is why insurance works. Insurance is a worthwhile gamble for the insurance company since the odds are in their favor and they make money while the gamble is worth it for you because the monetary amount you get back plus the absence of monetary loss makes the deal worth more than the money you put in overall. Of course it is a bit more complicated than this since insurance companies often have preferential rates for healthcare and it helps smooth out economic shocks so, despite being a gamble, it is absolutely worth it in most cases but insurance, at it’s most basic level, is loosing to avoid loss. This principle of hating losing can be used to make the same amount of money worth more. In one experiment 150 teachers in Chicago Heights were split up into three groups. One group received nothing, one was told that they would receive a bonus at the end of the year corresponding to how well the students test scores were, and the third group was given the exact same deal for a bonus with the only difference being that they were given the bonus payment upfront at the beginning of the year and told that they would have to pay back the corresponding amount if their students did not score the test scores necessary. The group that was promised the bonus if test scores improved performed largely the same as the group offered no bonus but, the group given the bonus up-front overall performed much better with test scores improving up to 3 times as much as the traditional bonus group. It’s clear that the fear of loss is far more powerful than the promise of gain so this explains why insurance works but, for this same reason, gambling still shouldn’t work but something interesting starts changing when you change the odds. Now, remember that three quarters of people preferred a sure $5 to an 80% chance of $6.25 but now think whether you’d prefer an 100% chance of receiving $5 or a 25% chance of winning $20. Once again the options are worth the exact same amount since 25% of $20 is $5 but, with this change in the odds, those surveyed on average had no preference between the two options. Half preferred the sure $5 and the other half preferred a 25% chance of $20. But let’s change the odds again. Would you prefer an 100% chance of receiving $5 or a 0.5% chance of winning $1,000. Still with these numbers 0.5% of $1,000 is $5 so the two options are worth the exact same amount but, with these options, for the first time people prefer the gamble. Only 36% of respondents said they would take the $5 while 64% preferred the half percent chance of winning $1,000. What we’ve begun to understand is that humans like low-probability risk. We like a small chance of winning big over a certain gain. In fact, you can see this at the racetrack. The best horse might have 2/1 odds where you get $3 if they win for each dollar you bet while the bottom might have 200/1 odds where you get $300 if they win for each dollar you bet but, as it turns out, on average, the chance of the top horse winning is actually better than 2/1 and the chance of the bottom horse winning is worse than 200/1 because people prefer betting on the underdog which inflates the odds. You could therefore make more money betting on the horse that’s likeliest to win. Crunching the betting data from 8,000 tennis matches it was found that the bets on the best athletes with the best odds actually made money on average with 103% of the money won back while the bets on the worst athletes with the worst odds won just 81% of the money back. Evidence for this phenomenon has been found time and time again but the question of why we do it is tougher. The simple answer for why this is is that people overweight the impact and chances of extremely low-probability events. This has been used to explain why people are so afraid of terrorism and plane crashes despite the chances of dying of either being monumentally small. It really doesn’t matter if you know that the odds are not in your favor like with the lottery or in the casino. People still love risk if it comes with large returns and this is why gambling works as a concept. Everyone just has some arbitrary point where, given two options with the same value, they’ll start accepting the risk over the sure money. What that means is that in a gambling transaction with someone who bets and someone who accepts the bet both parties actually find what they’re doing worthwhile. The casino finds what they do worthwhile because they make money while the bettor finds what they’re doing worthwhile because they have the possibility of winning lots of money. Now, the explanation for why people prefer these low-probability bets moves further away from economics into psychology but one explanation with the lottery, for example, is that a bet doubling one’s money does little to change one’s quality of life but, a bet multiplying a person’s money by a factor of thousands can be truly life-changing so people are betting for monumental change rather than for another cup of coffee. To summarize, what this all means that a 5% chance of $100 is worth more to most people than $5 despite both having a monetary value of $5. Therefore, by offering gambles people can make money more powerful. Almost everywhere in the world there is an issue of low-savings rates: people don’t put enough money into banks. About half of Americans could not immediately come up with $2,000 if an unexpected expense came up according to one survey. A big reason for this lack of savings is that banks are not incentivizing enough. With how tiny savings accounts' interest rates are many people just don’t see a reason to put their money in banks and banks are unwilling or financially can’t increase their interest rates so how do you make the same amount of money go further? You turn it into a gamble. Economists created a concept for what’s called a “prize-linked savings account.” A normal savings account with $2,000 in it at a bank that offered 1% annual interest would earn $20 a year but, with a prize-linked savings account, instead of being given the $20 in interest it would be entered into a gamble with, for example, a 0.4% chance of winning $5,000. As always that gamble is still worth $20 monetarily but to the gambler it’s worth more. These prize-linked savings accounts have been incredibly successful so far at getting people to save. In Michigan’s trial of the system 56% of those using it were first time savers. These same principles are the ones that make lotteries work. In fact, lotteries are just such easy ways of making money that in many countries privately runs lotteries are illegal. In the US, for example, all lotteries have to be state-run and their profits usually go to funding education. Because the states are guaranteed to make money from the lottery it is essentially a form of taxation. In fact, all forms of gambling are set up in a way that they’re guaranteed to make money for whoever’s running them. In a casino, at the racetrack, or with any form of gambling it’s never a good deal for the bettor but, the reason why people engage in these deals is a fascinating study of behavioral economics and its principles, if applied correctly, can sometimes, just maybe be used for good. What’s always a good deal, though, is Squarespace. That’s because if you’re running any sort of business your first impression counts immensely and Squarespace helps you build the perfect first impression. No matter how small your business is it’s absolutely crucial to have a website but of course it’s expensive to hire someone to create one and complicated to code one yourself. Squarespace makes it all easy with customizable designer templates, an easy to use website builder, 24/7 award-winning customer support, and reasonable prices. The websites can have plenty of features like a blog, video pages, an online store, and more. You can try Squarespace out for free at and then, when you’re ready to launch you can use the code “Wendover” for 10% off your first website or domain purchase.



Gambling dates back to the Paleolithic period, before written history. In Mesopotamia the earliest six-sided dice date to about 3000 BC. However, they were based on astragali dating back thousands of years earlier. In China, gambling houses were widespread in the first millennium BC, and betting on fighting animals was common. Lotto games and dominoes (precursors of Pai Gow) appeared in China as early as the 10th century.[6]

Playing cards appeared in the ninth century in China. Records trace gambling in Japan back at least as far as the 14th century.[7]

Poker, the most popular U.S. card game associated with gambling, derives from the Persian game As-Nas, dating back to the 17th century.[8]

The first known casino, the Ridotto, started operating in 1638 in Venice, Italy.[9]


Gamblers in the Ship of Fools, 1494
Gamblers in the Ship of Fools, 1494
"Players and courtesans under a tent" by Cornelis de Vos
"Players and courtesans under a tent" by Cornelis de Vos

Many jurisdictions, local as well as national, either ban gambling or heavily control it by licensing the vendors. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau, China.

There is generally legislation requiring that the odds in gaming devices are statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability, a house bias can quite easily be missed unless the odds are checked carefully.[10]

Most jurisdictions that allow gambling require participants to be above a certain age. In some jurisdictions, the gambling age differs depending on the type of gambling. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning 18.


Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms. e.g.: a "bet" with an insurer on whether one's house will burn down is not gambling, but rather insurance – as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation.

Asset recovery

Under common law, particularly English Law (English unjust enrichment), a gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations. In Lipkin Gorman v Karpnale Ltd, where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence. U.S. Law precedents are somewhat similar.[11] For case law on recovery of gambling losses where the loser had stolen the funds see "Rights of owner of stolen money as against one who won it in gambling transaction from thief".[12]

An interesting wrinkle to these fact pattern is to ask what happens when the person trying to make recovery is the gambler's spouse, and the money or property lost was either the spouse's, or was community property. This was a minor plot point in a Perry Mason novel, The Case of the Singing Skirt, and it cites an actual case Novo v. Hotel Del Rio.[13]


Max Kaur [et] and religious leaders, protest against gambling, Tallinn, Estonia
Max Kaur [et] and religious leaders, protest against gambling, Tallinn, Estonia

Religious perspectives on gambling have been mixed. Ancient Hindu poems like the Gambler's Lament and the Mahabharata testify to the popularity of gambling among ancient Indians. However, the text Arthashastra (c. 4th century BCE) recommends taxation and control of gambling.[14] Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court.[15]

The Catholic Church holds the position that there is no moral impediment to gambling, so long as it is fair, all bettors have a reasonable chance of winning, that there is no fraud involved, and the parties involved do not have actual knowledge of the outcome of the bet (unless they have disclosed this knowledge).[16] Gambling has often been seen as having social consequences, as satirized by Balzac. For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by Pascal.[17] as long as the following conditions are met; the gambler can afford losing the bet, stops when the limit is reached, and the motivation is entertainment and not personal gain leading to the "love of money"[18] or making a living.[19] In general, Catholic bishops have opposed casino gambling on the grounds it too often tempts people into problem gambling or addiction, has particularly negative effects on poor people; they sometimes also cite secondary effects such as increases in loan sharking, prostitution, corruption, and general public immorality.[20][21][22] In at least one case, the same bishop opposing a casino has sold land to be used for its construction.[23] Some parish pastors have also opposed casinos for the additional reason that they would take customers away from church bingo and annual festivals where games such as blackjack, roulette, craps, and poker are used for fundraising.[24]

Gambling views among Protestants vary with some either discouraging or forbidding their members from participation in gambling.

Methodists, in accordance with the doctrine of outward holiness, oppose gambling which they believe gambling is a sin that feeds on greed; examples include the United Methodist Church,[25] the Free Methodist Church,[26] the Evangelical Wesleyan Church,[27] the Salvation Army,[28] and the Church of the Nazarene.[29]

Other Protestants that oppose gambling include many Mennonites, Quakers,[30] the Christian Reformed Church in North America,[31], the Church of the Lutheran Confession,[32] the Southern Baptist Convention,[33] the Assemblies of God,[34] and the Seventh-day Adventist Church.

Other churches that oppose gambling include the Jehovah's Witnesses, The Church of Jesus Christ of Latter-day Saints,[35] the Iglesia Ni Cristo,[36] and the Members Church of God International.

Although different interpretations of Shari‘ah (Islamic Law) exist in the Muslim world, there is a consensus among the Ulema (Arabic: عُـلـمـاء‎, Scholars (of Islam)) that gambling is haraam (Arabic: حَـرام‎, sinful or forbidden). In assertions made during its prohibition, Muslim jurists describe gambling as being both un-Qur’anic, and as being generally harmful to the Muslim Ummah (Arabic: أُمَّـة‎, Community). The Islamic terminology for gambling is Maisir, however this also has a second definition meaning easy money.[37] In parts of the world that implement full Shari‘ah, such as Aceh, punishments for Muslim gamblers can range up to 12 lashes or a one-year prison term and a fine for those who provide a venue for such practises.[38] Some Islamic nations prohibit gambling; most other countries regulate it.[39]


Casino games

While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting.

Table games

The Caesars Palace main fountain. The statue is a copy of the ancient Winged Victory of Samothrace.
The Caesars Palace main fountain. The statue is a copy of the ancient Winged Victory of Samothrace.
A pachinko parlor in Tokyo, Japan
A pachinko parlor in Tokyo, Japan

Electronic gaming

Other gambling

Non-casino games

Gambling games that take place outside of casinos include Bingo (as played in the US and UK), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong.

Other non-casino gambling games include:

*Although coin tossing is not usually played in a casino, it has been known to be an official gambling game in some Australian casinos[40]

Fixed-odds betting

Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as Big Brother, and election results.[41] Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.

Parimutuel betting

One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.

Sports betting

Betting on team sports has become an important service industry in many countries. For example, millions of people play the football pools every week in the United Kingdom. In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball.

Virtual Sports

Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played everytime without wondering about external things like weather conditions.

Arbitrage betting

Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.

Other types of betting

One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.

Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker).

Spread betting allows gamblers to wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. For example, a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout.

Staking systems

Many betting systems have been created in an attempt to "beat the house" but no system can make a mathematically unprofitable bet in terms of expected value profitable over time. Widely used systems include:

  • Card counting – Many systems exist for Blackjack to keep track of the ratio of ten values to all others; when this ratio is high the player has an advantage and should increase the amount of their bets. Keeping track of cards dealt confers an advantage in other games as well.
  • Due-column betting – A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target.
  • Fixed profits – the stakes vary based on the odds to ensure the same profit from each winning selection.
  • Fixed stakes – a traditional system of staking the same amount on each selection.
  • Kelly – the optimum level to bet to maximize your future median bank level.
  • Martingale – A system based on staking enough each time to recover losses from previous bet(s) until one wins.

Other uses of the term

Gloria Mundi, or The Devil addressing the sun, a cartoon showing the British politician Charles James Fox standing on a roulette wheel perched atop a globe showing England and continental Europe. The implication is that his penniless state, indicated by turned-out pockets, is due to gambling.

Many risk-return choices are sometimes referred to colloquially as "gambling."[42] Whether this terminology is acceptable is a matter of debate:

  • Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.)
  • Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which is similar to calculating gambling odds. Insurers set their premiums to obtain a long term positive expected return in the same manner that professional gamblers select which bets to make. While insurance is sometimes distinguished from gambling by the requirement of an insurable interest, the equivalent in gambling is simply betting against one's own best interests (e.g., a sports coach betting against his own team to mitigate the financial repercussions of a losing season).
  • Situations where the possible return is of secondary importance to the wager/purchase (e.g. entering a raffle in support of a charitable cause)

Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks, bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria:

  • Economic utility
  • Positive expected returns (at least in the long term)
  • Underlying value independent of the risk being undertaken

Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling:

  • Foreign currency exchange (forex) transactions
  • Prediction markets
  • Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative's associated expiration date)

Negative consequences

Studies show that though many people participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior that involves variation in brain chemistry, can become a harmful, behavioral addiction. Behavioral addiction can occur with all the negative consequences in a person's life minus the physical issues faced by people who compulsively engage in drug and alcohol abuse.[43] Reinforcement schedules may also make gamblers persist in gambling even after repeated losses.

This is where the mafia often ends up making large profits, for example the Lucchese crime family book maker and collector "Big Mike Edwards" aka "Mikey muscles" would allow gamblers lines of credit and charge high percentage rates known as vigs to be paid weekly. Late or missed payments would result in visits and threats from such crime family members

The Russian writer and problem gambler Fyodor Dostoevsky portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette. There are many symptoms and reasons for gambling. Gamblers gamble more money to try and win back money that they have lost and some gamble to relieve feelings of helplessness and anxiety.[44]

The Advertising Standards Authority has censured several betting firms for advertisements disguised as news articles suggesting falsely a person had cleared debts and paid for medical expenses by online gambling. The firms face possible fines.[45]

Psychological biases

Gamblers exhibit a number of cognitive and motivational biases that distort the perceived odds of events and that influence their preferences for gambles. For example, gamblers exhibit a costly aversion to betting against their favorite team or political candidate.[46]

  • Preference for likely outcomes. When gambles are selected through a choice process – when people indicate which gamble they prefer from a set of gambles (e.g., win/lose, over/under) – people tend to prefer to bet on the outcome that is more likely to occur. Bettors tend to prefer to bet on favorites in athletic competitions, and sometimes will accept even bets on favorites when offered more favorable bets on the less likely outcome (e.g., an underdog team).[47]
  • Optimism/Desirability Bias. Gamblers also exhibit optimism, overestimating the likelihood that desired events will occur. Fans of NFL underdog teams, for example, will prefer to bet on their teams at even odds than to bet on the favorite, whether the bet is $5 or $50.[48]
  • Reluctance to bet against (hedge) desired outcomes.[46] People are reluctant to bet against desired outcomes that are relevant to their identity. Gamblers exhibit reluctance to bet against the success of their preferred U.S. presidential candidates and Major League Baseball, National Football League, National Collegiate Athletic Association (NCAA) basketball, and NCAA hockey teams. More than 45% of NCAA fans in Studies 5 and 6, for instance, turned down a "free" real $5 bet against their team. From a psychological perspective, such a "hedge" creates an interdependence dilemma – a motivational conflict between a short-term monetary gain and the long-term benefits accrued from feelings of identification with and loyalty to a position, person, or group whom the bettor desires to succeed. In economic terms, this conflicted decision can be modeled as a trade-off between the outcome utility gained by hedging (e.g., money) and the diagnostic costs it incurs (e.g., disloyalty). People make inferences about their beliefs and identity from their behavior. If a person is uncertain about an aspect of his or her identity, such as the extent to which he or she values a candidate or team, hedging may signal to him or her that he or she is not as committed to that candidate or team as he or she originally believed. If the diagnostic cost of this self-signal and the resulting identity change are substantial, it may outweigh the outcome utility of hedging, and he or she may reject even very generous hedges.[46]
  • Ratio bias. Gamblers will prefer gambles with worse odds that are drawn from a large sample (e.g., drawing one red ball from an urn containing 89 red balls and 11 blue balls) to better odds that are drawn from a small sample (drawing one red ball from an urn containing 9 red balls and one blue ball).[49]
  • Gambler's fallacy/positive recency bias.

See also

A gambling stand in Paris
A gambling stand in Paris


  1. ^ Rose, I. Nelson; Loeb, Robert A. (1998). Blackjack and the Law (1st ed.). Oakland, CA: RGE Pub. p. 109. ISBN 978-0910575089.
  2. ^ "Definition as Gaming". United Kingdom Office of Public Sector Information. Retrieved 2012-09-22.
  3. ^ Humphrey, Chuck. "Gambling Law US". Retrieved 2012-09-22.
  4. ^ "UK Gambling Commission". Retrieved 2012-09-22.
  5. ^ "You bet". The Economist. 8 July 2010.
  6. ^ Schwartz, David (2013). Roll The Bones: The History of Gambling. Winchester Books. ISBN 978-0615847788.
  7. ^ Murdoch, James (1926). A History of Japan. 3 (reprint ed.). London: Psychology Press (published 1903). p. 325–326. ISBN 978-0415154178. Retrieved 2018-04-06. Many Japanese are naturally prone to gambling; in the old Kyoto court the vice was rife, and in the fourteenth and fifteenth centuries samurai would often stake their arms, armour, and horse trappings on a cast of the dice, even on the eve of a battle, and so have to go into action in incomplete panoplies, and sometimes with no armour at all. In Tokugawa times the vice did not reach this extent among the samurai, but it became common in Yedo and continued to be so throughout the history of the city.
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  37. ^ Morrison, Rod (2012). The Principles of Project Finance. p. 50.
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