Online Gambling the Improbability Principal and Winning

Published Wednesday, June 22, 2016 -
Online Gambling the Improbability Principal and Winning

The internet gives the world a chance to learn from experience with information and research on any subject imaginable. Gambling on the internet is a relatively new venue for the punter which offers almost unlimited access to online casinos, poker rooms, bingo halls, slot parlours and sports books. Along with having access to fun entertainment there are places on the web that can provide insight into the reasons behind a gambler’s occasional lapse in judgement. These professors and their analysis is providing help through an understanding of what makes a person lose track of time money and smart thinking.

A recent article published in from the United Kingdom points out many facts that most online gamblers experience.  Professor David Hand has written about probability and perception presenting convincing reasons to stay sharp when playing online games for real money.

The article is part of the luck and probability series on the web site which is exploring the influence of fate, fortune and chance on everyday lives. David J. Hand OBE is a senior research investigator and emeritus professor of mathematics at Imperial College, London. He is also a non-executive director of the UK Statistics Authority and the author of The Improbability Principle.

In the extensive article and interview the many reasons for our lack of good judgement comes from people being unable to judge probabilities accurately. Probability is defined as the measure of the likelihood that an event will occur. Online casinos and bookies have the odds posted giving the gambler a choice of possibilities and with their experience they stay in business.

The good professor points at many possible pitfalls for the online or offline gambler. Professor Hand said in the interview, “One familiar example is the so-called gambler’s fallacy. This is the notion that, if a fair coin comes up heads ten times in a row then it’s more likely to come up tails next time. But this cannot be true,  after all, the coin does not have a memory.”

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