LogFAQs > #1277617

LurkerFAQs ( 06.29.2011-09.11.2012 ), Active DB, DB1, DB2, DB3, DB4, DB5, DB6, DB7, DB8, DB9, DB10, DB11, DB12, Clear
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TopicFreedom, Liberty, Ron Paul - The Topic [Tom Woods] [Bob Murphy] [Adam Kokesh]
red sox 777
07/04/12 8:30:00 AM
#56:


Yup, on another note.......I think statistically 90% of visitors to Vegas lose money. Why, when the house edge usually isn't all that high? The biggest reason is variance. People underestimate the variance and overbet their bankroll. Sit down to play blackjack at $10/hand, and you expect to lose $5/hour. But if you only brought $100, the probability of losing it all within the first hour is probably greater than 50%. That does NOT mean that the odds are changed by how much money you bring. But it does mean a lot of small losses are being averaged in with a few big wins. I think there would be a market for a casino game that worked differently, where most players won a small amount and a few players lost big.

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