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Showing posts from January 2, 2014

Some Thoughts on Gambling

Gambling is more than its conventional meaning might suggest.
Gambling is any activity which holds certain risk. Certain risk is the substantial prospect of loss.
Romney gambled when he ran against the President. His loss was predictable.

Many political alliances are gambles.
All professions of belief based on supposition rather than proven outcomes are gambles.
The narrow meaning of gambling may or may not involve risk. The house never loses.
The assurance of loss in a casino means that what we call gambling is really contriving to lose.
The only exceptions to losing in casinos are one shot wins and games of skill.
The only games of skill in casinos that are not certain losses are aided card-counting and various forms of poker.
Aided card-counting relies on a capacity to accurately determine the future prevalence of cards with the highest values.
Aided card-counting involves a skilled counter who simply signals a player when cards are running well.
Even skilled card-counting can fail and risks…