Archive for February, 2010

For the majority going through school, the math classes are a form of slow torture. All these tiresome problems to solve and never any obvious relevance to real-world situations. Except, of course, that the theory of probabilities gives you everything you need to know about how to bet effectively. Once you can work out the odds on any given event occurring, you are ahead of the game when it comes to winning. In a sense, gambling is the application of science. But this slightly breaks down because knowing the odds does not guarantee you will win. The actual result of the event is still determined by events outside your ability to control. Whether you win is a matter of luck. So we might conclude that gambling in general is a mixture of science and intangibles like intuition.
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The world never stands still too long. If it does, this may mean it’s dying and has nowhere else to go. The eternal question for every business lucky enough to hit a winning formula is whether to change it and, if so, by how much and how quickly. In one shape or form, casinos have been around for centuries. They were gambling in Ancient China and Rome long before anyone thought of building in the Nevada desert. Yet, the basic idea has remained the same. If your luck is in, a small bet will win you a fortune. It’s a remarkably seductive temptation. Just think. All you need is for the dice to fall just so, or the next card to be the 8. The games may change their appearance, but the principle of betting on the outcome of random events remains the same. To that extent, gambling never changes and probably never will change significantly. If there is change, it’s superficial. Say, from the one-armed bandit invented by Charles Fey to the video slots version you start by the press of a button. This makes the arrival of online casinos the first real revolution for at least a century. People have always gathered together to gamble. It could be in a friend’s home, a private club or a place with public access (often condemned as a “den”). The internet does away with the requirement for a “place”. Now people can stay home and still enjoy the pure experience of gambling. It avoids the inconvenience and expense of travel, buying food and drinks in more impressive surroundings and, in many cases, finding somewhere to stay overnight. All you have to tolerate is the quality of the animation and the annoying soundtrack of “live” players and the games. Over the last decade, real world casinos have come under real competitive pressure. They are not doing too well. But, before you all celebrate, this means the states take less in revenue and, as their deficits rise, tax hikes may have to fill in the gap.
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