Gambling is on the rise.
2022 set a new record for casino wagers — with casinos and sports betting apps generating more than $54.93 billion in revenue.
And everyone wants to be the next big sports bettor or poker champ.
Rather than boring you with facts and statistics about losing gamblers and the house edge, I want to share a few insider secrets about what happens when you win.
Just Like A Finely Crafted Rick And Morty Joke, Gambling Requires “A Very High IQ” To Understand
Excluding some games of pure chance (such as Fan-Tan), almost all bets have a statistical probability.
Want to know why Craps is entirely based around the number seven?
Because seven is the most common number combination of a two die roll.
The next time you’re playing Monopoly, build a house or hotel seven spaces ahead of your opponent. There’s a 16.667% chance they land there.
Actual gambling consists of a lot of math equations, a lot of statistics, and a lot of memorizing complex formulas. All of which you have to know well enough to fallback on under extreme pressure.
Case in point?
Here are three gambling legends and their “side-hustles”:
- Herbert O. Yardley — Successful poker player, pioneer of cryptology, and founder of the NSA.
- Oswald Jacoby — Bridge Master, World Backgammon Champion, and all-around statistical genius. Also a war hero, serving as a counterintelligence officer in the U.S. Navy during both WWII and the Korean War.
- Edward Thorp — Card counting mathematics professor turned Wall Street hedge fund titian.
If you think you are going to make money sports betting, or playing video poker at the gas station, read an Oswald Jacoby book or the Mensa Guide to Casino Gambling.
And see if you can even understand the math behind most wagers.
Moving Legal Winnings Is Difficult
Many years ago, I placed a legal casino bet and won.