Life's a Gamble

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My advice to the unborn is, don’t be born with a gambling instinct unless you have a good sense of probabilities. A large win (success) means you suddenly believe in easy money and that people are suckers who earn a living. Gambling is not about how well you play the games, it’s really about how well you handle your money. A retrospective risk analysis by the Space Shuttle Safety and Mission Assurance Office found that the first nine shuttle flights had a 1 in 9 chance of catastrophic failure. Some people will each start investing more of their salary on ‘their’ house and spending less of it on ‘their’ car or cars only when they start being able to take ‘their’ house to work, funerals, weddings, etc.

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Participation in sports and casino gaming have shot through the roof, given its (increasing) legality and online accessibility. Play interests me very much,” said Hermann: “but I am not in the position to sacrifice the necessary in the hope of winning the superfluous. Every day, we all gamble with our future linked to accessing limited resources, satisfaction, maintaining emotional relationships, career advancement, health and lifestyle choices, starting a new business.He founded the now-defunct Tournament of Champions of Poker, which only let tournament winners from the previous year compete. Most gods throw dice, but Fate plays chess, and you don’t find out til too late that he’s been playing with two queens all along. With a gamble, on the other hand, defeat can lead to a slew of problems that are likely to spiral out of control.

Prior to magic he was musician who was touring as a keyboard player from the time he was 17, opening for everyone from the Rolling Stones to BB King. Someone once asked me why women don’t gamble as much as men do and I gave the commonsensical reply that we don’t have as much money.I’ve learned the lesson that the worst thing that can happen to a gambler is to let his recent losses or wins knock him off keel emotionally. The problem goes further: if you encounter difficulties in a gamble, it becomes harder to pull out—you realize that the stakes are too high; you cannot afford to lose. Frank is one of the founders of Edj Analytics, and we talk about their football model named Zeus which they licensed to various NFL teams to make better playing decisions.