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(Daily Mail)   Statistical study of gambling shows that winning streaks are real and not selective memories by gamblers afraid to count their losses. Your angry response based on the Stats 101 class you took in 1994 can be left in the comments to the right   (dailymail.co.uk) divider line 9
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1617 clicks; posted to Geek » on 16 May 2014 at 12:26 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
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2014-05-16 09:39:09 AM
2 votes:
Winning streaks ARE real.  So are losing streaks.
2014-05-16 05:18:23 PM
1 votes:
Man Fark is so fortunate. We've got all the biggest penises in the world, all the people who have zero debt and fantastic credit, all the people with 150+ IQs, and today I learned we also have all the people who never lose when they're gambling. What an amazing coincidence that all those statistical anamolies happen to frequent the same site.
2014-05-16 02:08:39 PM
1 votes:

MagicianNamedGob: Of course streaks are real. They are just unpredictable and unpredictive, and therefore useless. If you just threw 6 heads in a row with a fair coin what are the chances that you throw tails next? Still 50/50.


As we say in D&D - the dice have no memory.
2014-05-16 12:58:43 PM
1 votes:
TFA seems to be less about the statistical anomaly of a "streak" and more about player behavior.  I mean, it's right there at the top.

"Once a person wins a bet, they are increasingly likely to win again because they seek out safer bets, claim scientists."
2014-05-16 12:57:22 PM
1 votes:
Of course streaks are real. They are just unpredictable and unpredictive, and therefore useless. If you just threw 6 heads in a row with a fair coin what are the chances that you throw tails next? Still 50/50.
2014-05-16 12:25:08 PM
1 votes:
Betting against the house guarantees you will lose over the long run.  If you do not lose over the long run, the casino will accuse you of cheating and sue you.  So there really is no point whatsoever in visiting a casino, unless you just enjoy watching desperate people take losses they can't afford.
2014-05-16 11:46:56 AM
1 votes:

mysticcat: Winning streaks ARE real.  So are losing streaks.


This and that.
 What streaks are not is predictive -- you can't determine how long a streak will last, and thereby maximize outcomes (or minimize losses) while it's active.
2014-05-16 10:00:48 AM
1 votes:
I thought it was understood that streaks were a natural phenomenon.  Hell, Carl Sagan goes on about them at length in "The Demon Haunted World".
2014-05-16 09:32:07 AM
1 votes:
I've been to Vegas twice. I'm a small time gambler, but the first time I made about $60. Played craps, blackjack, and poker. Of the three I was most successful in poker (which is really not gambling if your opponents are dumb) , then craps, and I lost a bunch of money playing blackjack.

Second time, I lost $200 playing mostly blackjack and craps.

I've played a casino, two cruise ships, and online poker, and won money every time I played craps.

I do pretty OK with craps. I've made more money with craps than lost. Blackjack sucks balls, it's too hard to card count and know what you're doing, you have to play perfect, and you have to stay sober the whole time (and where's the fun in that, you're in friggin Vegas).

Bet the pass line and put money behind your pass bet. All money behind the line is even money. If you want to be a whale, go to Casino Royale and put 20x odds on craps bet line (they reduced it from 100x odds, it used to be the best place to play craps in all of Vegas).

Poker is a skill game. If you're skilled, play poker. If you want to gamble, play craps. Just don't do any of those stupid doubling your money things.
 
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