Sunday, 28 March 2021

Why Mathematicians Aren’t the Richest People When Gambling Is All Probability?


As a gambler, you have come across this question on people wondering why mathematicians aren’t rich and yet gambling is a probability game. 

In this article, we’re are going to clarify this cold-hard fact surrounding gambling and mathematicians. 

There isn’t a skill in Mathematics that Can Beat a Negative Expectation Game 

Most gambling games including casinos, poker, and sports betting have a negative expectation. In gambling, no mathematical formula can be used to overcome the negative outcomes. 

A good example of this circumstance is real money roulette. In-game, you have 18 ways to win and 20 ways to lose when you bet on blackjack. 

Not All Mathematicians Are Gamblers 

There is usually confusion between mathematicians and mathematics teachers. Today mathematicians like Albert Einstein don’t exist, so this can be another reason why we don’t have rich gamblers who are also mathematicians. 

Probability Isn’t a Guarantee Anyway 

Gambling involves random events. The only thing you can do is calculate the probability of these random events. But there is n number of other factors also involved. 

There is more to Winning at Gambling than Math 

It takes more to win at gambling than just math. But if even you want to become a successful gambler, you need more than understanding how mathematics works. 

Counting Cards in Blackjack 

The statement why mathematicians aren’t rich is somehow false because counting cards in blackjack was invented by Edward O. Thorp – a math professor. It is believed that Thorp was one of the richest mathematicians who used the technique of counting cards to achieve annual returns of 20%+ for almost 30 years. 

Similarly, many mathematicians make huge profits by writing books about card counting or by developing software that acts as a tutorial for perfect video poker strategy. 

Gambling Games Are Created by Mathematicians Mathematician uses its probability and statistical skills to create games such as casinos and sportsbooks. Although these games look attractive, however, gamblers are almost guaranteed to lose money in the long run when they play them. 

Conclusion 

From the above discussion about the question ‘if gambling is all probability, why aren’t mathematicians getting rich’, we can simply conclude that probability doesn’t directly relate mathematics with gambling. 

Thus, a mathematician can have the knowledge of probability in his grasp but that won’t enable him to make a winner in the game. 

This does not, however, means that you shouldn’t learn the basics of probability.

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