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Why are games of chance so enticing?

Why are games of chance so enticing?

Coin-flip

Why is it that human beings seem to love playing games over which they have no influence on proceedings whatsoever?

At one level, this is understandable – but at another, it makes no sense whatsoever. Let us explain…

So, for example, in the UK somewhere in the region of two thirds of the entire adult population plays the National Lottery on a regular or semi-regular basis. Now this is a great example of a game over which entrants can have absolutely zero influence. Yet millions play it, obviously, and we all understand why that is; it’s for the possibility of winning an amount of money, which would change the winner’s life fundamentally and forever. And hopefully such a win would change the winner’s life for the better – though history has shown us that this is very often not the case.

From a statistical point of view, though, participation makes no sense whatsoever. That’s because just 50% of the money spent on lottery tickets comes back in prize money. This is akin to taking a bet against someone who said they give you 50p if you called the toss of a coin right – but would take your £1 if you got it wrong. Would you take that bet? Of course you wouldn’t – yet millions do so every week in many countries around the world, despite the fact that they can have no bearing on the likelihood of the outcome.

But they do it for the big win possibility rather than the modicum of enjoyment they receive seeing and hearing the numbers drawn. Yet if they play on long enough – it’s a statistical given that they’ll lose.

The same principle applies with all games of pure chance in casinos such as roulette, craps, wheel of fortune and so many others. But at least here there’s more of a fun element to proceedings and you’re usually in nice surroundings. But more to the point for the statistician, the odds are far better. On a European roulette wheel for example, there are 37 slots, one of which is the green zero outcome. So if you bet $1 on a particular color (red or black) or go odd or even etc., your chances of doubling your stake are 18/37 and your chances of losing your stake are 19/37. With American versions of roulette, there is an additional double zero slot, so the odds are a little more in favor of the house.

But where it gets even more interesting is that with other games of pure chance, the winning odds are less than with roulette – but the games are much more popular. This tends to suggest people are playing them either because these games are more fun, or for the possibility of a life changing win as with the lottery etc. – or some combination of these two factors.

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One of the best examples in this regard is bingo. People have been playing bingo around the world for literally centuries. In the USA and UK the game became particularly popular in the post-war period. In the UK, real bingo peaked in the 1960s with hundreds of thousands playing each week in bingo halls. In more recent years, the game has shifted base somewhat and is played mainly online today, but it remains as popular as ever – if not even more so.

Some providers go to greater lengths than others to make the games fun and to provide huge jackpot prizes which could be life changing. This tends to suggest these providers, like Betfair bingo and others, understand fundamentally that the appeal lies in the fun of playing and the possibility of that enormous win. But this is all much more in hope then expectation. And yet the process itself is fun. If you doubt this for one moment, then ask your children to play bingo for a small nominal prize and watch how they love marking off the card as the numbers are called. They love the process even though there isn’t any chance whatsoever of any kind of significant prize.

In other words, bingo in particular seems to appeal to a certain aspect of human nature, in a way that other games don’t. Perhaps we’re hard-wired to love the element of a gamble and of pure chance taking its course, regardless of the potential prize. But at the same time, those bingo games with the biggest potential jackpot prizes are also the most popular by quite a long chalk – so we Homo-sapiens clearly bring an element of logic to proceedings as well.

But perhaps the reason we play games of pure chance is more subtle? Perhaps we somehow think we can have an influence over the outcomes even though we know this runs contrary to all logical possibilities?

We know that life isn’t all about logic; if it were, human behavior would be far more predictable. And we also know that carrying around a rabbit’s foot, or some lucky charm or other, or whatever other groundless superstitions we have – can have no influence over anything ever. And yet it’s probably fair to say that most people have at least a bit of a superstitious element to their characters – whilst some people at the other extreme allow it to rule their lives more or less completely as they read the tea-leaves in their cup of tea or listen to spiritualists etc.

So maybe this is why we continue to defy logic – or maybe it’s because of the fun we get out of the games – or the hope of a big win, or a little of all three? Whatever the reason, human beings behave illogically when it comes to their gaming designed to win money. But then again, at least they’re trying to win – whereas most gaming that takes place online costs money to buy in the first place. And whilst these games are, ostensibly, “enjoyable” – just watch carefully the behavior of the aficionados as they play. Now tell us – who’s being the most illogical of all?

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