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Why do people gamble?

M

manlymatt83

Lifer
If i take 10, then in 10 years, that can be about $20

10*1.07^10 = ~$20

So I can GUARANTEE a double of my money. That isn't gambling.

So why do people gamble? Can't they realize that even if they win, the chances of actually having a NET gain over a long period of time is like .01%?
 
the excitement it brings, enjoyment, and to win money, peer pressure, to relieve boredom and to relieve feelings of depression
 
Hitting the tables at a casino is more about the atmosphere than the potential winnings.

 
Originally posted by: mjuszczak
If i take 10, then in 10 years, that can be about $20

10*1.07^10 = ~$20

So I can GUARANTEE a double of my money. That isn't gambling.

So why do people gamble? Can't they realize that even if they win, the chances of actually having a NET gain over a long period of time is like .01%?
Click to expand...

Technically the stock market isn't *guaranteed* to rise in the long term, but the expected value of any casino game is always negative, so I will take my chances with investing in the stock market.
 
Originally posted by: Special K
Originally posted by: mjuszczak
If i take 10, then in 10 years, that can be about $20

10*1.07^10 = ~$20

So I can GUARANTEE a double of my money. That isn't gambling.

So why do people gamble? Can't they realize that even if they win, the chances of actually having a NET gain over a long period of time is like .01%?
Click to expand...

Technically the stock market isn't *guaranteed* to rise in the long term, but the expected value of any casino game is always negative, so I will take my chances with investing in the stock market.
Click to expand...

everyone is chasing that jackpot. some have to win, otherwise the rest wont give their cash to the house trying to be that select few that hit it big.
 
And people look at the 2 birds in the bush and think they are better then the one in the hand. "They are so close, if i let go of the one in my hand i can get the 2." but they usually end up flying away with the one in the hand.
 
Originally posted by: E equals MC2
Originally posted by: Safeway
Excitement and ignorance. One of the two.
Click to expand...

90% is ignorance... 10% knows better BUT, still caves in for that million dollar dream. We're all humans you know.
Click to expand...

I don't know about that. I have fun gambling. I gamble for the entertainment value. I take $100 into a casino, and normally leave with $90 to $120. Free drinks, free food, lots of fun.
 
The Casinos are extravagant for a reason. That money isn't coming out of the air.

I personally don't find the idea of losing my money to pure chance (and potential rigging) on the off chance that I'd actually get more exciting. In the stock market I can at least make educated guesses.
 
Life is serious business. You're not allow to have fun or laugh in it. Smiling is acceptable as long as you don't show your teeth.
 
Originally posted by: hanoverphist
Originally posted by: Special K
Originally posted by: mjuszczak
If i take 10, then in 10 years, that can be about $20

10*1.07^10 = ~$20

So I can GUARANTEE a double of my money. That isn't gambling.

So why do people gamble? Can't they realize that even if they win, the chances of actually having a NET gain over a long period of time is like .01%?
Click to expand...

Technically the stock market isn't *guaranteed* to rise in the long term, but the expected value of any casino game is always negative, so I will take my chances with investing in the stock market.
Click to expand...

everyone is chasing that jackpot. some have to win, otherwise the rest wont give their cash to the house trying to be that select few that hit it big.
Click to expand...

Right - the expected value represents the winnings one could *expect* to get if the trial or game were repeated many, many times (weak law of large numbers). It doesn't really tell you what would happen on any particular trial. I'm just saying that in the long run, gambling is a losing proposition for *most* people. Obviously someone will win.

That said, I don't know how many people go to casinos just because they expect or even hope to make money in the long run.
 
I can pay $10 and go to a movie that has a slim chance of being exciting, or I can pay $10 to a casino for a game that has a 100% chance of being exciting. Either way I would have been better off investing the $10 (or maybe not - kind of hard to soundly invest just $10). Maybe the real question should be, why do people go to movies?
 
Originally posted by: Lonyo
Because it's fun.
Click to expand...

Bingo!

One thing that I have ALWAYS loved about Anandtech is when people get upset how others spend their money. Nothing beats the guy complaining about people spending $100+ on a pair of jeans or $5 on a cup of coffee and then you look at their signature and they are running dual GeForce 8800GTS video cards to eek out another 15FPS in Crysis.

I gamble and I do it because it is fun, not as a long term investment. I spend some disposable income on gambling instead of dvds, clothes, pc parts, etc....
 
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