,
, SQUARES & SHARPS,
SUCKERS & SHARKS
People have been gambling, in one form or another, for as long as history
itself. Why? Money, entertainment, escape and a desire to win are all
traditional explanations. Arguably, however, these are secondary
considerations to a higher order purpose: a craving for control. Gambling
offers a means of gaining authority over the unknown, granting us a
sense of control over uncertainty. Almost always that sense is illusionary
– gambling, including betting and investing, is essentially random – yet
for many it is nonetheless profoundly rewarding. This book attempts to
explore the reasons why. Along the way, it examines:
• The science of probability and uncertainty
• Why gambling is often condemned
• The difference between expectation and utility
• The irrationality of human beings
• Evolutionary perspectives on gambling
• Luck and skill
• Market efficiency and the wisdom of crowds
• Why winners take all
• Cheating
• Why the process matters more than the outcome
Since 2001 Joseph Buchdahl has been providing quantitative football and
tennis data for betting analysis, and independent verification for sports
betting advisory services. He is also the author of Fixed Odds Sports
Betting and How to Find a Black Cat in a Coal Cellar.
, Contents
God Does Play Dice
Cleopatra’s Nose
To Gamble or not to Gamble: is there a Question?
The Three Rs: Risk, Reward and Rationality
The Harder I Work, the Luckier I Get
Monkeys Throwing Darts
Ginsberg’s Theorem
Winner Takes All
A Market for Lemons
The Fox and the Hedgehog
Bibliography
About the Author
Copyright
, SQUARES & SHARPS,
SUCKERS & SHARKS
People have been gambling, in one form or another, for as long as history
itself. Why? Money, entertainment, escape and a desire to win are all
traditional explanations. Arguably, however, these are secondary
considerations to a higher order purpose: a craving for control. Gambling
offers a means of gaining authority over the unknown, granting us a
sense of control over uncertainty. Almost always that sense is illusionary
– gambling, including betting and investing, is essentially random – yet
for many it is nonetheless profoundly rewarding. This book attempts to
explore the reasons why. Along the way, it examines:
• The science of probability and uncertainty
• Why gambling is often condemned
• The difference between expectation and utility
• The irrationality of human beings
• Evolutionary perspectives on gambling
• Luck and skill
• Market efficiency and the wisdom of crowds
• Why winners take all
• Cheating
• Why the process matters more than the outcome
Since 2001 Joseph Buchdahl has been providing quantitative football and
tennis data for betting analysis, and independent verification for sports
betting advisory services. He is also the author of Fixed Odds Sports
Betting and How to Find a Black Cat in a Coal Cellar.
, Contents
God Does Play Dice
Cleopatra’s Nose
To Gamble or not to Gamble: is there a Question?
The Three Rs: Risk, Reward and Rationality
The Harder I Work, the Luckier I Get
Monkeys Throwing Darts
Ginsberg’s Theorem
Winner Takes All
A Market for Lemons
The Fox and the Hedgehog
Bibliography
About the Author
Copyright
