Quote from: pawel7777 on Today at 11:44:48 AM

Quote from: nullama on Today at 09:55:09 AM

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The thing is that we humans are not great dealing with probabilities in our minds, so the casinos and other gambling companies simply use this fact in their favor.

It's not natural to think about probabilities, we are just not good at it. On the other hand for example we are great at thinking in terms of Newtonian physics, we don't need to calculate an equation to know how to throw a rock for example, yet we can think perfectly well how to do it. For probabilities you actually have to calculate the math behind it.

True, but that being said, every (or almost every) casino goer or other gambler is at least aware that odds are not in their favour and that's not the reason they engage in gambling.

The major appeal of casinos, be it physical or online ones, is probably the entertainment and the dopamine rush, while nation-wide lotteries with huge winnings sell people hope and possibility (statistically impossible but still) of changing their lives in an instant without any effort.

Odds are not in favour of the player for any games, even for lottery games. But having a negative EV doesn't mean nobody can make profits, in the same way as positive EV doesn't mean that anyone could get losses. It just mean that thousands of bets at this game, will bring money to the casino. But those bets are usually made by several different players, and some of them could get an insane winning streak while other could get a long losing ones.
There are lucky players at all games of chance, along with unlucky ones, they are just fewer when EV is negative.