Post
Topic
Board Gambling discussion
Re: Are Nassim Taleb's ideas useful in gambling?
by
Hewlet
on 27/04/2024, 06:08:48 UTC

1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.


I kind of know this relates a lot with what's happening in gambling as it's a normal thing to kind of look at patterns that have played out in the past and use it as a guide that kind of help us decide how we play out bets and sometimes it end up working out for us and we tend to feel a sense of assurance that we now have a pattern we can work with forgetting that it's gambling and there is little of pattern but more of randomness in making our stakes.

You find it alot in sports betting while doing analysis before staking a match and you will normally see analyst make statement like, the last time this particular team won against this team is ten years ago and haven't lost till date and it might affect a gamblers decision to favour a particular team as it's likely assumed that the pattern will repeat itself. Team like Bayern Leverkusen that have been on a not loosing stride after almost 46 matches have made it look like a pattern at the moment and such kind of thing can affect a gamblers perception to believing that it's now a pattern and so yeah, randomness can Sometimes be mistaken as pattern. However, some games, like poker, involve skill and strategy alongside randomness, so players can use patterns and information to make decisions. Overall, understanding the balance between randomness and patterns can help players make informed choices in gambling.