What gambling firms don’t want you to know – and how they keep you hooked
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Re: What gambling firms don’t want you to know – and how they keep you hooked
#2For a short period of time, I've worked for a company that was writing software for Slot Machines. The mathematics was quite interesting, but somehow my morality compass kicked in,and I've decided to quit after 6 months. I couldn't do it.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#3Not to be too picky, but the gambling firms don't have a better grasp of the odds. In fact, they often try to avoid taking sides. They look to set the odds so that there are more or less the same volume of bets on both sides. Then they add a small fee (aka rake, vig or vigorish) which is generally the source of their profits.
Some gambling operations like the paramutual betting pool at horse tracks don't even promise any odds. The odds shift as the bets come in and the prize pool is just split up between all bettors equally -- after about 17% has been subtracted to pay for track.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#4Not to be too picky, but the gambling firms don't have a better grasp of the odds. In fact, they often try to avoid taking sides. They look to set the odds so that there are more or less the same volume of bets on both sides. Then they add a small fee (aka rake, vig or vigorish) which is generally the source of their profits. Some gambling operations like the paramutual betting pool at horse tracks don't even promise…
But I do agree with the larger point that these firms are often preying on people who can't control their urges.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#5I've been disturbed in recent years by how much some games use techniques reminiscent of gambling to get people addicted to their games.
Of course there's a fine line (or maybe no line) between addictive and just plain fun or exciting... so I'm not sure what the solution is.
Making games less fun or exciting is not desirable, but neither is having people so addicted to games that their real-world life suffers.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#6Not to be too picky, but the gambling firms don't have a better grasp of the odds. In fact, they often try to avoid taking sides. They look to set the odds so that there are more or less the same volume of bets on both sides. Then they add a small fee (aka rake, vig or vigorish) which is generally the source of their profits. Some gambling operations like the paramutual betting pool at horse tracks don't even promise…
In the UK the media often touts the idea of "beating the bookies", which has a "sticking it to the man" appeal to Joe Public
With tote/paramutual betting the operators assume no risk or volatility. They're not market making. In my view it's exploitative, which I guess is why in the UK it's offered as a state run monopoly on horse racing.
With fixed-odds sports betting there is at least volatility to contend with, and the bookmakers do take a position, even if over the long term they do price to make a profit and will ban you if they think you're even remotely sharp.
Sports betting has been legal in the UK forever, including online. The US is very much behind in this industry
Re: What gambling firms don’t want you to know – and how they keep you hooked
#7Just a reminder that the term "online casino" is one of the most expensive google adwords terms in existence.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#8I read this and it screams to me - online dating. Dark UI patterns (how many times you superliked or used boost accidentally?). Upselling subscriptions, once subscribed upselling more subscriptions. Initial inflow of likes and matches after setting up the app for the first time. Isn't it miserable that the developed world gave up mating to an American media hydra? I put no hope in finding a female in daily face to face interactions. This is soul-sucking.
Re: What gambling firms don’t want you to know – and how they keep you hooked
#9For a short period of time, I've worked for a company that was writing software for Slot Machines. The mathematics was quite interesting, but somehow my morality compass kicked in,and I've decided to quit after 6 months. I couldn't do it.
Got any resources where I can read about the mathematics of slot machines? I tried googling a bit and most examples were really simple and didn't really explain how chances for more complicated slot machines are calculated