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 illusory – 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
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For 20 years, Joseph Buchdahl has worked as a betting analyst, providing historical sports data and betting odds through his websites Football-Data.co.uk and Tennis-Data.co.uk. He is the author of Fixed Odds Sports Betting, How to Find a Black Cat in a Coal Cellar, Squares & Sharps, Suckers and Sharks and Monte Carlo or Bust published by High Stakes Publishing, and has been a regular contributor for the online sportsbook Pinnacle, with over 60 betting-related articles. He continues to tweet regularly via 12Xpert.
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