Worth the Risk? Modeling Irrational Gambling Behavior. Matt Lane Math Goes Pop, Austin, Texas, USA. Abstract: In math class, expected value is often used when deciding whether or not a game is worth playing. A common refrain is that games with negative expected value should be avoided. However, nearly all games of. Worth the risk? When looking at the results of the Georgia University experiments, most test subjects learned to favor a strategy of low variance and high payout. In other words, they were playing it safe. However, differences started to emerge when maximizing payout and minimizing variance were conflicting strategies.
There are millions of people all over the world who regularly
enjoy gambling in its various forms. There are even more people
who enjoy gambling on a less frequent basis, perhaps just
visiting casinos every now and then or placing the occasional
wager on a big sporting event or a major horse race.
enjoy gambling in its various forms. There are even more people
who enjoy gambling on a less frequent basis, perhaps just
visiting casinos every now and then or placing the occasional
wager on a big sporting event or a major horse race.
On the other hand, there are also a number of people who
think gambling is a complete waste of time and money. That’s
fine, as everyone is entitled to their own opinion and gambling
isn’t necessarily for everyone. If someone doesn’t want to
gamble, then they shouldn’t be encouraged otherwise.
think gambling is a complete waste of time and money. That’s
fine, as everyone is entitled to their own opinion and gambling
isn’t necessarily for everyone. If someone doesn’t want to
gamble, then they shouldn’t be encouraged otherwise.
In addition to the people that enjoy gambling and the people
that have no interest in it whatsoever, there are almost
certainly people that are intrigued by the idea but not really
sure whether it’s something they should try. If that sounds like
you, this is an article you should find useful.
that have no interest in it whatsoever, there are almost
certainly people that are intrigued by the idea but not really
sure whether it’s something they should try. If that sounds like
you, this is an article you should find useful.
We can’t actually provide a definitive answer to the question
of whether or not gambling is really worth it. We probably
wouldn’t want to either, because we firmly believe that it
depends on the individual asking. There are definitely many who
would say that gambling is worth it but also many who would say
that it isn’t.
of whether or not gambling is really worth it. We probably
wouldn’t want to either, because we firmly believe that it
depends on the individual asking. There are definitely many who
would say that gambling is worth it but also many who would say
that it isn’t.
In this article, we give you the information that will help
you decide for yourself. We list some of the main pros and cons
of gambling, and then look at some of the other factors you need
to consider.
you decide for yourself. We list some of the main pros and cons
of gambling, and then look at some of the other factors you need
to consider.
The Pros of Gambling
- Possible to Win Money
- Entertaining & Fun
- Easy to Get Started
- Various Types
Before we get into the details here, we should mention that
people enjoy gambling for a whole host of different reasons.
It’s up for debate which of these reasons should be considered
the most important pros, but the four that we’ve chosen to
discuss here are, in our opinion, the most prominent. You should
bear in mind, though, that there are other pros too.
people enjoy gambling for a whole host of different reasons.
It’s up for debate which of these reasons should be considered
the most important pros, but the four that we’ve chosen to
discuss here are, in our opinion, the most prominent. You should
bear in mind, though, that there are other pros too.
The possibility of winning money is clearly a very appealing
aspect of gambling, and it would be difficult to argue against
this being one of the major reasons why people choose to gamble.
After all, it’s pretty much the whole point.
aspect of gambling, and it would be difficult to argue against
this being one of the major reasons why people choose to gamble.
After all, it’s pretty much the whole point.
It’s not just the fact that it’s possible to win money that
makes gambling so appealing either, it’s the fact that it’s
possible for anyone to win money. There are some forms of
gambling where learning certain strategies and skills can
improve your chances of winning, and maybe even turn you into a
consistent winner if you’re good enough, but even a complete
beginner has the chance to win. You don’t have to be a math
genius, a sports expert, or a card shark either, you just need
luck.
makes gambling so appealing either, it’s the fact that it’s
possible for anyone to win money. There are some forms of
gambling where learning certain strategies and skills can
improve your chances of winning, and maybe even turn you into a
consistent winner if you’re good enough, but even a complete
beginner has the chance to win. You don’t have to be a math
genius, a sports expert, or a card shark either, you just need
luck.
Gambling isn’t just about the money though. Many people
gamble primarily because they simply enjoy it. It’s a great form
of entertainment, and it can be a lot of fun. On the basis of
pure excitement, there are few pastimes that compare in our
opinion. It’s fair to say that it wouldn’t be as exciting if it
wasn’t for the fact that there’s real money at stake, but that
doesn’t mean that everyone views the money as the most important
factor.
gamble primarily because they simply enjoy it. It’s a great form
of entertainment, and it can be a lot of fun. On the basis of
pure excitement, there are few pastimes that compare in our
opinion. It’s fair to say that it wouldn’t be as exciting if it
wasn’t for the fact that there’s real money at stake, but that
doesn’t mean that everyone views the money as the most important
factor.
Another good reason for giving gambling a try is the ease
with which you can get started. You really don’t need to know
much to play in a casino, place a sports bet, or take part in a
poker game. There are a few basic concepts you’ll have to
understand, but nothing is overly complicated. If you want to be
a more serious player, you’ll probably want to learn more about
what’s involved, but as a beginner you can easily enjoy gambling
with just a little bit of knowledge.
with which you can get started. You really don’t need to know
much to play in a casino, place a sports bet, or take part in a
poker game. There are a few basic concepts you’ll have to
understand, but nothing is overly complicated. If you want to be
a more serious player, you’ll probably want to learn more about
what’s involved, but as a beginner you can easily enjoy gambling
with just a little bit of knowledge.
The final pro we’re going to mention is the various types of
gambling. Sports betting and casino games are probably what come
to mind for most people when they think about gambling, but
there are lots of other types too. There’s also poker, bingo,
scratch cards, financial betting, and the lottery to name a few
popular ones. With all of these to try, there’s a good chance
that you’ll find some form of gambling that you enjoy.
gambling. Sports betting and casino games are probably what come
to mind for most people when they think about gambling, but
there are lots of other types too. There’s also poker, bingo,
scratch cards, financial betting, and the lottery to name a few
popular ones. With all of these to try, there’s a good chance
that you’ll find some form of gambling that you enjoy.
The Cons of Gambling
- Possible to Lose Money
- Hard/Impossible to Win Consistently
- People May Not Approve
- Can Be Addictive
Gambling isn’t all about the positives, because there are
definitely downsides to be made aware of too. It’s important to
consider these, as they may persuade you to not to get involved
with gambling in general.
definitely downsides to be made aware of too. It’s important to
consider these, as they may persuade you to not to get involved
with gambling in general.
The most obvious con of gambling is the fact that it’s
possible to lose money. With some forms of gambling, you are in
fact almost guaranteed to lose in the long run. Casino games are
the best example of this, as they have a built in house edge
which gives the casino an advantage over the players. You may
get lucky and win in the casino occasionally, or even
frequently, but the odds are against you, and you are very
likely to end up a loser over time.
possible to lose money. With some forms of gambling, you are in
fact almost guaranteed to lose in the long run. Casino games are
the best example of this, as they have a built in house edge
which gives the casino an advantage over the players. You may
get lucky and win in the casino occasionally, or even
frequently, but the odds are against you, and you are very
likely to end up a loser over time.
Although the odds aren’t quite as badly stacked against you
in some other forms of gambling, you still need to be prepared
to lose. The reality is that most gamblers do. If you’re betting
or playing with money you don’t mind losing then this doesn’t
have to be an issue, but it’s still important to recognize that
gambling comes at a cost for most people.
in some other forms of gambling, you still need to be prepared
to lose. The reality is that most gamblers do. If you’re betting
or playing with money you don’t mind losing then this doesn’t
have to be an issue, but it’s still important to recognize that
gambling comes at a cost for most people.
Of course, it’s also possible to win money as we mentioned
earlier. Another negative of gambling is that it’s very hard to
do so consistently. Anyone can get lucky every now and then, but
regularly making money from gambling is entirely different. You
may need to put in a huge amount of time and effort, and you’ll
also need a great deal of discipline. With some forms of
gambling, winning consistently is practically impossible.
earlier. Another negative of gambling is that it’s very hard to
do so consistently. Anyone can get lucky every now and then, but
regularly making money from gambling is entirely different. You
may need to put in a huge amount of time and effort, and you’ll
also need a great deal of discipline. With some forms of
gambling, winning consistently is practically impossible.
Something else to consider is that a lot of people don’t
approve of gambling. While how you spend money isn’t necessarily
anyone’s business but yours, you may not appreciate the
disapproval. This is especially likely to be the case if it
comes from someone close to you. It’s a shame that some people
associate gambling with such a bad stigma, but it’s just the way
it is unfortunately.
approve of gambling. While how you spend money isn’t necessarily
anyone’s business but yours, you may not appreciate the
disapproval. This is especially likely to be the case if it
comes from someone close to you. It’s a shame that some people
associate gambling with such a bad stigma, but it’s just the way
it is unfortunately.
The fourth and final negative we’re going to mention is
perhaps the biggest reason why so many people disapprove of
gambling; it can be very addicting. It might only be a
relatively small percentage of gamblers that end up getting
addicted, but it does happen. Like any addiction, it can cause
major problems and potentially even ruin lives.
perhaps the biggest reason why so many people disapprove of
gambling; it can be very addicting. It might only be a
relatively small percentage of gamblers that end up getting
addicted, but it does happen. Like any addiction, it can cause
major problems and potentially even ruin lives.
Making a Decision
- Is Gambling Really Worth It?
- Is it Right For You?
Now that you know the main pros and cons of gambling, you can
make your own decision as to whether or not it’s really worth
it. This basically comes down to whether or not it’s right for
YOU. We can’t, and won’t, advise you either way, but we can help
you make the decision.
make your own decision as to whether or not it’s really worth
it. This basically comes down to whether or not it’s right for
YOU. We can’t, and won’t, advise you either way, but we can help
you make the decision.
What you need to do first is carefully consider the pros and
cons that we’ve discussed above. If the pros easily outweigh the
cons in your mind, or vice versa, then your decision should be
relatively easy to make.
cons that we’ve discussed above. If the pros easily outweigh the
cons in your mind, or vice versa, then your decision should be
relatively easy to make.
If you’re still not sure, you might want to ask yourself the
following questions.
following questions.
- Are you happy risking losses for the chance of winning?
- Do you really think gambling is something that you would
enjoy? - Do you have the spare money to spend on gambling?
- Would your friends and family approve of you gambling?
- Do you have the discipline to gamble responsibly?
If you answered yes to all of these questions, then it’s very
possible that gambling is something you should try. If you
answered no to any of them, then you may have to consider that
it’s not really worth it for you.
possible that gambling is something you should try. If you
answered no to any of them, then you may have to consider that
it’s not really worth it for you.
As experienced gamblers ourselves, we very much believe that
gambling can be an extremely enjoyable pastime if done
responsibly. However, we are also completely aware that it isn’t
for everyone.
gambling can be an extremely enjoyable pastime if done
responsibly. However, we are also completely aware that it isn’t
for everyone.
Our website is filled with information and advice that will
help you get the best possible experience if you do decide to
gamble, but if you have any doubts at all we would suggest that
you take the safe option and look for some other way to spend
your time.
help you get the best possible experience if you do decide to
gamble, but if you have any doubts at all we would suggest that
you take the safe option and look for some other way to spend
your time.
There are few topics which capture the imagination quite like the dark web. News stories, in-depth editorials, and endless documentaries have been created to show the world what goes on there, and this only goes to show the appetite people have to learn more about the ‘dark web’ aka ‘deep web.’
This mysterious alternative internet which lurks in the shadows, beyond the reach of Google and other search engines, offers everything the human mind can imagine, including opportunities to gamble with cryptocurrencies.
In this piece, I’ll show you what the dark web is, how it works, what gambling services are available there, and I’ll answer the question as to whether or not it’s safe to gamble there.
What Exactly Is the Dark Web?
Worth The Risk Book
To understand what the dark web is, it’s first necessary to understand the surface web. Don’t worry; this isn’t going to be a technical piece. It’s actually extremely simple to understand.
Google and other major search engines constantly ‘crawl’ the web in search of sites to list. That’s how they end up popping up when you search for something. Deep web sites have scripts on them which tell search engines not to index them. You could say they are ‘non-indexed’ sites and pages.
Most of this is uninteresting and consists of things like bank data and boring code which is of no interest to everyday people. However, a small percentage of it is actual websites offering services – often illegal ones.
The illegal services, such as black markets offering everything and anything, tend to be what the media focuses on. That’s natural since those stories are more sensational and so more people are interested in them.
However, there are also lots of other services on the dark web such as forums for journalists, chat services for people with various niche interests to connect, and online casinos, sportsbooks, and poker sites, among other things. That’s what I’m primarily interested in, being a gambler.
Dark Web Gambling Sites – How People Find Them
It’s impossible to give an up-to-date list of dark web casinos or sportsbooks for the simple reason that websites aren’t listed the way they are on the surface web. Each dark web site has a .onion extension instead of a .com, and the web addresses often change as sites get shut down, and they move to other servers to avoid detection.
To find live links to dark web gambling sites, people use a browser called TOR. Without getting too technical, TOR stands for The Onion Router, and it’s extremely difficult to track people who use it.
Once in possession of TOR, people search for gambling sites or visit indexes like the Hidden Wiki, and with a little bit of digging, come across a few dark web gambling websites.
To understand the scale of darknet gambling, consider that police in China shut down a $1.5 billion gambling ring during the 2018 World Cup. That’s an insane amount of money, by anyone’s standards. Authorities claim this was a scam, so it’s probably a good thing that the police found it and shut it down.
How Gambling On the Dark Web Is Done
Like most financial transactions on the dark web, gambling there is done using cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
As many people on the dark web are concerned with privacy, many people also transact in privacy-coins like Monero and Verge.
The idea here is similar to many other cryptocurrency casinos – players buy the cryptocurrency at an exchange and send it to either to the wallet address of the gambling site or their own wallet address within the site, depending on how things are set up.
After the accounts have been funded, dark web gambling sites operate just like any other. Bettors can wager on slots, roulette, blackjack, sports events, and play in poker tournaments, just like they would at a regular gambling site.
Except for one problem…
Most Dark Web Gambling Sites Are Scams
As the story linked to above should highlight, there are massive scams going on all over the dark web. Unfortunately, gambling scams are included, and many players have fallen victim to them. Here are some of the most common:
Ponzi Schemes – Sites use the deposits of new players to pay out older players. These sites eventually collapse when too many people try to cash out at once or when the owners decide to run with the money.
Deposit Scams – These sites don’t even bother to pay out. They bank on getting a few dozen players to make sizable deposits through incentives such as larger than life deposit match offers. Of course, the bonuses never materialize, and players find their account locked after depositing.
Fixed Games – These games are impossible to win. It’s obvious that no legit casino software provider is going to work with a darknet gambling site. You won’t find Playtech or NetEnt providing games at these sites, and any claims to the contrary are lies. If you do see these games on the darknet, they’re likely pirated and will be rigged.
Fake Syndicates – Humans love easy money, and scammers know that. There are lots of fake syndicates claiming to have fixed bet tips and insider knowledge. You’ll have to pay to find out, though. It’s almost a certainty you’re going to lose money this way.
As you can see, the gambling scams on the dark web are similar to the ones on the regular internet. It’s just so much easier for scammers to get away with it on the dark web because it’s difficult to track transactions, there’s no regulated process for starting a dark web site such as a central domain registrar, and sites move from server to server to avoid detection.
These scam sites also reveal the dark side of cryptocurrencies. While it’s awesome to be able to gamble online anonymously, cryptos can be a double-edged sword in this regard.
After all, if you deposit crypto at a scam site on the dark web, you can’t exactly call the cops. They might wonder what you were doing on the dark web in the first place, and they likely won’t be able to do much to help you unless the scam is big enough to get the attention of national authorities.
Scam Insight – The Insider Tips Scam
There’s a clever trick which dark web gambling scammers often employ to gain your confidence and lure you into fake syndicates and these ‘insider tip’ scams. They’ll ask you to sign up with your e-mail address, and when 100 or so people have signed up, they’ll e-mail 50 with one result and 50 with another.
They’ll then discard the e-mail addresses which received the losing bets and divide the other 50 again. They’ll e-mail 25 with one result and 25 with another. They might even do this a third time, by which stage the dozen or so remaining addresses which have received three winning tips in a row for free and are super excited and are convinced the tipster has inside information on fixed matches.
This is when the money request comes in. To continue receiving the insider tips, you’ll have to pay 1 BTC or sometimes even more. If they get even half of those people to pay up, they’re in the money. You can just imagine how big these scams can get where they start with 1,000 or more e-mail addresses!
My Verdict On Dark Web Gambling – Curiosity Killed the Cat
Humans are curious creatures, and there’s just nothing we can do about that. In fact, that’s why so many of us are fascinated with things like the dark web. We can’t help but be interested in the ‘forbidden’ and ‘secret’ things in life.
Yet, when it comes to gambling on the deep web, my advice is the opposite of what Nike say: Just don’t do it!
The chances of you getting burned here are sky high. The darknet is jam-packed full of criminals and scammers of every persuasion. Even if a gambling site does offer real services, you’re taking unnecessary risks when there are so many legit online gambling sites on the ‘surface’ web.
If you’re trying to avoid pesky regulations, consider sites which accept players from restricted countries like the USA. If you’re trying to play from a country where gambling is outright illegal, you’re exactly the kind of person scammers want to rip off – they know you can’t report them when you were doing something illegal.
My advice is simple – do not gamble on the dark web under any circumstances
There are so many reasons not to, and I can’t think of a single reason to do so.
That’s my two cents, though. I’ve poked around on the dark web enough to know that there’s nothing good down there. It’s OK to take a look if curiosity gets the better of you (provided it’s not illegal in your country), but be extremely careful and whatever you do, don’t bite any red apples you come across no matter how shiny – because they’re likely loaded with poison.
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