Hidden risks for gamblers

Gambling is a classic setting for probability calculations, and this chapter takes a look at the realities of the probabilities of winning. The principal conclusion is that, in a commercial gambling game, the longer you play the more money you will lose, and if you play for long enough you will lose all your money. This is illustrated first by looking at a ‘straight‐up’ bet on a single number at roulette – a reasonably benign commercial gamble. A second illustration, in the more pernicious context of an electronic gaming machine, reveals that the speed with which you can lose all your money is truly frightening.