Early writers on probability had explained how the ‘house advantage’ didn’t need to be large for a gambling enterprise to profit enormously. But gamblers and gambling operators were slow to catch on.
A mathematical approach known as ‘true score theory’ can assess the contribution of luck to a team’s overall success.
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Mark Robert Rank, Arts & Sciences at Washington University in St. Louis
With low-scoring games and a preponderance of deflected shots, randomness is much more likely to color NHL teams’ records than those of squads in the other four major US pro sports leagues.
Who will be next to cross this stage and accept a Nobel Prize?
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Buying and selling stocks – with real or play money – is a way to harness the wisdom of the crowd about questions like who is going to win a competition.
Tax revenue from lotteries is supposed to fund education and other public services.
AP Photo/Alan Diaz
The Mega Millions lotto pot for Jan. 15 is the second largest it’s ever been. Taxes on the lotto go to state governments, but often the money isn’t spent in quite the way it’s supposed to be.
By adding a ‘digital roll’ to its iconic game, Tim Hortons’ Roll up the Rim contest now has some statistical similarities to slot machines.
(Photo Illustration/The Conversation)
The Tim Hortons coffee chain has made some changes to its iconic Roll up the Rim contest, including the addition of “digital rolls.” A statistician explains how this changes the odds of winning.
Most Canadians have a higher probability of dying of heart disease than winning something in the McDonald’s Monopoly game.
THE CONVERSATION CANADA/Scott White
McDonald’s Canada has brought back its popular Monopoly game. A statistician explains the odds of winning the top prizes and how that compares to the odds we confront in everyday life.
A gaming industry expert explains how casinos’ ability to hide the price of a slot spin ensures a reliable stream of revenue from even the savviest of gamblers.
People are bad at weighing risk, which is why so many Americans don’t get flu shots.
AP Photo/David Goldman
People have to make countless decisions on a daily basis that involve some degree of risk, from boarding a plane to crossing the street. The trouble is most of us don’t weigh risk well.