How To Beat An Addiction To Gambling

Description

Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period.

There are variables common to all forms of gambling:

- How much is being wagered, the initial stake (in money or material goods).

- The predictability of the event

* In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone.

* However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others.

- The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favor of the house.

The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers.

Tags (2)

• gamble,
• gambling

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• Southeastern New Hampshire Alcohol and Drug Abuse Services
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• Sorry, Gambling doesn't have a pictureGambling

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Associated Medical Drugs (0)

No medical drugs have been associated.

External Resources and Links (1)

Three clues that you have a gambling problem

It is difficult to admit that we have faults. It is, at times, the last avenue for us-admittance that we have problems and that we need help. If you believe you have a gambling addiction then your reading of these words is the all important first step. If you don’t think that you have a gambling problem, read on and, then at the end of this article, see if you feel the same way. Think carefully! Do you or someone you love need to overcome the real problem of gambling addiction.

Beat Addiction