What Can We Learn from Expert Gamblers?
Dylan Evans talks about risk intelligence and how it is different than normal IQ statistics. Sure, some gamblers differentiate with fewer intellectual capacities while others consider gambling as a way to make a profit. In addition, the second category of gamblers does not get inspired by winning the maximum out of the betting table. They tend to focus on the average amount they can cope with wasting.
Problem gamblers’ motivation is to win more and more. Many of them don’t keep a long-term perspective. Now, what about the Ted talks, taking risks and so on? These gamblers definitely take risks that are not well measured in correlation to the tangible assets they possess. Their style of play can also qualify as a ‘now or never’ rule. On the other side, leisure gamblers, they do lose too, but they have a balanced approach to risk management. They lose what they have won. Yet, leisure gamblers do not go into debt.
The third-group of gamblers are professionals who are rather in a ‘cold rational pursuit’ of extra income. Those players have various skills and excel at 3 types of gambling activities. The first ones, you would be able to discover among poker champs. Some poker professionals prefer to remain private while others are all in for fame. Successful poker players are capable of understanding people as well as misleading other players. On the other side, clever blackjack gamblers possess determination, focus and embrace the system. They do not need to be aware of psychological attributes like poker gamblers.
Besides, sports betting has its own set of capabilities and skills. Some experts in sports betting rely on digital data. On the contrary, old-fashioned betters can predict the probability of a winning horse only by observing the table with odds before the race. With that being said, risk intelligence is defined as the process of collecting information from multiple sources, then reflect on it and get a very close estimate to the exact one. You can watch the full video of Dylan Evans’ TED talks about gambling below:
3 Advices for a Better Decision-Making
According to the experts gambling experience, there are 3 steps in which you can improve your decision-making skills and obtain an objective perspective of your case.
- Know Your Limit in Percentages
- Measure Betting Amount Proportionate to Confidence
- Anticipate Your Win or Loss
Understanding your limits can, for example, prevent you from asking this girl on a date. If you think you’ve got 40% of success rate, you should not do that. Or else, depending on your confidence, you can determine at least an 80% victory. As a matter of fact, though, you still have 40%.
That is why the second step comes here. Your bet must be corresponding to your confidence. If you doubt your estimates, then it would be better to make small safe bets.
And the final step is considering the long-term value of your possession. Is winning this girl worth it? Perhaps, you can meet another great girl tomorrow, can’t you? Maybe those three steps would not necessarily make you an expert in gambling, nor will any Ted talks about gambling will, but hopefully, you would learn how to get girls successfully. Comprehending when to stop betting is the one quality that differentiates problem and leisure gamblers from the professionals.
We Are All Gamblers at Heart
Most of us take a gamble every day. Some people do things that are risky even though they are aware of the consequences that their actions may have on the environment, their finances or even life-endangering activities. Could you name another industry that is closely related to gambling and taking risks? Because, at least according to most Ted talks, taking risks is very tightly bonded to betting, including online gambling. Although, the term ‘picking up pennies in front of a steamroller’ is often used to describe investments that are considered safe. You tie up a bit of cash (pennies) and expect the small probability of a major loss to happen (the steamroller). On the other hand, suspicious investments offer large reward to compensate for the risk you would take of losing your cash.
Picking Up Pennies in Front of a Steamroller.Nassim Taleb, Author on Randomness and Risk
Research from a neuropsychological perspective examines the nature of risk and why we are willing to take risks when we are aware of the major losses that could follow-up. The 100 participants including bachelor and master students took part in the study. They played one round of the Bowman game. The rules are simple. They must bet on a digital agent. The figure throws arrows at a target on the wall. If the arrow is outside the range, the gambler loses more cash than they bet. If the arrow is in range of the target, then the player wins.
Some sessions were successful. On the contrary, the digital figure was still learning how to shoot properly in different trials. Thus, gamblers lost prominent bets. Despite the red flags, it was a normal occurrence that players did not play the skip option which would have cost them nothing. The most frequent reason for making a bad choice and failing to see the dangers may be that individual nature is greedy and lacks self-control. Apart from that, the scientist confirms that dopamine may have its fair share of not seizing the risks objectively. Thus, students would rather keep on betting even though the evident history of misfortune. Until we cannot count on our natural ability to protect ourselves from dangers, authorities have the legal power to do so.