Are Nassim Taleb's ideas useful in gambling?

[danherbias07]

I don't know any about the book but I guess I will use what I can understand.

1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.

This probably is the best way to define Keno. I do this and I think I am foolish to believe that it can work.
Here is what I do. If I hit a 7 of 9 number in a medium-risk Keno game, I will check that ticket and see what numbers did not hit so I can change them. Sadly, it does not work, and the sadder part is I still kept on doing it. Well, that one part of Keno where I enjoyed it so I guess it's alright.

2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.

Unexpected with consequences. I think this happens a lot.

3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in
high-risk assets.

I just checked the plot of the book through Google and I think this talks not just about gambling but also about risk-management. A lot of times we will be affected by stress and that clouds our minds and our decision-making goes south. But I do think it can be used in gambling, actually, I might read this and who knows if it might help me how to be stronger mentally.

If you think any of these ideas can be applied to gambling, explain why you think so and how specifically it can be applied. If you believe that Nassim Taleb's ideas only apply to options trading and not to gambling, tell us more about your position.

Both have risks and we must be prepared mentally. We cannot just decide and think carefully about what is happening. It does happen a lot in gambling. Recently, I had a bad amount of loss and my mind was stuck with the idea of an RTP but it didn't happen. And I don't want to happen to me again. We can be weak when we are stressed, controlling that emotion is a must.

[Darker45]

I have long wanted to read a book of Taleb but I eventually was discouraged after he became a strong Bitcoin critic. I initially believed Nassim has some brilliant ideas but then I ended up thinking he was strongly biased in his opinions. I could be very wrong, of course.

Anyway, with the gist of his books presented here, I think there are certain points that are highly applicable in gambling. The idea itself that there is a pattern is often prevalent among gamblers but this is something that's just in the minds of the gamblers. In reality, every outcome is random and is completely independent from the results of every other game.

A black swan event is something that can't be anticipated. And since it is something that happens rarely, I don't think a gambling strategy in anticipation of it is a wise strategy.

I don't know how the ideas of Antifragile apply in gambling but as far as Skin in the Game is concerned both gamblers and gambling companies have of course a skin in the game.

[Smartprofit]

I have long wanted to discuss the following topic with users and participants in gambling discussions. Do you think Nassim Teleb's philosophy can be of any use in gambling? His various ideas and theories? Let me just list some of his ideas and you can comment on how, if any, benefits can be gained from this:
1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.
2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.
3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.
4. Ideas from the book “Skin in the Game”.
If you think any of these ideas can be applied to gambling, explain why you think so and how specifically it can be applied. If you believe that Nassim Taleb's ideas only apply to options trading and not to gambling, tell us more about your position.

Yes, perhaps some of the ideas of philosopher and writer Nassim Taleb can be applied to gambling. 
For example, one of Taleb’s most famous concepts is the “Black Swan” concept.  A black swan is an unexpected event that leads to great consequences in people's lives.  As a result of cognitive distortions, people consider the occurrence of such an event to be less likely than it actually is. 
A gambler can take advantage of these cognitive distortions (which cause people to misjudge the probabilities of events), for example, in sports betting. 
Searching for “Black Swans” is generally an exciting and very profitable activity!

[swogerino]

I have long wanted to discuss the following topic with users and participants in gambling discussions. Do you think Nassim Teleb's philosophy can be of any use in gambling? His various ideas and theories? Let me just list some of his ideas and you can comment on how, if any, benefits can be gained from this:
1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.
2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.
3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.
4. Ideas from the book “Skin in the Game”.
If you think any of these ideas can be applied to gambling, explain why you think so and how specifically it can be applied. If you believe that Nassim Taleb's ideas only apply to options trading and not to gambling, tell us more about your position.

I think the best book from him is the first one "Fooled by Randomness" as I am one of those crazy persons who still believe in a pattern in a game that is full of random outcomes like a slot machine.I have many years in gambling and still the slots providers manage to deceive me with their reels making me thinking that maybe I found a pattern.Not longer than sometime ago I was playing every day the Rabbit Garden slot from Pragmatic Play and I noticed that when only buying the bonus game,if you were never able to get past the first level in three consecutive buy bonus then most likely the fourth game was a guaranteed win in the sense to be more than x100 which was the cost of buy bonus,I happen to hit it several times and it looks like this is a pattern,I know though that when I will try again it won't work,I was fooled by randomness,a victim of the first book  .

[acroman08]

I'm only familiar with "fooled by randomness," which refers to gamblers who often chase their losses, which only increase their losses in the end because they think they can recover what
they lost in gambling. This is my only understanding of this book.

That's not what it reffers to. It reffers to people creating pattern in their own head from the randomness that is happening. you can see this from some people who have posted here in the forum in the past claiming that they are being cheated because everytime they bet high they lose. Of course there are other example of it but this is the first thing came to my mind.

[wiss19]

3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.

This can confuse people. Some people will think that the high risk assets can be gambling assets. Out of my money, I can not leave more than 5% in gambling. Most of the time I leave lower than 5%. I have read about gambling funds before and it is advised that it should not even be more than 1% of your income. Using the low amount of money can give joy and happiness as they are nothing for you and it would be like you did not lose anything. But it should be about 1 to 5% of the money you hate earning and not your total assets.

Great to hear that. I think that only means that gambling is not your passion. The one that you read about gambling fund is found in the forum? Because I also read one here before and yes, it exactly says 1%. For the people who says gambling is life, they can't find value in their game if they also use a low amount of money.

No matter if it's small or big, a loss is still a loss. You can only say that you didn't lose anything if you didn't risk even a single penny. And is there such thing as money that we hate earning? I think that's a disrespect to the money itself. It only means that we don't value it. Anyways, I believe that all people are very eager to earn but it's just that our bad habits can make us to spend more money on them.

[_act_]

Great to hear that. I think that only means that gambling is not your passion. The one that you read about gambling fund is found in the forum? Because I also read one here before and yes, it exactly says 1%. For the people who says gambling is life, they can't find value in their game if they also use a low amount of money.

I can say gambling is not that my passion or maybe I should use the world 'hobby' because I still like to gamble at times especially during the weekends when I have nothing to do and also when I am around my friends we can talk about gambling and gamble on a gambling site. I read about 1% to be used for gambling on a football prediction site but it has been long and I do not remember the prediction site that I read it from as I have many prediction sites in the past that I check for prediction before betting.

[YOSHIE]

In my opinion, there are several concepts/ideas from Nassim Taleb that can be used and may be useful for gamblers.
For example point idea [3].

3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.

My rational understanding is that people have various types of managing money and the types of instruments they choose vary in the level of minimizing the risks that occur, This type of person, of course 90% of their funds tend to choose to save or invest their money at a low risk or low profit level, basically they still think their money is safe or not at risk in a fluctuating manner.

Another 10% of funds can certainly be used in gambling, as you mentioned high risk, generally we often encounter this type of person in gambling, of course this can be adjusted, if they are not heavily addicted to gambling.

The third point can be used for gambling players.


The next points that can be used in the gambling industry are: [4]

4. Ideas from the book “Skin in the Game”.

Instruments like 'Skin in the game' from Nassim Taleb's idea are certainly the right thing to use in the gambling industry, this type of person is very strong in referring to gambling business people, Of course this is done for those who have large capital, because skin in the game is often equated with executives, for example: casino owners or investors in the gambling industry.

Of course, this fourth idea is significantly feasible and suitable for use in managing or financing an online casino to become successful and in general gain a share in online casinos.

This point is not for players, this idea applies to developers, owners or investors in online casinos.

[Julien_Olynpic]

I have long wanted to discuss the following topic with users and participants in gambling discussions. Do you think Nassim Teleb's philosophy can be of any use in gambling? His various ideas and theories? Let me just list some of his ideas and you can comment on how, if any, benefits can be gained from this:
1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.
2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.
3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.
4. Ideas from the book “Skin in the Game”.
If you think any of these ideas can be applied to gambling, explain why you think so and how specifically it can be applied. If you believe that Nassim Taleb's ideas only apply to options trading and not to gambling, tell us more about your position.

I think the best book from him is the first one "Fooled by Randomness" as I am one of those crazy persons who still believe in a pattern in a game that is full of random outcomes like a slot machine.I have many years in gambling and still the slots providers manage to deceive me with their reels making me thinking that maybe I found a pattern.Not longer than sometime ago I was playing every day the Rabbit Garden slot from Pragmatic Play and I noticed that when only buying the bonus game,if you were never able to get past the first level in three consecutive buy bonus then most likely the fourth game was a guaranteed win in the sense to be more than x100 which was the cost of buy bonus,I happen to hit it several times and it looks like this is a pattern,I know though that when I will try again it won't work,I was fooled by randomness,a victim of the first book  .

Yes, it's a funny story. In general, you raised an interesting question. I think that absolute randomness probably does not exist. We simply consider as an accident what we cannot analyze. And here there is probably the exact opposite thing, which even Taleb did not want to analyze. Let’s call it “Fooled by a Pattern.” Do you know that many patterns look like accidents? For example, some astrological cycles. Or, for example, people do not believe in technical analysis and believe that there is a random walk in prices in the market. To find a pattern in this chaos requires a lot of effort.

[Wind_FURY]

I have long wanted to discuss the following topic with users and participants in gambling discussions. Do you think Nassim Teleb's philosophy can be of any use in gambling? His various ideas and theories? Let me just list some of his ideas and you can comment on how, if any, benefits can be gained from this:

1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.

This is very useful for those addicted gamblers, that keep on losing. They should learn that RNGesus is RANDOM, they're not being cheated, and their "losing streak" is merely a product of a random sequence of situations like the "winning streak".

2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.

A strategy based on a theory that's based on an idea about something absolutely unpredictable? Prepare to lose all your Bitcoins. Hahaha.

[juhobtc]

I have long wanted to discuss the following topic with users and participants in gambling discussions. Do you think Nassim Teleb's philosophy can be of any use in gambling? His various ideas and theories? Let me just list some of his ideas and you can comment on how, if any, benefits can be gained from this:
1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.
2. Ideas from the book “Black Swan”. Strategies based on anticipation of the Black Swan.
3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.
4. Ideas from the book “Skin in the Game”.
If you think any of these ideas can be applied to gambling, explain why you think so and how specifically it can be applied. If you believe that Nassim Taleb's ideas only apply to options trading and not to gambling, tell us more about your position.

The Black Swan is a rare event that entails a very serious consequences, and his influence is very insignificant on gambling, at least not in daily terms. And if we talk about the probabilities, or about our perceptions to external factors that could affect our results, then I think that these are just random results, that we try to fit under a certain result. But the human mind is inclined to look for patterns, at least I constantly notice it behind myself, I often try to analyze the result and find an explanation why it happened that way, it does not always concern gambling. And I am almost sure that we are often mistaken when we believe that there are some kind of behavior, that are able to influence our future. I can say the same thing regarding superstitions as a black cat, when people are afraid that he will run through the road, these are all unreasonable mistakes. From your topic, I realized that I'm new to Nassim Taleb books, and I still have to fix it.

[coolcoinz]

Of course you can apply his ideas to gambling because he talks a lot about order and disorder, about randomness that's one of the main factors in gambling. He also talks a lot about human psychology, our place in today's world, morals and many other.

I can give you an example:
"It has been more profitable for us to bind together in the wrong direction than to be alone in the right one." - make up your own mind, don't follow others blindly, don't bet on a sports match because a lot of people are doing it, follow your heart and try to do some research.

He claims that you don't simply become a good investor by following others and by being smart. Most of those successful ones are lucky, which is a good way of comparing investing and gambling. A successful investor will not tell you he got lucky but will rather talk about analysis and guidance, pretty much like successful gamblers who often brag about being good at something. How can you be good at slots or dice? You cannot!

[Julien_Olynpic]

He claims that you don't simply become a good investor by following others and by being smart. Most of those successful ones are lucky, which is a good way of comparing investing and gambling. A successful investor will not tell you he got lucky but will rather talk about analysis and guidance, pretty much like successful gamblers who often brag about being good at something. How can you be good at slots or dice? You cannot!

This is largely true. Indeed, many rich people have either been lucky or lucky, and luck has contributed significantly to their wealth. But without luck, many would not exist at all. Yes, we say that the best are lucky, but you still have to be able to take advantage of the chance. I remember one Indian millionaire who simply copied Warren Buffett's portfolio and became rich from it. This is not copy trading, but a kind of copy investing. But this may well be applicable in sports betting. Copy bets are also possible there.

[Ultegra134]

Yes, perhaps some of the ideas of philosopher and writer Nassim Taleb can be applied to gambling. 
For example, one of Taleb’s most famous concepts is the “Black Swan” concept.  A black swan is an unexpected event that leads to great consequences in people's lives.  As a result of cognitive distortions, people consider the occurrence of such an event to be less likely than it actually is. 
A gambler can take advantage of these cognitive distortions (which cause people to misjudge the probabilities of events), for example, in sports betting. 
Searching for “Black Swans” is generally an exciting and very profitable activity!

He's not a philosopher; he is a mathematical statistician who devoted his work to problems of randomness, probability, and uncertainty, and if I'm honest, I hadn't heard of him before I read this thread. His views regarding probabilities are extremely intriguing, and I'd be interested in reading some of his publications, especially The Black Swan, which, according to his book, "focuses on the extreme impact of rare and unpredictable outlier events—and the human tendency to find simplistic explanations for these events.".

Personally, I could only relate to the "fooled by randomness" theory, which is something we've all experienced in one way or another, and it's often a topic of discussion about how we're being "cheated" when we wager larger amounts and lose. 

[Fivestar4everMVP]

1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.

I think this particular one can be applied to gambling, many a times when someone tries something, and it works, he or she wins possibly out of randomness or luck as we often refer to it as, if that winning for instance continues in that same process, there is a stage it will get to, gamblers will mistake the randomness there for a pattern, most especially when that idea or strategy is no longer bringing in the wins, some assume they missed the partten and start trying to find and get back to it.

3. Ideas from the book “Antifragile.” By the way, the concept of “barbell” is also from this book. Keep 90% of the bank in conservative assets and 10% in high-risk assets.

This also I believe can be applied to gambling, we can simply assume this to mean that we should invest 90 percent of our money in low risks assets, and only invest 10 percent in high risk stuffs like gambling and sports betting.
I personally will consider this to be one of the best ways or idea to become very conservative as a gambler, making sure we never arive at a stage where we can say that we lost everything.

[dezoel]

1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.

This is true, and it can be helpful if someone understands that in gambling, there is randomness and no pattern because if there were patterns, the world would find them out and then everyone could win their bets based on the patterns they have learned.

We often see people being delusional when playing a certain gambling game. They think that they have found some pattern that can make them win, this is specifically for games such as roulette, high-lo games where cards are involved, and some others. They look at past results and think they can guess the next outcome, and if they lucky guess a few right, they start thinking they have found the pattern that they can use to win now. However, they lose everything eventually because their pattern doesn't work.