Gambling

Answer

Gambling

1. Dimensions of Gambling

One major dimension of gambling is the continuity of the gambling activity. This is a term used to describe time interval between the wagers or rather the initial stake, and the results or outcome from the gambling activity. The definition extends to covering the frequency with which an individual who is gambling can resume staking after the first, or initial outcome has been determined.

Continuity as a gambling dimension divides it along various lines. For instance, there are activities which have long continuity interval whereas others have short continuity intervals. For examples, bingos and lotteries are characterized by very small continuity intervals. This is because there are usually long intervals between drawings and purchasing of tickets. However, there are little chances for immediate repeating of actions or staking. An example of a gambling practice with a long and continuous interval is keno. This involves sports betting on horse racings. In this situation, outcomes normally occur between 5 to 15 minutes. However, the exact time is determined by the context in which the game is being played. However, electronic gambling machines present the most continuous form of gambling. There is repeated placing of bets per every 3 to 4 seconds (Schwartz, 2013). This continuity allows players to gamble for up to 15 times per minute. As a result, there are increased chances of reinvesting different amounts from the winnings or rather recover losses.

Therefore, continuity is an important gambling dimension that characterizes almost all gambling games.

2. Do "people gamble because it is fun"? Explain why or why Not.

• People do not gamble because it is fun.

This is because there are various reasons which drive a person to gamble. These motives include entertainment, gambling as a social activity, as exhilaration, a behavioral disorder, or gambling for the hope of winning. For instance, a person who is fascinated by the appearances and sounds in the casino will likely see gambling as a source of entertainment. An individual who views gambling as a way of interacting with other people will probably see gambling as a social activity. However, some people get thrilled by the gambling activity itself if they feel that the dice or cards are going as per their expectations (Mayeroff et al., 2014). Despite this reasons, nearly all individuals who take part in gambling have a hope of winning even if it is very marginal. However, there are individuals who are naturally addicted to gambling. This may be due to mental disorder or behavioral disorders. Therefore, the illusion that people gamble for fun is not conclusive. This is because it focuses on the relationship that exists between gambling and entertainment only. It does not consider the connection between the drive for gambling and the desire for winning (Epstein, 2012).

Therefore, to say that people gamble for fun will not regard other aspects that cause gambling such as mental disorders and the desire for winning.

3. using the history of gambling in the USA, describe the economic and technological Influences on the expansion of gambling.

Gambling began in the ancient times during the Roman rule. However in the United States, gambling was liberalized in the 1980s. This was long after the practice had begun occurring under concealing from the law. After licensing, an increase in gambling activities was widely witnesses. New gambling dimensions were created in the 1990s. This period saw the development of new gambling forms such as betting among others. (Stinchfield &Alliance, 2015, p. 112).

Currently, gambling has become a sizeable industry. It is estimated that more than 80% of the United States population in one way or another participates in gambling. In Australia, this figure is approximated to be around 70% of the total Australian population. Therefore, there are high economic returns that are derived from gangling. Moreover, there is high liquidity movement in the sector. At the moment, it is estimated that revenue from gambling exceeds $ 20 billion and has an estimated 3.2 share of household consumption. Moreover, gambling has considerably contributed to employment. There are approximately 200,000 people who are currently employed by gambling proprietors. Due to this, there has been an observed increase in the state tax revenue from this sector with estimates placing at about $ 7 billion at the moment. The broad market for gambling has been the primary reason for this industries’ growth (Stinchfield & Alliance, 2015, p. 111).

Therefore, gambling has greatly improved the economy. On the other hand, technology has substantially influenced the spread of gambling to various communities and areas.

4. Have you found any of the material? Insightful or challenging to the view you had on gambling before you started the unit?

There are many factors of gambling that have been explained in this unit. The information described has showcased various aspects of gambling that were not previously known to me. For instance, there are multiple dimensions that characterize gambling. These dimensions have given me an overview of how one can make a choice of the type of gambling to undertake based on the dimension. Moreover, analysis of these dimensions is likely to increase or reduce a person’s chances of winning. For instance, gambling games with high continuity are likely to increase a person’s chances of winning or rather reinvesting their winnings. Moreover, I now understand the role of skills in gangling.

Ability to calculate the risks associated with winning or losing in gambling had the major effect on my stand regarding gambling. Initially, I thought that gambling was an assumed get rich scheme by gamblers while in the end it was only serving the perpetrators. However, the use of mathematics in gambling has shown that gambling is legitimate and sometimes depends on someone’s lucky for them to win Moreover, chances of winning could be affected by the number a person’s stakes or reinvests during gambling. Moreover, gambling exists in various forms some of which are not directly related to direct stacking or placing of bets.

Despite all this, I have discovered that gambling is a significant economic activity. It contributes significantly to the development of the Gross Domestic Product and offers various governments high revenue incomes.

5. You have $500 in your pocket and must gamble this at Crown Casino, in Melbourne, Victoria, Australia. You want to play only one game. The games to choose from are poker machines, blackjack, Traditional baccarat, roulette 0, roulette 00, and craps, and you are looking for the game with the best odds. In your answer, you need to state your choice of game and provide an Example of your betting strategy. You should also explain how the game you have chosen is played and briefly indicate why you preferred this over the other choices, in terms of providing you with the best odds.

From the games available at the casino, I would choose to play Blackjack. This is because the game does not rely on pure chance as possession of gaming skills will substantially increase my winning chances. It is easier to combine appropriately the determinant factors of winning in a casino which are; the type of game, the skill level, and the rules in effect during the playing time to attain a greater wage expectation when you play Blackjack as compared to playing other games. Moreover, the game has low rates of house advantage. To reduce my losses, I will opt for single deck game. This is because in this game, I will not lose any amount in terms of house advantage. Moreover, I will be able to benefit from rule variations as a result of using the least number of decks in the game. However, because of chances of incurring mistakes and deviating from the initial strategy, I will have to double after splitting and call for an early surrender. This will help me gain about 0.14 % and 0.24% respectively. My primary objectives will involve preventing the dealer from hitting soft 17 and incurring any restrictions at the time of doubling down.

Blackjack is one of the most popular casino games. It is a banking game in which a gamer or a player has to obtain a hand that totals to about 21 points. The total hand point should be over the banker's hand. However, the players hand points should always be below 21 points. The game’s rules are different depending on the casino. Therefore, it is prudent first to have a look at the variations in a particular gaming center before playing, in this case, Crown Casino, in Melbourne, Victoria, Australia.

How blackjack is played

Blackjack is usually played with s 52-card deck. The deck should be the internationally accepted. However, jokers are not included in the pack. Various casinos use different decks which are mixed. These are commonly referred to as shoe. This eliminates the need to reshuffle the cards when you want to speed up the game. Moreover, it toughens the exercise of counting the cards. This is because card counting can be used advantageously by the player as a person who counts his or her cards will be able to know the value of cards remaining in the game through observing the proportions of cards that are played. Usually, the number or decks vary between two and eight depending on the casino. Moreover, the frequency of reshuffling also varies from casino to casino. However, the determinant factor is the number of decks being used. The reshuffling is also helped toughen chances of players estimating the value of cards remaining.

The game is played on a specially designed table; the setting involves one dealer who is employed by the casino. The dealer has at one time up to eight players playing against him simultaneously. Every player on the table has his or her playing area, and the cards are placed in front of him. The location of the card is also the place at which bets are made. Usually, betting limits are posted on specially designed sign on the blackjack table. Moreover, the table has some of the standard blackjack rules pinned on it.

In a typical blackjack game, one needs chips with which he or she will bet with. These chips are bought directly from the dealer. Buying occurs when there is a break in the game, the exchange takes place in such a way that the player typically places money on the table, and the dealer swaps it for the equivalent number of cards. Casinos have standard denominations for chips. Typically their value ranges from chips worth 1 dollar to those worth 100 dollars. There are four different types of chips differentiated by their color. They are white chips valued at $1, red chips valued at $5, green chips valued at $25, and Black chips which are value at $100.

Every player on the table has a box or circle where he or she places bets. Each table has a maximum and minimum bet that can be placed. In many casinos, the maximum bet is $100 which is the equivalent value of one black chip whereas the minimum acceptable bet is usually $5. Typically, a player is required to decide on the amount to bet on hand before the actual betting and playing deal begins. The player’s hand will result in either a win or a loss (Epstein, 2012, p. 210). Winning refers to getting the amount you placed on the bet as per the odds of that particular bet. On the other hand, losing means that the dealer takes the amount or value a person put on a bet at the beginning of the deal.

• Other outcomes include the Blackjack; this is a natural result in which the player usually wins 1.5 times the amount he placed on the bet. For instance, if a player had placed a bet of $100, he will keep his $100. Also, he will have won an extra $150 from the dealer.
• Push, this means that the bet resulted in a draw. In such a case, the player manages to keep his bet amount, and the dealer does not gain anything.

Blackjack’s objective

The game is typically a two player game; this is despite the fact that players can play in a single round of cards.it is a game characterized by a lack of coordination and no player competition. Apparently, the only competitor is the dealer. The game’s primary goal is to gain and accumulate more points than the dealer. However, the points should not exceed 21. To calculate the score, one has to add all the values of the cards that he has. The cards have different face values, for instance, J, Q, and K have 10 points each while Ace has 1 or 11 points depending on the player’s preference (Schwartz, 2013, p.112).At the start of the game, the dealer and the players are each given two cards. The dealer’s cards are one face down and one face up while the players' cards are both dealt face up. The game begins by opening the cards and the player who opens a card with the highest value typically 10 or 21 automatically wins the game unless the dealer also has a 21.