By Arman Hassanniakalager and Philip Newall/The Conversation
“Please drink responsibly” is a familiar plea to those who might be inclined to consume alcohol, and we are also reminded to “gamble responsibly,” a timely reminder during a busy period for Premier League football, full of fixtures and plenty of casual fans with time on their hands.
You can make a reasonable judgement about responsible drinking by using the percentage of alcohol by volume (ABV) information on the label of whichever bottle has been opened. But how can we determine the strength of a football bet?
In fact, “gambling harm” can also be approximated by a percentage. The “gamblers’ losses” percentage is a measure of the money bet that a gambler will lose in the long term. Short term randomness around this percentage is what makes gambling interesting, but over longer time periods, gamblers will lose this percentage of all the money they bet.
Read More
Posted on January 8, 2019