I Went to the Woods: Money Madness
Posted: Thu Jul 10, 2025 7:21 am
Just like that I turned our $100 into $200 then $0 in three spins at the first Las Vegas roulette table we saw. But I didn’t do anything. There was no skill. There was only chance and a long shot chance at that. The odds of winning on a red or black bet is around 47% since there is a green option with a higher payout, but much worse odds.
So it’s not all that different from betting on a coin flip, but that’s no fun. The fun in roulette, and everything else in the casino, is the action.
But that three-spin debacle cured me of betting. I’ve lost a few bucks on scratch-off tickets here and there, donate $20 to the NCAA tourney pool with college buddies and buy some losing raffle tickets from students who are fundraising, but that’s about it. No fantasy leagues, no 10-team parlays (odds are 720 to 1) or putting cash on what color Gatorade country wise email marketing list will be poured on a coach.
A study by Prescott House showed that 57% of male student-athletes and 75% of college students bet on sports which isn’t a big surprise given there are over 34 million NCAA brackets filled out. It’s a simple, easy cultural phenomenon this time of year.
But it often doesn’t stop with a bracket or two in March and this isn’t state lottery revenue going to education, nonprofits or charities. The industry offers opportunities to place bets on obscure elements, for big dopamine hits and horrible odds, like bench players hitting three-pointers and grabbing a rebound.
The insidious nature of gambling makes the future of sports betting worrisome. Michael Lewis, the author of “Moneyball” and “The Big Short” has spoken about the proliferation of betting opportunities, and the financial toll it takes on people since most gambling is done by people who make less than $100k per year. Lewis also reports that gambling apps track user data to identify those who may have a problem and rather than guide them to counseling, see them as a revenue stream.
So it’s not all that different from betting on a coin flip, but that’s no fun. The fun in roulette, and everything else in the casino, is the action.
But that three-spin debacle cured me of betting. I’ve lost a few bucks on scratch-off tickets here and there, donate $20 to the NCAA tourney pool with college buddies and buy some losing raffle tickets from students who are fundraising, but that’s about it. No fantasy leagues, no 10-team parlays (odds are 720 to 1) or putting cash on what color Gatorade country wise email marketing list will be poured on a coach.
A study by Prescott House showed that 57% of male student-athletes and 75% of college students bet on sports which isn’t a big surprise given there are over 34 million NCAA brackets filled out. It’s a simple, easy cultural phenomenon this time of year.
But it often doesn’t stop with a bracket or two in March and this isn’t state lottery revenue going to education, nonprofits or charities. The industry offers opportunities to place bets on obscure elements, for big dopamine hits and horrible odds, like bench players hitting three-pointers and grabbing a rebound.
The insidious nature of gambling makes the future of sports betting worrisome. Michael Lewis, the author of “Moneyball” and “The Big Short” has spoken about the proliferation of betting opportunities, and the financial toll it takes on people since most gambling is done by people who make less than $100k per year. Lewis also reports that gambling apps track user data to identify those who may have a problem and rather than guide them to counseling, see them as a revenue stream.