Why You Shouldn't Go to Casinos... (3 Statistical Concepts)
In this podcast episode, I'll tell you why you shouldn't go to casinos.
The house always wins. We all know this phrase. But this is more than a phrase. This is a simple, mathematically proven fact. And you'll only have to know three statistical concepts to see why the house always wins. (These three statistical concepts come up often in data science projects, too. So if you are wondering why I’m talking about gambling on a data science channel, rest assured, you'll be able to take advantage of this knowledge in your data science career, too.)
Anyways, three statistical concepts.
These are:
- Survivorship Bias
- Expected Value
- Hot-Hand Fallacy
Youtube vid version: https://youtu.be/MkfPALtnDG8
FUN GAME TO TEST YOURSELF:
- https://bestbet.data36.com
LINKS MENTIONED IN THE EPISODE:
- Expected Value Formula + Calculations: https://data36.com/expected-value-formula/
- Statistical Bias Types: https://data36.com/statistical-bias-types-explained/
- Newsletter: https://data36.com/newsletter
- Free mini-course: https://data36.com/how-to-become-a-data-scientist/
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Check my website: https://data36.com
Get access to more data science tutorials, join the inner circle: https://data36.com/inner-circle
Find me on Twitter: https://twitter.com/data36_com
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