The Truth About Lady Luck and Gambling
So, they wait for “Lady Luck,” the goddess of fate and chance, to smile upon them. One pass by her would bring winning streaks and good fortune beyond their wildest imaginations.
Or they invite her with talisman and tradition. Everyone knows someone who has a lucky charm – a rabbit’s foot, a lucky coin, or some other such item. Maybe it’s a color. Some people always wear the same color to the casino or the same lucky shirt. Others follow a pattern or behavior or tradition. I’ve seen people tap poker chips three times before they bet. Or blow on the dice for luck. I can’t tell you how many times I’ve witnessed the often bizarre rituals some slot players use at every pull of the handle. All of these things are supposed to invite luck to wander and stop by for a visit.
“Lady Luck” seems to always visit the other person – the one who constantly seems to win – and never on you. And some people always seem luckier than others. It would appear that “Lady Luck” favors them.
With this view of the world, winning is never based on skill or on random acts like the roll of the dice. This unseen, mysterious force is always at work. Most of the time it works against you.
But “Lady Luck” is not always consistent. She comes and goes. She’s fickle. One day she loves you and the next, she can’t even be found.
The truth is that there is no such thing as “Lady Luck.” What we think of as fate and luck is nothing more than randomness and the science of probability.
Mathematicians argue that they can create a more realistic view of luck using mathematical systems of numbers instead of relying on an abstract idea of fate. They boil down the concept of chance into realistic probabilities and firm numbers. They can tell you at any time what the odds of winning a particular hand of cards or a throw of the dice are. And with much greater accuracy than any gut feeling.
Contradicting this point of view is the gaming industry – those people who make their money from the desires of people hoping to be touched by fate or “Lady Luck.” The very fact that they call it “gaming” and not “gambling” helps us understand their perspective. As long as people believe in luck and fate, they stand to profit. When statistical probability and mathematical systems come in to play, they know they will be exposed.
Mathematicians contend that the odds of getting a royal flush are 1 in 649,739. People who rely on “Lady Luck” to shine upon them will still find themselves at odds with the casino.
Gambling is not about winning. If it were, the casinos would not be in business. My friend likes to point out that Las Vegas was not built on winners who broke the bank but on people who came with wallets stuffed with cash and dreams but who left with empty pockets.
The only winner – in the long run – is the casino. As long as there is a house advantage, don’t count on “Lady Luck” to come to the rescue.
