Happy gamblers make the house happy: how gambling deceives winners
<p>Let’s consider a player betting on a typical game, the Italian Lotto: the player pays a stake (1$ for sake of simplicity) and chooses 2 numbers over 90. 5 numbers are drawn; if two of them correspond to the bet, the player wins 250 times the stake, with a net income of 249$; any other combination loses.</p>
<p>This bet is called “ambo” (“two numbers” in English). We can calculate the chance of hitting two numbers with a little combinatorics. The possible sequences of 5 numbers drawn out of 90, no matter the order, are:</p>
<p><a href="https://levelup.gitconnected.com/top-important-probability-interview-questions-answers-for-data-scientists-mathematical-fa8d9daeb1cf"><strong>Read More</strong></a></p>