THE GAMBLER’S DOWNFALL.
Th chief cause of the gambler’s downfall is his belief in what Steinmetz, a Monte Carlo celebrity, called “the maturity of the chances,” writes "Sentinel” in the Morning Post. In its simplified form this delusion might crop up in tossing a penny. Many people think the longer a running sequence of -"heads,” the greater the odds against a similar result. In point of fact it is still an even chance. So we find the backer of horses believing that the more often he has lost in the past, the more likely he is to win in the future. The fallacy is to assume that a link of cause-and-effect exists between series of events which have no connection whatsoever in reality. There can be no doubt that there has been a rapid, progressive increase during recent years in all form of betting. Perhaps it is a result of living in an age of unrest, when any form of excitement is sought after. My advice to the would-be bettor is the same as Mr. Punch’s to those about to marry—an emphatic "Don’t.”
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https://paperspast.natlib.govt.nz/newspapers/WAG19370503.2.51
Bibliographic details
Wairarapa Age, 3 May 1937, Page 5
Word Count
183THE GAMBLER’S DOWNFALL. Wairarapa Age, 3 May 1937, Page 5
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