The Law of Luck

The Law of Luck is a book titled "The Law of Luck - The Science of 'How to Bet' and 'Victory or Defeat'" written by Ichiro Tanioka. I came across this book through a recommendation from 49sick89hack. The book provides a different perspective on gambling, suggesting that it is better to bet on fewer options rather than spreading bets too thin. This was an interesting viewpoint that I hadn't considered before. 49sick89hack shared their thoughts on the book on Twitter(https://twitter.com/49sick89hack/status/1381287562489171973?ref_src=twsrc%5Etfw April 11, 2021), explaining that the Law of Large Numbers supports the idea that the more thinly and widely bets are placed, the more likely they are to align with the Expectation Value. As we know, gambling always has a negative Expectation Value due to the house edge, so spreading bets too thin actually increases the certainty of losing.

Furthermore, I learned through the book that investment is about diversification, while gambling is about concentration. This understanding is based on the Law of Large Numbers. In the context of capitalism, it seems that sticking to a focused approach without being swayed by market fluctuations is more profitable, as opposed to engaging in gambling activities where the house always has an advantage. tkgshn shared their thoughts on this topic on Twitter(https://twitter.com/tkgshn/status/1381909393755672579?ref_src=twsrc%5Etfw April 13, 2021).

In "The Real Pro Gambler" page, it is mentioned that games like Blackjack and Poker can have an Expectation Value that exceeds 100%. This means that players have the potential to receive more than they bet, making it possible for professional players to exist in these games.

Additionally, I found an example of importing Kindle highlights using Glasp for the book "The Law of Luck - The Science of 'How to Bet' and 'Victory or Defeat' (PHP New Book)" by Ichiro Tanioka. The book discusses various aspects of gambling and provides insights into strategies and the science behind betting. taka (Shunsuke Takagi) shared their highlights on Glasp(https://glasp.co/#/tkgshn/?p=B010S75324).

Overall, reading this book and exploring different perspectives on gambling has been enlightening. It has made me realize the importance of understanding the principles of probability and the impact of the Law of Large Numbers in various aspects of life, including gambling and investment.