Quote:
Originally Posted by OTM Al
Dean, I still will argue this comparison is a bad one because it ignores time. Despite the greater number of plays I would guess your money is gone faster in the final four items on your list than with racing, unless of course you are betting every single race at every track, in which case you probably do deserve to lose and will likely go down even quicker than you indicate. Sports betting is likely the best deal on your list.
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You are an economic guy, so you tell me - time is a factor, but how much time does one take to have a good time to maximize his utility so he will come back?
If four university kids go and play black jack for 4 hours on a Friday, they will win some nights, lose some nights, and break about even a lot of the time. If it takes 4000 hands to go broke, that's a lot of black jack. I would come back.
For racing? Those same four kids go, bet five racetracks at the casino, lose after fifty bets - they could do that in less time it takes them to play a fraction of the hands needed to lose at BJ.
The best games maximize utility do they not? Time is only a minor factor if looked at like I have above, no?
If you had to advise someone to go to a betting parlor and have a good time for a few hours, would you send them to racing, or 1.4% take on a video poker machine?