Odds gamblers will win — 30%
By Mark Maremont and Alexandra Berzon, Wall Street Journal
The casino billboards lining America’s roadways tantalize with the lure of riches. “Easy Street. It’s Only a Play Away,” screams one in Arizona. “$7.1 Million Every Day. We’re a Payout Machine,” reads another.
But how often do gamblers really win? What are the chances that a gambler will win on a single day or over a longer period? Don’t bother to ask the casinos. Although they gather vast quantities of data about their customers for marketing purposes, including win and loss tallies for many regulars, casinos keep such information a closely-guarded secret.
Now, thanks to an unprecedented trove of public data detailing the behavior of thousands of Internet gamblers over a two-year period, the Wall Street Journal can provide some answers.
On any given day, the chances of emerging a winner aren’t too bad — the gamblers won money on 30 percent of the days they wagered. But continuing to gamble is a bad bet. Just 11 percent of players ended up in the black over the full period, and most of those pocketed less than $150.
I don’t know about anyone else, but what I read in that headline is: Odds gamblers will lose — 70%
The odds are against the player. If you play long enough you have to lose unless the rules of chance are repealed.