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Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money by David E. Adler

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20. How to Make Money Gambling: Behavioral Insights

How do you make money gambling? You own the casino...so goes the old Vegas joke.

The founding fathers of Las Vegas, that is, gangsters, were psychologically sophisticated when it came to understanding gamblers. Given that odds are always in favor in the house and against the gambler, the trick was to find ways to sell the customer what, on the face of it, was a losing proposition. The marketing strategies the early casino bosses came up with were unparalleled in corporate America, a tradition that continues to this day, albeit in a contemporary form.

The Psychology of Design and Las Vegas

The centerpiece of these early strategies involved making a loser feel like a winner. Casino architect ...

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