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 ...
Get Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
