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What's Luck Got to Do with It? by Joseph Mazur

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The Skill/Luck Spectrum

Even Great Talent Needs SomeGood Fortune

The most fundamental principle of all in gambling issimply equal conditions, e.g. of opponents, of bystanders,of money, of situation, of dice box, and of the die itself.—Girolamo Cardano, Liber de Ludo Aleae

There are essentially eight standard gambling games: roulette, craps, slots, lotteries, blackjack, poker, horse racing, and sports.1 They are the Big Eight. By far, the biggest is lotteries. According to recent surveys conducted by Gallup, 49 percent of Americans spent ...

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