Great podcast on probability

Via MindMatters, an excellent podcast on probability and gambling. Not the usual math-only stuff. Sal Cordova knows the math, and has also spent considerable time in casinos. He discusses the names for various types of gamblers, and the history of cheating.

According to Cordova, all of the physical and mathematical tricks have been eliminated by rules or devices. Modern cheaters do social engineering, getting accepted as an ‘advantage player’ who receives comp rooms and comp meals and loss rebates. The cheater then plays well, maybe winning more than average, but his real gain comes from manipulating the comps and rebates.

They discuss winning streaks and losing streaks, and the natural tendency to see streaks as meaningful. I did an animation of this problem.

Most video podcasts might as well be audio. This is an audio podcast that deserves to be video, so we could see the numbers and techniques.

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