In sport, you are training to beat 1 opponent, in business you are trying to appeal to the whims of the multifaceted consumer which aren't nearly as concrete. Both have to put forward their best effort regardless of what the competition may or may not do.
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For example, Microsoft can't wait for Sony to release the PS4 in order to develop a game plan for the Xbox. In business, you can really only study what your opponent did during the actual game so to speak. In sports, you can study your opponent to predict what they might do. You have no way of knowing if they have hit a snag or a breakthrough in R&D until after it's hit the market and if you do, you are likely breaking insider trading laws. You have no idea if a company's past success will bring future success. In business, you have no access to R&D information. In sports, you can get information on how a player has performed historically as well as recently in order to make educated guesses on how they will perform in the future. If perfect knowledge were attainable this whole money-making business would be a lot easier. Is reading a quarterly earnings report the same as being in the boardroom? Of course not. And it's really naive to think that someone going broke affects that person alone. There's also the whole notion of casinos/gambling disproportionately impacting low income communities and how you can't start a gambling business without tons of capital, so it serves as an efficient funnel of money from the poor to the rich. It reminded me of a twisted version of AOL's customer retention practices that they were sued for a decade ago. Īnd lastly, I would have agreed with you a few months ago, before I heard this story on NPR about how Big Fish was targeting people and using predatory practices to keep them on the game. Secondly, those gambling addicts, or "whales" as they call them represent something like 0.15% of players bring in 50% of the revenue. That's a thought experiment, but it works in practice when you are dealing with gambling addicts that won't walk away from the table.
I'm not saying a drug-war like approach is the best method here, just that some degree of prohibition that prevents industrialized gambling is better than none.įor example, even in a fair game the house will eventually take a gambler's bankroll provided the house's bankroll is practically infinite. This is why I hate long-form journalism: You don't know whether the article contains any useful information until you've spent half an hour trying to find it in the description of people's looks, landscapes, weather, and similar chaff. Overall, I learned nothing new, and wasted my time reading ten pages of drivel. he first was treated as a good customer, getting an "API" to place the bets programmatically, then got that revoked as the organizers realized that other gamblers might not like that he was winning so much (from them, effectively) The rest reads like many other "smart gambling" stories: Other key parts of the article seem to be (remember, I skimmed): It was a betting system where effectively people bet against each other, not a bookmaker with fixed odds, so he basically became a bookmaker. I really don't care about the decoration of this guy's office, which drugs he prefers, how his voice sounds, the atmosphere in a horse racing venue, the outcome of a specific horse race, not even this guy's entire life story.Įdit: Skimmed the rest, and it sounds like he was simply good at statistical analysis. So far, I'm 5 pages in and still not sure what the insight is. Is there a service that provides summaries of long-form articles like this? I get that some people enjoy reading prose, but I'd like to know what the article is actually about.
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