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The Perils of Gambling

Humans are generally bad at accessing probabilities, which is what makes us such poor gamblers. Dr Padraig Kirwan takes a look at the matematical core of gambling and how the deck is always stacked in the house's favor.
What
  • Location: Munster
  • Secondary
When Oct 16, 2013
from 01:15 PM to 02:00 PM
Where Waterford Institute of Technology
Attendees 5th - 6th years.
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Many people enjoy a flutter on horses, cards or many other games of chance without any understanding of their chances of winning. Mathematics can be employed to help gamblers make better decisions on when and how much to bet. However, mathematics ultimately reveals that gambling is merely a form of wealth redistribution after the house or the bookie has taken their cut.

In this interactive talk Dr Padraig Kirwan will explain how the mathematics of probability has its origins in games of chance, how it can be used to dissuade people from gambling and how it has many useful applications in the worlds of science, business and engineering.
This event is invitation only.