You Bet On It Every day of our lives we make bets that affect us in some way shape or form. Sometimes even the most simple decisions we make are calculated bets that could affect our future if the result fails.
BigNews.Biz - Feb 14,2012 - The best start to this article is a simple definition of the word "bet" or "betting". As seen through the eyes of Merriam-Webster, the definition of betting which has been in existence for pretty much as long as we have existed is as follows:
bet also bet·ted bet·ting
Definition of BET
a : to stake on the outcome of an issue or the performance of a contestant.
Based on this definition it goes to say that the average American spends the vast majority of their lives betting. Betting on stock markets, betting on their careers, and betting on their personal lives.
Each time a decision is made that can affect the financial outcome of your life you are making a bet.
Here are some relevant examples of bets that we all make:
Personal Life Bets- Kris Humphries and Kobe Bryant like so many other American's made a bad bet on marriage. In Kobes' case that bet will cost him over 100 Million in the long run. Fortunately for Kobe, he will survive as he has 100 million lurking in his future. Not so much can be said for the average American who makes $34,000 per year. Combined that number with a plus 50% divorce rate in the USA and you have the epitome of a -ev bet.
Financial Bets- 2008 shed a lot of light on the practices of the open Marketplace. Speculation in the housing markets, and the manipulation of the entire lending practice routed the American public in what became a white collar riot with looting included. The average American bet his savings and or home via refinancing based on what he was being sold as a way to create financial freedom and prosperity. Of course you have to include the ever present, in your face, need to have American dream of home ownership including of course a wife/husband, 2.3 kids, 1.5 dogs, 2.2 cars, and a white picket fence. This bet became a bad one too as companies worked hard to sell toxic loans, and then did the unthinkable...They took the sure +ev bet that the the same loans they sold would fail. This was a simple case of math for those on the inside (fish + barrel + shotgun) = +ev bet. As the betting public knows so well, information is the key to winning bets. Especially when the fix is in.
Everyday Life Bets- Who we work for, who we vote for, who we choose to spend out time with, what religion we choose to follow, what we purchase and why. Most every decision we make there is something at stake in one way or another. If betting is such a big part of our every day lives, then why is the idea of betting morally rejected as part of the human condition. Unless of course it is via the Lottery, contests, sweep stakes, Bingo parlors (yes in churches), horse racing, stock markets, fantasy sports, social gaming (Zero reward for risk?) and skill