Quote:
Originally Posted by james01
The real reason why casinos win is that humans don't stop when they're ahead. If everyone stopped as soon as they were a bit ahead, the casinos would lose. No one wants to walk away with a little win. They want to walk away with a BIG win!
Chasing the big win is why we usually lose.
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Unfortunately the concept "Quit while you are ahead" usually fails. You can walk away from the casino with a small win but you will most certainly come back at some point (maybe even after 20 years) and eventually lose it back.
This concept is known as "Gambler's conceit" and it is well explained in the following Wikipedia article:
http://en.wikipedia.org/wiki/Gambler's_conceit