The Gaming Table: Its Votaries and Victims. Volume 2 (of 2)Steinmetz, Andrew
History
The Gaming Table: Its Votaries and Victims. Volume 2 (of 2)
Steinmetz, Andrew
Gambling
Among the many mistakes that are committed about chances, one of the
most common and least suspected was that which related to lotteries.
Thus, supposing a lottery wherein the proportion of the blanks to
the prizes was as five to one, it was very natural to conclude that,
therefore, five tickets were requisite for the chance of a prize; and
yet it is demonstrable that four tickets were more than sufficient
for that purpose. In like manner, supposing a lottery in which the
proportion of the blanks to the prize is as thirty-nine to one (as was
the lottery of 1710), it may be proved that in twenty-eight tickets a
prize is as likely to be taken as not, which, though it may contradict
the common notions, is nevertheless grounded upon infallible
demonstrations.
When the Play of the Royal Oak was in use, some persons who lost
considerably by it, had their losses chiefly occasioned by an argument
of which they could not perceive the fallacy. The odds against any
particular point of the ball were one and thirty to one, which entitled
the adventurers, in case they were winners, to have thirty-two stakes
returned, including their own; instead of which, as they had but
twenty-eight, it was very plain that, on the single account of the
disadvantage of the play, they lost one-eighth part of all the money
played for. But the master of the ball maintained that they had no
reason to complain, since he would undertake that any particular point
of the ball should come up in two and twenty throws; of this he would
offer to lay a wager, and actually laid it when required. The seeming
contradiction between the odds of one and thirty to one, and twenty-two
throws for any chance to come up, so perplexed the adventurers that
they began to think the advantage was on their side, and so they went on
playing and continued to lose.
Public-domain text, read in full here on John Shaqi.
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