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by stone-monkey
2663 days ago
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It may still be gambling in the sense that there's a large element of chance that dictates the game, but it's not the same as something like Baccarat or poker which is strictly a game of chance. The element of skill can cause variance in outcomes over the period of play. It's important to make that distinction because you're getting into gray areas here. Are actuaries and insurance companies engaging in gambling? They're essentially betting on not needing to fulfill the terms of the contract for unlikely outcomes by analyzing the "odds" over time. Often, they "lose" the bet and have to pay out, but they reliably win more than they lose. Of course, good poker players are probably not getting matched up with amateurs, so it's not exactly identical. |
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When you insure your house against fire neither you nor the insurance company want your house to burn down.
In a gambling scenario the layer wishes the bet to lose and the backer wants it to succeed.