Betting on March Madness payoff
Call it the new March Madness: trying to determining Oregon’s reward for hosting the NCAA men’s basketball tournament in three weeks. The arrival of college sports’ biggest show may not be quite the economic bonanza some imagine. It also seems unlikely to be a dud, as some economists envision, because…
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Interesting gambling information:
- The first games that we would recognize as modern roulette were introduced in Paris casinos around the end of the 18th century. In the mid 19th century the single zero game was invented in France, this reduced the casino's edge thereby increasing the odds of the player.
- French mathematicians Pierre de Fermat and Blaise Pascal explored the mathematics of gambling, leading to the formulation of Pascal's theory of probability in 1654.
- In 1980, the American Psychological Association included pathological gambling in their Diagnostic and Statistical Manual of Mental Disorders, Third Edition (DSM-III).
- In 1911, the state of California ruled that "draw" poker was a skill, and thus could not be banned under existing anti-gambling laws. However, "Stud" poker was still considered illegal at the time.