QUOTE (Fudge @ Sep 30 2008, 19:50)

Who wouldn't want to try and double their money for a less then £50 chance of winning?
Anyone who feels they cannot drag themselves away from a machine, or has ever had to put a block or limit on a gambling account should seek support from a gambling addicts support group.
I don't understand the first sentence, what's £50 got to do with it?
Whilst I agree with that view in principle, I feel it is also shortsighted.
You need to understand the
psychology of gambling. It affects different people in different ways, and the very nature of it can make it
compulsive. Things such as
near-miss technology (which is outlawed but companies have ways of getting around it), and
mean reversion mean that the odds are stacked against the player. Part of this is due to ineducation of the end-user, fair enough, but the companies promoting these machines don't do enough to make this clear at the outset.
Psychology; the nature of gambling promotes false logic, see my earlier post about 'it's been 4 reds in a row, the next spin must be black'. I fall for this myself, if I'm chasing an area of the wheel I will put in more money as, in my psychosis at the time, "sooner or later it has to go in that area of the wheel". This encouarages people to make bets that they wouldn't normally make
Compulsive; Possibly the most difficult definition to articulate. Unless you have experienced it personally, most people don't understand it. It can be assimilated with things such as 'the red mist', you know what you're doing has no logic to it or is 'wrong', but you MUST put that money in as to not do it would be worse.
Near-miss technology; This is becoming more subtle as the years go by. A simple form is a fruit machine with three reels where the jackpot is three bells, every 100 spins or so the machine is programmed to spin a bell on the left, a bell on the right, and a bell just above the winline of the middle reel. Thye user gets a buzz from coming so close to the jackpot, and is indirectly encouraged to keep playing as they have come so close. The example above is very simplistic and is outlawed, however as mentioned more subtle and subconscious methods have since been developed.
Mean reversion;

Things so up, things go down. The same applies to profit. On a roulette wheel with a 0% margin (i.e. 36 numbers, no zero), you will sometimes be in profit, you will sometimes be at a loss, but overall you will revert towards a profit/loss of £0. However, let's say that you only have £200, the machine will let you go as far in profit as you like, but if you continue playing you will revert eventually towards a profit/loss of £0. However, if you are on the downward curve of the graph, you can only go to -£200 until you've run out of money. Add in the 2.78% margin built in by offering 35/1 on a wheel having 37 numbers, and this eventuality happens quicker.
It's the people that get in profit, and are not affected by either psychology, compulsive tendancies, or near-miss technology, that can walk away with a profit, however this is by no means everybody.
There is a plethora of really good reading material on these subjects on the internet, I spent a couple of hours reading about them last night, some of the stuff is quite scary.
The only link I will post is not directly related to any of the points I have made, but is a fascinating 5 minute read if you have an interest in this subject, some of the comments in bold are very interesting, and are direct quotes from the House of Lords.
A very interesting article