The Las Vegas casinos are AMAZING. What amazes me more, is the business model that casinos use to make money. The whole business model is based on probability and statistics – something most Americans do not understand. Casinos owners know that there will be winners and losers on any given night. In fact, casino owners actually want winners (why would anyone go otherwise); however, casinos – using the laws of probability and statistics – know that eventually they are going to win more than they lose.
Take roulette for instance. In addition to red and black squares, there are two green 0 squares (0 and 00 – European tables only have one green square). If the green squares were not there, the odds of you winning would be 50-50. But the casinos realize that by adding the green squares, the odds of you winning lower to 47.37%. The casino is confident enough with a 52.67% of winning to put this game on the floor knowing they will take in more money than they lose.
Luck plays a major part in our successes. However, you need to ensure that you put odds in your favor – just like the casinos. This could be big things like getting a college degree or other educational improvement. This could be smaller things like showing up for work on time and putting in a hard day’s work. Eating right, exercising, and taking care of ourselves are other ways to put better odds in our favor. Someone who is fit is more likely to be considered smarter and attractive than those who are not. Also, being healthy allows you to work harder, longer, and with a clearer mind than someone less healthy. These in and of themselves do not guarantee success. Over time however, the little wins in life are likely to add up to bigger payouts.
Think about the things that you can do to give you an edge. This may be things you need to quit doing (e.g., checking personal email at work, eating desert etc.). Remember that the things you do may not result in big gain right away, but just like the casinos you can know that putting the odds in your favor should ultimately pay off. Remember, the longer you put the odds in your favor, the bigger the payoff may be over the course of your life.