gambling theories

Gambling theories analyze how people make decisions under risk and uncertainty. They include concepts like expected value, which predicts average winnings over time, and the house edge, showing the casino's built-in advantage. Theories like the Gambler’s Fallacy suggest people expect past outcomes to influence future ones, while the Near-Miss Effect explains why close wins encourage continued play. Behavioral economics study how emotions, biases, and habits influence gambling behavior. These theories help us understand why people gamble, identify risky patterns, and develop strategies to promote responsible gambling.