Topic: Netflix's Money, Explained: E04 Gambling (Read 352 times)

Almost any business is doing something similar and it should not scare us, for example supermarkets do the same, I remember watching a documentary that said that the disposition of the products on the shelves depends on the preferences of the public at large, one of the things that I remember very clearly was that this created kind of weird combinations but that those stores followed them because it worked, for example besides diapers and other baby articles many stores place beers, this at the surface does not make sense but when you think about it and think of the scenario in which a father goes to buy diapers to his child then it makes sense to put beer besides it, as many people drink alcohol and this makes it easier for them to find it and buy it.

On physical casinos, they serve you perks like energy drinks, liquor, and free food, and sometimes entertainment to keep you in their casinos, they don't have windows and if you run out of your money, they are ready to give you a credit line, because the longer you stay the better, they are not going to set up a casinos with their players staying for a few minutes, the casinos' atmosphere is meant for their clients to stay longer, so if you read or heard players playing for days and nights or not going out for days, those stories are true.
These players are called victims of the casino's setup atmosphere.

The situations will be different from what we see in that movie because we face the real situation. So maybe the strategy that we watch will not apply in real situations so we need to modify or even change it for our good. They still gamble with or without watching the movie, but it can give them more experience from that movie, especially how they can win the game with their own strategy. But always remember to control ourselves in gambling because we do not know what will happen in the real situation.

cancelled your account? or just did not renew contract ? that's different thing lol.

__________________________________________________________________

But knowing the movie shared by OP , yeah Daytrading is like a gambling when you can mostly win for short period of time if you will risk money doing it.

There's no need for revelation mate because we as gamblers already knew that and only need to accept that fact.

I almost googled all the stuff that you have just said.

This issue is something I did not expect. I wonder if there are still land-based casinos doing this? Isn't it that pheremones is usually being used in the dating world? It's a chemical substance that makes you more attractive in a way that you can attract the opposite sex. How does it relate to gambling?

Thank you for this interesting insight. I have learned some of the terms/lingo that are being used in sports betting. Terms like sharps, draftsking, and fanduel are something I do not always encounter in this section, it's just interesting to see that sometimes what we're seeing on a documentary has some missing parts that need to be discussed in order to make a favorable conclusion

Netflix is ​​meant to protect traders from all aspects of gambling trading as well as make them full of risk. And netflix the video streaming service is being strict about password sharing one third of users of streaming service users like netflix exchange passwords with people far away so that their subscribers no longer exchange passwords with anyone else who is away. They are putting in place security measures to prevent extreme misuse of password exchanges strong protection against gambling.

Oh, if only it was that simple. A simple activity like walking a dog gives one a very small dopamine release, that's nothing compared to what gambling can give to people, that's why it's so much more addictive. To activate the so-called "brain reward system" (which ensures dopamine release) you need a strong trigger, something thrilling. That's why the only way to overcome gambling addiction, for now, is either with the use of specific medications, that quench the excitement (e.g. mood stabilizers) or with switching to something else that also triggers dopamine release to the same extent (e.g. other exciting activity, or, again, medications, like serotonin reuptake inhibitors).

Can't argue with that. I have a friend who is enough skilled and famous trader, and he told me in fact the same, that day trading is a trading with very small risk/reward ratio and very small chance of success probability. So Netflix is right here 

A common man who don't have any knowledge about economics, finance and particularly gambling can get the idea if they watch this series but no one can entirely decides what is happening while gambling, it will happen for sure even if people know that hooks that is why people keep betting and never wants to stop their gambling urge.

Yes, in my opinion, trading on short time frames is the same as gambling. 

In fact, there are no patterns on short-term timeframes that a trader could use to make a profit.  The price can go up ... The price can go down ...

The game involves algorithmic bots.  The human brain cannot compete with algorithms.  Algorithms are faster.  Medium-term or long-term exchange trading is another matter ...

This is a completely different matter.  This kind of trading is not like gambling. 

Investing is even less like gambling.

My Netflix subscription just expired last week but since I was going to renew it anyways I will check this docu-film out.
Thanks for this as I had always wondered about how the brain functions in a high tension situation while it is in this environment.

I know when I lose I tend to always want to win my money back so this knee-jerk reaction is called rage betting according what others have called it on a gambling chat to me many of times.

It is a rather common occurrence among bettors in general.

I think people who watched that movie is just for entertainment because if they can watch carefully, maybe they will get something beneficial from that movie. Although if they use the strategy or method from that movie, it will not guarantee them to win the games, giving them more experience. Besides that, maybe watching that movie can provide them with an idea of what will they need to do later.

some belief I got from the Episode. that's why we gamble.

a. Gambler's Fallacy one woman said that if she loses 4 spins, the 5th one must be big lol and this is from the episode itself and I quote the narrator "We keep playing because we believe a win is due and then surprise if it doesn't come."

b. Illusion of control which is the belief that you can increase your odds in the face of pure chance for the lottery players.

these two may probably exist as well in trader's mind. some of us keep losing money when betting the price could go up in a period of time and then eventually lose still. it's not even a binary option but simply the spot market.

Not necessarily. I mean online gambling does not depend solely on luck. Sports betting is online gambling and it does not depend on luck. It has odds but the odds are based on analysis. In terms of casino games, they are not all luck-based either. When you play roulette, slots, dice, and so on, you just have to rely on luck. But that is not necessarily the case when you play poker, for example, or blackjack. Some need skills on top of luck.

That's right, Business operators are using psychology on setting up their business to gain the upper hand or to profit the customer more. Casino, Store shelves, Buffet placements are just some of the examples where this psychology stuff is used by a businessman. Most of the tricks are revealed in the public but the trick of it is so good that you can be a victim even you know how it works.

They lure you with freebies and lot of things but with gambling there is something which bring psychological effect that is why we want to keep betting again and again which is also some kind of addiction but people do this with their presence of mind so this can be distinguished as severe addiction as well.

it's not really a secret it's just that many gamblers don't know about it or even if they know, they would still fall for it one way or another. also, gambling companies aren't the only ones doing this kind of tactics. you'd be surprised that a simple grocery store is using the same thing to make you spend more on their store without even knowing it.

Do you really believe that, the strategies used by the gambling companies so called hooks will be revealed to the public?

Either this series was taken based on a book or some personal research but no one actually knows the hooks of gambling even if there is any because we are not seeing the gambling in 21st century or before which is happening for thousands of years.

It's like a pay to win tricks thus, this is where the saying goes as gambling is for entertainment purposes only and people would be spending a lot of money make them stay at the top while they display who's or what are the benefits they could get they entice a potential gamblers to reach the top rank. People would be eager to spend more money to climb up the rank but little did they know it's the trick of the casino how to hook a potential gamblers. Once they knew you are a potential gamblers they always have their eyes on you.

I watched it too, but I was a bit disappointed that they did not go a little deeper into the tricks used by casinos to get people to gamble more and more. The people in the industry says... "The best kind of gambler for a casino is a drunk gambler." - The drunk gambler are more likely to bet higher and lose track of how much they have gambled, so some casinos offer alcoholic drinks for free to people in the casino.  

You will also never see windows and clocks in a casino, because they want you to lose track of time. You also get a "Free Room" in the Hotel, because they do not want you to go home. They also introduce "Player's Club Levels" ..so the more you play the higher you move up the levels. (The best benefits are at the top levels, so all the players want to climb the ladder and they spend more money to get there)

These are just some of the tricks used.... and they did not even cover any of them.  

Discipline does not mean you are winning. Discipline does not mean you are winning over their system. I personally consider myself a disciplined gambler but I am not winning, much less winning over their system. I am still losing but my discipline is keeping my loss in a tolerable amount. I am still going back to gambling even though my losses are already piling up. Meaning to say I am still hooked. Because it was fun. But that is definitely a part of what entices gamblers to come back even if they know that they more likely to lose than win.

First of all, we are people, not "fishes"! For me, it's simple, as a human we can choose what we wish to do with our time/energy/money! You can't fall under influence of something that you don't like! And if you like something, you will be interested in learning more about it, you will practice it... it's something I find normal! Do you like to paint or play dices it's your own business, for both you need money/time/energy/knowledge/many other things that can help you to be better than others!

Gambling or any other industry will try to keep their customers happy and satisfied if they wish to grow! The ones who are more creative, who are ready to go that "extra" mile for their business will have more success!!! You have many examples of that... if you are selling something you can't have just one product, sooner or later the market will be saturated, you need to develop other interesting stuff, you need to expand your offer or you will look at how others are doing that while you falling down!

I'm also a fan of watching different movies and series related to gambling and action with science and calculations today Netflix is one of the top tier giving movies related to those gambling and some of those are documentaries this gives us an insight into gambling in real life and not just only on the winning game as we saw on the movies.

Gambling is one of the top mind games among others it depends on your skillset to survive the game if you can not make any move to your game play there's nothing to received which is losing your funds.

If you're committed to learn about finance and economics best sources to get the knowledge from are good old books. If you start from the Bitcoin Standard (Ammous) you'll then get really deep into the money mechanics. I suggest you find that book and from there you can expand your knowledge with a few other interesting books.
Read the reviews and see it for yourself
https://www.amazon.com/product-reviews/1119473861/ref=acr_dp_hist_5?ie=UTF8&filterByStar=five_star&reviewerType=all_reviews#reviews-filter-bar
Good you trashed your Netflix's sub: wise choice.

Overall it will still depends on the individual who's mental state gonna be twisted or has no further knowledge how the system works with gambling or trading. The one thing lacks to those who gets addicted are their discipline over it, if you are a discipline gambler for trader then you're winning over their system.

I believe that those "hooks" gets even more in the online world especially if we subscribe from them. But as I say that will still depend on the individual if they'll get hook on it or take those "hooks" as an opportunity to learn more about it especially on trading.

Isn't online gambling luck based or should I say odd based like any physical casino? The daytrading stuff needs an analytical skill unlike gambling where you really rely on odds instead of your skills. There's a lot to analyze in a "luck based" casino, it's called statistics and probability.

Definitely true.  I have now watched the series myself but I'd probably do it tonight just to see how interesting this could be. The series only has 5 episodes so it might not be going to take a lot of time and helps me understand how I may apply cryptocurrency for the Retirement episode.

I sometimes just use the word "hook" when I watch a not interesting movie but hooked after a plot twist but it really meant I'm on to it. If used to gambling or casino that's something not good, hook shouldn't be the right term.

I remember watching a similar documentary on how they keep the gamblers from leaving and continue gambling on their casino. These so-called "hooks" are usually free drinks and snacks etc... throughout the time that you are in the casino. also, the placing of their games in the casino can influence your subconscious choice. if you think about it it is scary how they can easily influence your subconscious and the scarier part is it's not just them that are using this type of tactic.

i better like short videos but i can understand what they are saying than to a long videos but lacks of core informations and the series is about money and not really into gambling but you can check their library if they have series that foccus only in gambling and if they have it , im sure that they covered sports betting in it aswell as other genres of gambling .

This always comes to my recommendation movies but did not try checking , now that you shared this i will watch the show later to check it out.

this is one good thing for gamblers to watch because we need something that will teach us what to do and what to prevent.

I was able to watch this episode of Explained series. The episode is very great, first, they started with the history of gambling, like how it evolves.
It is a very short episode and it was only limited to gambling, but they explained greatly how it works, like how it was connected in our brain.
They more focus on dice games, slots, or like based on luck gambling.
They aren't able to explain some sports gambling which my question is, it is still the same when it comes to sports gambling?

I think gambling here is referring to casino gambling where games are more or less luck-based. If so, that would be a lot different from day trading. When you're on a slot machine, for example, the main thing that you do is to pull that lever, cross your fingers, and hope that you'd hit the jackpot. That's not what day trading is about. If that's what a day trader does, he/she better quit. There is a need to analyze in day trading. There's nothing to analyze in luck-based casino games.

This is how people get addicted to gambling, some people think how people can get addicted to something that is not a chemical substance? After all we can understand the addiction to drugs very easily but addiction to certain behaviors seems more difficult to explain, but that is because our brain can generate those same substances which means that if people let themselves be caught in those emotions and the rush of adrenaline then they can become addicted to anything.

In my opinion day trading is gambling and of course it relies in pure luck, since it's a fact the market is unpredictable on short run, being very similar to binary options, which is gambling as well. Furthermore I could compare the transaction's fees or exchange's taxes to the house edge of the casinos and the youtubers selling methods, strategies and courses to teach daily trading are comparable to the youtubers streaming online sessions of gambling, seeking for referrals. As crypto currency becomes more popular I see more and more cases of people complaining about the daily trading scam. It has already became news in one of the most watched programs of a national television channel recently.

If about psychology, yeah dopamine shot is the main reason of addiction both trading and gambling, the pleasure of winning big money in a short time. I find compulsion loop explanation is more straightforward:

Source.

The good news is we can break this loop by obtaining the reward aka dopamine by doing simple activity, such as cleaning up our room, posting on bitcointalk, walking a dog, etc. Just simple tasks to divert the craving and getting the dopamine anywhere else than the casino.

This is valid, the description and understanding that everyone has about day trading is also a gamble that will never stop. Like, someone who's been a day trader for a long time will validate that it's not a gamble as long as you have an understanding of the market you're trading. And a gambler that turned to be a trader will say the opposite and will point out margin trading. Well, everyone has their own valid points towards this topic and for sure the only thing that we can extract on this are their experiences which will be helpful and beneficial for everyone.

I am trying hard to wrap my head around the misconception about day traders equating  them  to gamblers. But in a nutshell I would just love to chip in few in as much as 9 and 6 irrespective  of where you  stand to look at them  from are different so is day trading and gambling.  With well detailed analysis  one can get full guaranteed profit. One might say day traders incur  losses as well but not compared  to gamblers when the day trader is well grounded in the field. The tin line that exist between them is enough to maintain  a big difference  between both since both require different approach an technique.

It is indeed a never ending comparison and it's not possible to prove only one point around it. There will always be arguments and counter arguments. But for me, gambling is never a method to make money. For me it's just an adult's way of entertainment. While trading is an attempt to make money. I think that's where gambling and trading can be differentiated. But again, everyone has their own version of it. I am now tempted to see the documentary this weekend.

There's a lot of tricks happening behind the scenes on casinos that's why a lot of people are getting hooked on their games. Some say it's the atmosphere. Others say it's the design of the games, the feel of the buttons, and the visual appeal of the whole scenario. Whatever it is, it's working perfectly, for a lot of people has been losing on these platform for decades and still can't get enough of the games. I rarely set foot on physical casinos even before the pandemic, but I must admit that there's something on those places that makes me want to spend hundreds of dollars in one sitting even if I only bought some change for my fare on taxis.

There are urban legends of casinos pumping additional oxygen into the air to make gamblers feel more awake and gamble longer. Also rumors they pump pheremones into the air to give people a positive feeling while gambling to make the experience more addictive.

If their series is truly about explaining money and finance, however. Wouldn't they cover so called sharps who rake in large profits through gambling. The market has to be exploding at the moment with all the attention and focus draftkings and fanduel is getting.

My feelings on this topic is that gambling is being treated like prohibition 2.0. Where they'll establish a narrative of people never being responsible or disciplined enough to gamble intelligently. And the argument that gambling should be eradicated by the state to "protect people from themselves" will be the eventual conclusion.

To be fair, when I knew forex people, 100% of them were into TA, but mostly they did build up arguments to support what they already believed in (as in, they think USD will go up so they go and build charts to look for confirmation). Not the other way around. So in this sense, they are different from pure gamblers at casinos who have no technical backing (and it's not possible anyway).

But crypto traders? Different. Mostly don't do TA.

Hook is a good term to avoid saying addiction.When a gambler wins he feels the adrenaline for a little time and once he is calm again he goes gambling again because he thinks he will win again.The same when he loses,there is no adrenaline here but is the subconsciousness that says to him "bet again to recover and stop playing" which in reality never happens.Netflix tries to show this in a softer way but the truth is otherwise,also day trading is the same as gambling because the same factors are behind it,adrenaline when you win and the subconsciousness when you lose and try to recover.

I might check it out in the future, next with Altered Carbon and Peaky Blinders. The psychology that they are trying to explain on it though has been a documented case in the academia for a long time now so it doesn't surprise me anymore that it's being discussed.

I used to mentioned about this so called 'gambler's cycle' where a person, regardless of he/she wins in a game, will most likely bet again.

The explanation for this stems from the adrenaline of a person when he/she wins. You get to feel the excitement of winning the bet and you also think that you would win again. In addition, gamblers who lose in a game will most likely bet again since he thinks that he would be able to recover his losses from betting again.

This 'hook' that you stated maybe falls in the explanation above on why most people tend to stay longer at gambling industries. This is a good read and I will heavily consider watching this show. Thanks for this!

Hmm, I'd take that they are quite different in terms of the so-called "hooked" experience though. In gambling, yes I'd reckon it exists, heck, most stuff that concerns itself with the entertainment of its users often has that tactic of letting them be hooked, since only with that would it be considered a success, but for trading? Hmm, I don't really think so. Well, it may be the same term of "hooked", but I think it's of different meanings? Like hooked in gambling means enjoying the game you forget the amount spent, while in trading, you get hooked on the prospect of actually earning money quite easily. In simple terms, I'd describe them as easily fooled.

I'd say that honestly, the only difference that the two have is the factor of luck. Luck in gambling games is dependent on its algorithm, its pseudo randomness, while luck on trading is well, depends on the state of the market. It's like random luck vs calculated luck maybe? Cause if it wasn't calculated, there honestly wouldn't be people living off of trading. s

I recently watched the first 4 episodes of Netflix's "Money, Explained" and one of its episodes discusses the mechanism of how our brains work when gambling. Personally, the "Gambling" episode was an eye-opener for me as I have gained a lot of interesting facts and different collective opinions which might give us a different point of view.

The Gist of the episode:

The fourth episode is all about gambling, its history, the psychology behind it, the process of getting hooked into gambling as well the most alarming issue that I have heard where it says that day trading is just pure gambling.

One thing that we are all familiar with is the psychology that the gambling industry has evaluated to keep their customer to gamble by using the so-called "hooks". These hooks are something that will make people sit for long hours while making their gambling experience more enjoyable and enticing to make a lot of money. In effect, if these people have been "hooked", they will now fall under a mental state^[1] of total focus called the "The Zone". This means that the long hours of keeping people into gambling, the more money they can take out of other people's pockets.

These psychology tactics have also led other trading and investing company to use them to keep people unaware of the risk they are taking while being spammed with notifications of the current market sentiment, and an opportunity to get a free stock. Moreover, this episode also emphasizes that day trading is equivalent to gambling.

My take:

I am aware that the argument about day trading as gambling or not has been discussed often before and it could be tiring to prove a particular point due to its subjective nature. One could say that day trading is a combination of little to non T. A and pure luck, others would say that day trading could never equate to gambling since the ability to read charts and proper risk management would decrease the percentage of getting rekt.

It will just result in a never-ending comparison.

References:
[1] https://www.peaksports.com/sports-psychology-blog/mindsets-to-help-athletes-perform-in-the-zone/