Education kit: What are the odds? - Powerhouse Museum
Education kit: What are the odds? - Powerhouse Museum
Education kit: What are the odds? - Powerhouse Museum
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<strong>What</strong> <strong>are</strong> <strong>the</strong> <strong>odds</strong>?<br />
Financiers and economists use this <strong>the</strong>ory as part of ‘risk management’<br />
when deciding how best to how to invest money.<br />
Using <strong>the</strong>se techniques would tell <strong>the</strong>m that gambling is not an<br />
investment strategy. Why is this? Try your hand at <strong>the</strong> questions in <strong>the</strong><br />
next section.<br />
Language<br />
The word ‘dice’ is plural.<br />
• 1 die<br />
• 2 dice<br />
• A ‘die’ is one of a pair of dice<br />
Resource<br />
• Gambling in Australia: thrills, spills and social ills, Charles Pickett,<br />
<strong>Powerhouse</strong> Publishing, 2004<br />
• For a brief history of playing cards, visit<br />
http://www.pagat.com/ipcs/history.html<br />
• Explore <strong>the</strong> history of dice by visiting<br />
http://members.aol.com/dicetalk/history1.htm<br />
Did you know?<br />
In <strong>the</strong> mid 1600s, a French gambler, Chevalier de Mere, made lots of<br />
money by betting that in four rolls of a standard die, he could roll six at<br />
least once. However, when he modified <strong>the</strong> game by betting that he<br />
could roll at least one ‘double six’ in 24 rolls of a pair of dice, he began<br />
losing. Puzzled by his huge losses, he contacted Blaise Pascal for an<br />
answer. Pascal toge<strong>the</strong>r with Pierre de Fermat used probability and<br />
solved <strong>the</strong> problem --- <strong>the</strong> probability of getting at least one ‘six’ in four<br />
rolls of a single die is a bit higher than one in two, while that of at least<br />
one ‘double six’ in 24 throws of two dice is a bit less than one in two.<br />
EDUCATION KIT 9