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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

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