Oklahoma’s Personal Financial Literacy Passport © 2008. Oklahoma State Department of Education. All rights reserved. 1 Teacher Presentation Series 12 Standard.

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Oklahoma’s Personal Financial Literacy Passport © Oklahoma State Department of Education. All rights reserved. 1 Teacher Presentation Series 12 Standard 12. Gambling Lesson 12.1 Cost and Benefits of Gambling

© Oklahoma State Department of Education. All rights reserved.2 The Costs and Benefits of Gambling Standard 12.1 Gambling

Building Interest Building Interest Why do people gamble? Enjoy taking a * * Potential to */lose Can be * 3 © Oklahoma State Department of Education. All rights reserved.

Gambling Involves taking a chance with your with your *, or * your money or something else of value on an activity with an * outcome. 4© Oklahoma State Department of Education. All rights reserved.

Social Costs and Benefits The gaming industry nets about $100 * in revenue annually. This is about the same amount the U.S. has spent yearly on the war in Iraq. In Oklahoma, the gaming industry nets about * billion annually. * casinos Over * gaming machine, which is about 5.5% of all gaming machines nationally! Casinos employ * of people 5 © Oklahoma State Department of Education. All rights reserved.

Social Costs and Benefits Casinos * revenue from other businesses. There is an * cost Lotteries are similar to * taxes. Lower income have * impact 6 © Oklahoma State Department of Education. All rights reserved.

Gambling is Risky Business Principles of Risk ◦ Probability of *  Likelihood that something will happen  Playing the * 7 © Oklahoma State Department of Education. All rights reserved.

Gambling is Risky Business When gambling The odds are in the * favor! Lotteries – Casinos Sponsors earn * based on the odds. Why do people play, when the odds are against them? 8 © Oklahoma State Department of Education. All rights reserved.

Powerball MatchPrizeOdds 5 numbers + PBGrand Prize1 in 146,107, numbers$200,0001 in 3,563, numbers + PB$10,0001 in 584, numbers$1001 in 14, numbers + PB$1001 in 11, numbers$71 in numbers + PB$71 in number + PB$41 in PB$31 in The overall odds of winning a prize are 1 in The odds presented here are based on a $1 play. 9 © Oklahoma State Department of Education. All rights reserved. Source:

Horseracing Odds are 7 to 1 You bet $20. You agree to pay the race track $20 if you lose and it will pay you $140 if you win. You have about a 15% chance of winning 100/7= The odds of winning depend on how *horses are in the race. As more horses are *, the odds *. 10 © Oklahoma State Department of Education. All rights reserved.

Odds of Winning Games of chance The * the odds, the higher the potential *. The greater the potential *, the greater the risk of *. If you want people to take * risk, you need to offer potentially * rewards. 11 © Oklahoma State Department of Education. All rights reserved.

Calculating Odds Drawing an ace from a deck of cards: 4/52 or a 1/13 chance 12/13 chance you will draw another card Rather low risk of “winning” 12 © Oklahoma State Department of Education. All rights reserved.

What Have You Learned? Pick 3 Lottery Game: You have to pick the exact numbers 10 numbers 1/10 x 1/10 x 1/10 = 1/1, /1000 to lose 13 © Oklahoma State Department of Education. All rights reserved.

Independent vs. Dependent * Event: Flipping a coin The odds of getting heads or tails does not change. 1/2 14 © Oklahoma State Department of Education. All rights reserved.

Independent vs. Dependent * Event: Card games such as Poker or Blackjack 4/52 chance of an ace at the beginning of the game, until the dealer deals an ace Royal Flush in Poker Odds are 1/2, © Oklahoma State Department of Education. All rights reserved.

Probability vs. Predictability Probability * * or no strategy involved How * will something happen Predictability Strategy based on * performance Some * about outcome * choices (even if information is not perfect) 16 © Oklahoma State Department of Education. All rights reserved.

Probability vs. Predictability Does this mean you should never take a risk? * is a risk Does this mean you should never gamble? Be * about your odds “Don’t gamble with the * or the * money!” 17 © Oklahoma State Department of Education. All rights reserved.

Earnings Earnings Gambling is * risk! You are playing the odds and the odds are * in your favor! It can be fun and entertaining, but also *. Gambling involves * and benefits. All choices have *! There is *guarantee you will win; that is why they call it “*.” 18 © Oklahoma State Department of Education. All rights reserved.