A headline in Wired’s November 2010 issue reads, “Wall Street Firm Uses Algorithms to Make Sports Betting Like Stock Trading.” After reading the article, I’m not sure if this development is good or bad for skeptical empiricists.
The headline left me with a fleeting impression; at first I brushed the story off as another silly antic from the inescapable depths of the ludic fallacy. I figured that this article, like any other sensationalized media, overstated the significance of the story. Unfortunately, after reading the article, the opposite rang true. Continue reading “Wall Street and Sports Betting: An Introduction to the Ludic Fallacy”