Insurance guarantees that you pay the expected value of the cost (plus some premium and buffer), dropping variance in exchange for a fee.
Gambling does the reverse, turning a fixed amount of money in to bursty payouts in exchange for a premium, adding variance.
One is basically the opposite of the other.
You can even use roulette as an event randomizer to make your trips to Vegas more exciting. (Games with probabilistic loot are more "fun" than predictable loot.)
Gambling does the reverse, turning a fixed amount of money in to bursty payouts in exchange for a premium, adding variance.
One is basically the opposite of the other.
You can even use roulette as an event randomizer to make your trips to Vegas more exciting. (Games with probabilistic loot are more "fun" than predictable loot.)