Tips for Applying Game Theory to Sports Betting, Fantasy Sports, and Investing in the Recession
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Q. I keep hearing about game theory online and in the media. What is the concept of game theory? I have heard that you use it in your Life Coaching courses. My other question is, how would you describe game theory in layman’s terms?
A. Let’s go to back to the basics here. Game theory is the name used to describe systems of thought that explain why and how rational individuals and the organizations they belong to strategize, i.e. make decisions when one person (or more than one other person) might also affect the outcome of the decision. This idea makes perfect sense since humans are social creatures – have the capacity to know themself and to know others. Game theory is tied to an understanding of social intelligence, a way of observing the world that develops from experience with people and learning from success and failures in social settings. It is more commonly referred to as “tact,” “Common sense,” or “street smarts” though these phrases do not do this skill set justice.
What is the point of Game Theory?
To “win” of course. Many of my business coaching clients have gotten wealthy through sports betting. The amazing thing is, contrary to what you might think, sports betting is not gambling, it is an investment strategy based on game theory.
If you doubt what I am saying here just watch this video below. Press to play.
As you can see here, game theory requires that you observe the environment around you as if it is a puzzle or game.
This approach can be used in many ways. Throughout this blog there are links to videos and specific products that use game theory in their models.
For example if you do not apply game theory thinking to your investment strategies you are likely to make poor decision. Here is a short video below about a system I have used successfully to apply game theory thinking to marketing, and business success during this economic crisis. What should everyone know about game theory is that I have used this approach to generate Income, and access “FREE” Money to buy underpriced assets! The video below on investing tells you how I did this.
So investing, sports betting, and fantasy sports are all game theory based approaches to lifehaking.
What should everyone know about game theory? In order to become a skilled problem-solver, tactician, and or strategist a person needs to have an understanding of how human beings think. It is my belief the easiest and most effective way to do this is through applied game theory.
Today, game theory has become an umbrella term for thousands of formal human interactions. We see game theory and gamer-thinking in many defined interactions including relationships in business, spirituality, competition, sports, romance and even interactions with nonhuman players such as computers, animals, and plants.
What is the best way to learn game theory? I have my students and coaching clients play online video games, poker, practice by joining a fantasy sports league. A fantasy sport (also known less commonly as rotisserie or roto) is a type of game, often played using the Internet, where participants organize virtual imaginary or teams of real players of a professional sport. These teams compete based on the statistical performance of those players’ in actual games. This is a game theory model. This performance is converted into points that are compiled and totaled according to a roster selected by each fantasy team’s manager. These point systems can be simple enough to be manually calculated by a “league commissioner” who coordinates and manages the overall league, or points can be compiled and calculated using computers tracking actual results of the professional sport. In fantasy sports, team owners draft, trade and cut (drop) players, analogously to real sports. Still this is not tic-tac toe. It requires real strategizing.
Being successful at fantasy sports might seem fairly simple but it can get complex for a number of reasons. For example, in the beginning, students of game theory and gamer thinking generally restrict their attention to one-shot games, that is, games in which players’ strategic concerns extend no further than the end result – terminal nodes – of their single interaction – the outcome in the game. However, games are often played with future games and scenarios in mind, and this can significantly alter their outcomes and equilibrium strategies – a proposed solution of a win-lose also called a zero-sum, or non-cooperative game involving two or more players in which each player is assumed to know the most rational strategies possible of the other players (equilibrium), and no player has anything to gain by changing only their own strategy. The strategy is so likely to be chosen that if even if a player announces their strategy openly, their opponents can respond any way they choose with any collection of strategies and the skilled game thinker will still not change their own strategy for there would be nothing to gain by doing so. Nothing an opponent or adversary might do would affect our expected gain.
Here is a video and information presentation on Soccer, or what is known as FIFA football. It can be used not just for fantasy sports but for winning the game of life.
In conclusion, what should everyone know about game theory? It is another way of observing of a set of ideas illustrations, and numbers that describe or represent the past, present, or future state of something particularly strategic interactions between two or more individuals or groups (players) in a situation containing set rules and outcomes. Gamer theory used in a number of disciplines and can be applied to make individual choices in everday life. The theory has most notably used as a tool within the study of economics, particularly in politics, sports and international affairs. The economic application of game theory can be a valuable tool to aide in the fundamental analysis of industries, sectors and any strategic interaction between two or more firms or individuals who need to strategize to create maximum benefit at the lowest possible cost.
HAGT or Harrison’s Applied Game Theory is my expansion upon the basic principles of classical game theory. The main distinction being that I never assume that the person I am dealing with is rational, or logical. That is why I offer a course on Harrison’s Applied Game Theory.
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I am creating series of personal development courses drawn from from my 50 years of teaching
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Here is a short interview about game theory anf thr state of the world with award-winning journalist Phyllis Haynes and AskLewis director, Lewis Harrison
This is a perfect time to refocus on what is really important in your life.
- Learn the difference between what is rational and logical?
- Learn to separate fact from fiction (and fake news).
- Learn to recognize your hidden biases – the ones that get you in trouble.
- Expand you financial freedom through clearer thinking.
Just to be transparent with you though , I personally endorse these products and have researched them carefully Just to let you know, the above videos contains affiliate links to products and services. We may receive a commission for purchases