Understanding gambling behaviour and risk attitudes using cryptocurrency-based casino blockchain data

Royal Society Open Science
Jonathan Meng, Feng Fu

Abstract

The statistical concept of gambler's ruin suggests that gambling has a large amount of risk. Nevertheless, gambling at casinos and gambling on the Internet are both hugely popular activities. In recent years, both prospect theory and laboratory-controlled experiments have been used to improve our understanding of risk attitudes associated with gambling. Despite theoretical progress, collecting real-life gambling data, which is essential to validate predictions and experimental findings, remains a challenge. To address this issue, we collect publicly available betting data from a DApp (decentralized application) on the Ethereum blockchain, which instantly publishes the outcome of every single bet (consisting of each bet's timestamp, wager, probability of winning, userID and profit). This online casino is a simple dice game that allows gamblers to tune their own winning probabilities. Thus the dataset is well suited for studying gambling strategies and the complex dynamic of risk attitudes involved in betting decisions. We analyse the dataset through the lens of current probability-theoretic models and discover empirical examples of gambling systems. Our results shed light on understanding the role of risk preferences in human fi...Continue Reading

References

Jan 31, 2014·Frontiers in Human Neuroscience·Alexandra B MorrisonJason M Chein
Jan 2, 2018·Royal Society Open Science·Xiaoguang Huo, Feng Fu

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Citations

Jun 26, 2021·Addictive Behaviors·Paul DelfabbroNeophytos Georgiou
Jun 22, 2021·Journal of Behavioral Addictions·Paul DelfabbroJennifer Williams

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Software Mentioned

Geth
Beautiful Soup
Ethereum
MySQL
pandas
Python
Solidity
Ether
Parity
Etheroll

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