Casinos, card counters, and the law of large numbers

February 6, 2024 by Shamal Lalvani

In movies, blackjack card counters confidently place huge bets in casinos when the time is just right, making huge profits. While counting cards can be used to profit from casinos, the truth of how card counters profit is a bit different. In this article, we get to the heart of how casinos and card counters manage their profits—the law of large numbers, a fundamental theorem in statistics. We discuss how card counting works and what this looks like in practice.

For more about this article see link below.

https://ieeexplore.ieee.org/document/10380307

For the open access PDF link of this article please click here.

How to Market to Generation Z on Social Media.

Social media can be an effective medium to reach Generation Z (Gen Z) and advertise science, technology, engineering, and mathematics (STEM) programs. Creating viral content on social media is all about starting a trend and attracting user-generated content. One successful content can nudge millions of user-generated content and generate billions of views. Social media has transformed how we communicate with each other. Before social media, our communication medium was limited to only people we knew. One viral content on social media spreads to billions of people. Social media can be an effective medium to reach out to Gen Zers and inform them about the importance of STEM skills. The number of students enrolled in STEM programs has been in decline since the 1980s (Athanasia et al., 2022). Only 11% of the U.S. population has a STEM degree, while more than 30% of jobs available in urban areas are in STEM fields (Athanasia et al., 2022). Furthermore, STEM jobs are projected to grow by 10.5% over the next eight years (Vaughn College, 2022). Student success in STEM programs is key to maintaining the global competitiveness of the technology industry. In addition to student success, it is important that STEM departments engage with students and spark an interest in pursuing a STEM education as well as careers in science and technology fields. With Millennials, we have observed a decline in interest in STEM education and student performance. The U.S. ranks 52nd in the world for science education performance and 27th in terms of the proportion degree in STEM fields (Godfrey, 2015). However, student sentiment toward STEM education and careers seems to have shifted with Gen Z. Gen Z indicates people who were born after 1997. Members of Gen Z, growing up during the financial crisis, tend to be more realistic compared to Millennials and value economic security (Francis and Hoefel, 2018). For this reason, Gen Z chooses STEM as a top career choice (Vaughn College, 2022). This is a positive trend for STEM departments since student sentiment on STEM education is improved among the younger generation. Social media is often the best marketing medium to engage this young generation. Members of Gen Z are often called “digital natives.” About 90% of Gen Zers learn about new products via social media, and among them, 70% use social media for more than 2 h on average every day (Novelli and CONE, 2019). For this reason, response rates or conversion rates for social media marketing tend to be higher for Gen Z compared to older generations (Novelli and CONE, 2019). However, there is still the question of how to engage Gen Z on social media. One characteristic that distinguishes the interaction style of members of Gen Z from older generations is that they not only consume but cocreate content: 86% of Gen Zers seek to post sponsored content for financial returns, and 54% aspire to be social media influencers (Locke, 2019). Their motive for consuming social media is different than that for traditional media. Gen Z utilizes social media to create content more than to consume content. While traditional media often works one way, and people mostly are just receivers of marketing communication, Gen Z is on social media to react, cocreate, and galvanize a new trend. Interpersonal interactivity is the characteristic that distinguishes social media from traditional media outlets. In interpersonal interactions, self-expression plays a key role. Interpersonal dynamics on social media also operate based on self-expression (Special and Barber, 2012). A previous study surveyed college students and found that people who engaged in more self-expression tended to receive a higher number of likes on Facebook and reported a higher level of satisfaction from using social media. Predictably, one reason why people like and share content on social media is that they want to disclose themselves. Likewise, one reason why members of Gen Z create user-generated content is that they want to exploit the opportunity to express themselves. Viral content on social media means content that triggers many reactions and user-generated content from others. To trigger a viral trend, it is important to align your content with Gen Z’s wants and needs. Gen Z is attracted to content that helps them express themselves. Here are some ways to appeal to Gen Z and trigger user-generated content from them.

For more about this article see link below.

https://ieeexplore.ieee.org/document/10380307

For the open access PDF link of this article please click here.

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