Woman makes $420k by buying insurance on flights she predicted would get delayed

Re:Woman makes $420k by buying insurance on flights she pred... by JeffL on Monday June 15, 2020 @10:59AM (#23527977)

Gambling at a casino is trading expected value for more variance of outcome. Insurance is trading expected value for less variance.

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Re:Woman makes $420k by buying insurance on flights she pred... by nkingsy on Monday June 15, 2020 @12:07PM (#23528916)

I come from a poker background, so I would only ever increase variance in order to also increase my expected value. I call that gambling.

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Re:Woman makes $420k by buying insurance on flights she pred... by jefftk on Monday June 15, 2020 @04:02PM (#23532295)

If something decreases both expected value and variance, it's pretty hard to call it gambling.

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