How does the law of large numbers affect you as a gambler in a casino? As the owner of the casino? Why do people still patronize casinos? How is the law of large numbers relevant to healthcare studies?
The law effects the profits for the casino. In the long run, the casino always profits with the odds slightly in their favor, not in favor of the individual player. However, most players ignore the odds, hoping to get the big win. If they get it, they often continue their gambling, hoping to repeat their success, but losing what they have won.
However, casinos advertise the advantages of winning, ignoring the majority of players that lose. Likewise, the players tell others of their winnings, but rarely note their losses.
In the long term, the statistics will apply. Even though most women will never get breast cancer, the long-term statistics indicate that the chances are 1 in 8 that they will get it. What does that mean to the individual woman?
Does that help?