Financial Opportunities Uncovered: A Keeler & Nadler Family Wealth Podcast

Why Smart People Make Dumb Bets: The Science Behind Gambling

• Andy Keeler

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Why would supposedly rational people bid $28 for a $20 bill? What makes gambling so irresistibly attractive despite overwhelming odds against winning? Dr. William Resch pulls back the curtain on the powerful psychological forces that drive our betting behaviors in this eye-opening conversation with Andy.

Step into the carefully engineered world of modern gambling, where nothing happens by accident. From the moment you enter a casino—with its clockless, windowless environment and maze-like pathways—to the seemingly generous bonuses offered by online betting platforms, you're engaged in a sophisticated psychological experiment designed to separate you from your money.

Beyond individual losses, the conversation explores broader economic impacts when money flows to gambling instead of investments, and the limited treatment options available for those struggling with addiction. Dr. Resch explains why cognitive behavioral therapy and support groups remain the foundation of recovery, though promising medication research continues.

Whether you're occasionally tempted by a lottery ticket or concerned about someone's gambling habits, this episode provides crucial insight into how our minds work—and how gambling operations exploit our natural psychological tendencies. Knowledge is the first step toward making truly rational decisions about when to hold 'em and when to walk away.


The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations.

It is only intended to provide education about finance, tax, retirement and related planning topics. To determine which investments or strategies may be appropriate for you, consult your financial, tax or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results.

Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

Keeler & Nadler Family Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Keeler & Nadler Family Wealth and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Keeler & Nadler Family Wealth unless a client service agreement is in place.


Andy Keeler:

If you watch TV, it's not uncommon to see an ad for an online betting site offering credit of $150 or even $250 for placing just a $5 bet. The allure often proves too much to resist, especially for young men. What's the attraction and what's the catch? Men? What's the attraction and what's the catch Today?

Andy Keeler:

On Financial Opportunities Uncovered, I welcome Dr. William Resch, assistant Clinical Professor of Psychiatry in the Ohio University Heritage College of Osteopathic Medicine. Dr Resch also serves as the Assistant Program Director of the Ohio Health Psychiatry Residency Program. He will help us get into the psychology and physiology of gaming. Welcome, bill. Thank you so much, andy. So there's an assumption that underlies modern portfolio theory, the assumption that all investors are rational. I've always disputed this and I've mentioned an old Nova documentary on our podcast before. It's called Mind Over Money and within the first few minutes, a group of male and female graduate students at the University of Chicago Booth School of Business bid on a $20 bill. The winning bidder, a young male, ends up bidding $28. So, bill, what are the psychological and or physiological triggers and or responses to the auction of a $20 bill, of an auction of a car? Or, more importantly, what is going on in our minds when we gamble?

Dr. William Resch:

That was a very interesting video. To me, it is more of an example from behavioral economics looking at irrational thoughts and emotion. The $20 auction game is actually a classic example from behavioral economics and game theory, and it's a fascinating way to demonstrate irrational escalation, sunk cost fallacy and competitive dynamics. The $20 action game was popularized in the 1970s. It wasn't uncommon for students to bid $50 on a $20 bill. Oh, oh, my Lord, why, once the trap is sprung, ego and loss aversion drive the rest. The setup goes the auctioneer or the teacher in this case, offers a $20 bill for auction, but with an important twist, the highest bidder wins the $20. However, the second highest bidder also has to pay their bid but gets nothing.

Andy Keeler:

I left that detail out, but yeah, yeah. Okay, keep going.

Dr. William Resch:

So bidding starts low, say $1. Everyone sees a potential profit. As bidding rises, people are still making money. Example bidding $10 to win $20. Around the $20 mark things get intense. Why At $20, they realize they're stuck. Then the escalation begins. People start laughing awkwardly or get visibly tense and you can even see that in that video. So why go over $20? Well, let's say you bid $19 and someone bids $20. If you stop, you lose $19. Someone bids 20. If you stop, you lose 19. If you bid 21, you lose $1 because you paid $21 for the 20, but avoid losing 19. This creates a cycle of loss minimization. Now the second bidder bids $22 to avoid losing the 20, and on it goes, escalation of commitment. So we do see similar bidding wars in real life. I think Certainly eBay live auctions you mentioned, car auctions like Barrett-Jackson, and Sotheby's kind of play on that emotion. So people overpay due to emotional involvement and a desire not to lose.

Andy Keeler:

What was interesting about that video? You mentioned the facial expressions. It appeared to be roughly 50% female, 50% male. The females started getting odd looks on their faces, like what is going on here, and it ended up being two men going back and back, competing against each other and in the end one of them lost. Is there a physiological difference between men and women that makes men more susceptible to that trap?

Dr. William Resch:

Great question, Andy, and it taps into, like I said, some of the more fascinating intersections of biology, psychology and culture. I'll try to break it down a little. While Males are more generally more prone to gambling than females, based on the research in psychiatry, behavioral economics and neuroscience, biologically gambling does activate the brain's reward system, especially those dopamine pathways that we keep alluding to. Studies suggest that males may have a more intense dopaminergic response to risk and reward, making the thrill of gambling more reinforcing. Additionally, higher levels of testosterone are linked to greater risk-taking behavior, which is a major component of gambling. Some personality traits and impulsivity Males are more likely to exhibit impulsivity, novelty-seeking, sensation-seeking traits strongly associated with gambling behavior. There's social and cultural norms, like I said. Culturally, in many cultures gambling, especially high-stakes games like poker, sports betting, casino games they're seen as masculine activity, often tied to bravado, competition and social bonding. Early exposure boys may be introduced to gambling earlier betting on sports, video game, loot boxes in Fortnite or whatever else, while girls may be more shielded from those or just disinterested in those types of activities.

Andy Keeler:

You know, I've made reference before to dopamine. When people are trading let's just say they purchase a cryptocurrency and they're getting updates from Coinbase on what their cryptocurrency is doing it would seem to me that dopamine might play a role in this. Do we crave? That and just want more of the feeling that we get from it. Is it the wind that gives us the rush, or is it the thrill of playing the game?

Dr. William Resch:

As it pertains to the $20 auction game. I think this game is a bit unique and not exactly the same phenomenon going on in gambling and betting, which we'll continue to get into shortly not going on in gambling and betting, which we'll continue to get into shortly. In this game, it's my belief, the key concepts illustrated more are the sunk cost fallacy, where people throw good money after bad to avoid realizing a loss, so the loss aversion losing 19 feels worse than gaining one feels good. And back to the male piece and the male gender piece. Rivalry and ego, I think, factor in. Sometimes just people escalate just to win or avoid losing to someone else. And I think that's kind of what you astutely picked out, with the two males kind of taking the lead. And that game continues to be played in behavioral economic classes. And you know someone, bidding over $20 for a $20 bill isn't just irrational, they're caught up in this trap which is built into the game structure. It's a brilliant way to show how even rational people can make irrational decisions under pressure.

Andy Keeler:

As I've said, you know, the efficient market hypothesis makes this assumption that we all have the same access to information that's why insider trading isn't allowed so we all have the same access to the data, the numbers, the revenues of companies, and that investors are all rational. And maybe investors are rational when the market's performing in kind of a normal way, but when it gets overheated, people get greedy and euphoric, and when the market is not doing well, they get pessimistic and fearful, as Warren Buffett used to say. So to kind of switch gears now into gambling or gaming, some researchers measured dopamine levels in monkeys. They gave the monkey juice after pulling a lever. What they found was that the reward in this experiment, the juice, wasn't what gave the dopamine rush, it was actually the pull of the lever. And you could obviously draw a comparison between this experiment and a slot machine. You're pulling the slot machine, so it becomes this thing where you're just almost like mindlessly pulling this lever and that's what gives you the high. Obviously winning is a bonus, but that isn't what's driving the behavior.

Dr. William Resch:

Yes, you're touching on one of the most fascinating findings in behavioral neuroscience how anticipation, rather than the reward itself, drives dopamine release in our brains. This actually comes from the work of researchers like Wolfram Schultz, who was mainly doing his work at the University of Cambridge, and his team studied dopamine neurons in monkeys. The key takeaway from those experiments were dopamine spikes, not when the reward is received, but when the brain predicts the reward.

Andy Keeler:

So cool.

Dr. William Resch:

In their monkey experiments. At first, the monkeys were given juice. Unexpectedly, their dopamine levels spiked after getting the juice. Then researchers introduced a cue like a light or a lever, like you said, before the juice. Over time, the dopamine spike shifted from the juice to the cue. Why is this important? Because it shows you that dopamine is not only a pleasure chemical. It's a prediction and motivation chemical. As such, dopamine plays a huge role in learning, craving and in reinforcing behaviors that lead to anticipated rewards.

Dr. William Resch:

In gambling, pulling the slot machine level or tapping a digital button is exactly like what the monkeys did. Button is exactly like what the monkeys did. The anticipation of a potential wind releases dopamine, even if no reward comes. This is why people keep playing, even when they lose. Near misses can be more exciting than actual wins. They trigger actually bigger dopamine responses. Unpredictable rewards like jackpots, mega millions, Powerball are more addictive than the predictable ones. This is called variable ratio reinforcement and it's the most powerful schedule for creating habit loops. So, yeah, you're absolutely right, it's not the juice, it's the hope for the juice that kind of hooks us.

Andy Keeler:

Could we view casinos or online betting as just one giant psychology experiment?

Dr. William Resch:

Casino design is essentially behavioral science weaponized. As you said, everything from the floor plan to the lighting is intentionally crafted to keep you gambling longer, spending more and feeling less in control. To keep you gambling longer, spending more and feeling less in control. Here's another kind of additional breakdown of the sneaky psychology behind it. So the no clocks, no windows that's to disconnect us from our world. Time. You lose track of hours, your brain can't use natural light to gauge time and you're more likely to stay and say just a little bit longer. The maze-like layouts forces you to wander past more games to get anywhere, increasing your exposure to enticing sounds and lights. More exposure equals higher chance you'll sit and play something. Warm lighting, soft carpets create this cozy, womb-like soothing space, also known in psychology and psychiatry as the holding space or environment. It also reduces decision fatigue and overstimulation, so you're more relaxed and more likely to stay in play. Sound design slot machines play uplifting jingles even when you lose money. Overall, your brain responds to the illusion of winning, reinforcing play even during net losses. Comfortable seating the chairs are designed for long periods of sitting, plush but upright, with no sharp discomfort cues. It prevents physical fatigue from being a cue to stop gambling.

Dr. William Resch:

Strategic game placement. High sensory games like slots are near the entrances. ATM's are close by table games with cheering crowds are placed centrally. The effect is to hook you fast, remind you of winning and make cashing out harder than reloading. Near miss design I mentioned that earlier. Slot machines are programmed to show just missed results. Near misses trigger the same dopamine spikes as actual wins, if not higher. And finally, exit design. They have few, hard to spot exits. You have to walk past games, shops, restaurants to leave. All of this encourages just one more spend before you go.

Andy Keeler:

And then, to top it off, there are these reward programs. The more you play, the more free hotel stays you get. I've had folks say yeah, I'm a professional gambler, they count me a room in airfare. Do you think a legitimate for-profit business is going to pay for someone to come and take all their money? Of course they want you to come, so badly they will pay you to come so you can leave poorer than when you came.

Dr. William Resch:

Absolutely. This is a big strategy of brick and mortar casinos as well as the online gaming and gambling community, giving those three things like alcohol and other perks. It just kind of impairs your judgment and increases your risk-taking. You make less rational decisions. It's great for the house, not so much for you. And another thing I don't think everybody really knows this until you kind of dig into the gaming system and community and gambling. If you win too much too often, the perks completely stop and the casinos or the online platforms will begin to limit your bets to very small bets or stop letting you bet at all. They'll cut you off.

Andy Keeler:

So, bill, you mentioned near misses and you know there's almost something to it. When I have a near miss I kind of have hope that gosh if I just play one more. This reminds me of a recent poker night I had with some friends. I'm a horrible poker player and, by the way, poker is one of the few games where the casino has only a slight edge over a skilled poker player. And I'll talk a little bit more about odds and you know the different kinds of games and ones where you might have a slightly higher chance of winning and that kind of thing in a second. But most people probably have an inflated sense of themselves, so maybe listeners believe they're all skilled.

Andy Keeler:

But anyway, on this poker night I lost my initial $20 in short order. I'm sitting it out and one of my buddies, a CPA, in the midst of tax season, decides to leave so he can get up early and prepare clients' taxes. He gives me all of his chips. I go on to win a couple of hands and I had been miserable all night. I win a couple of hands and, when all is said and done, I ended up with $15. So, while I actually lost $5,. I walked away thinking, had the night gone on a little longer, I might have been a high roller.

Dr. William Resch:

Andy, that's such a classic example textbook stuff, but with the perfect human twist. It hits on so many of the psychological principles we've been talking about today and it's also just a great story. Let's break down what happened, not just behaviorally, but also kind of the irrationality behind it, as we humans tend to do. As you said, you lost money but it felt like a win. Why Recency bias? Your last memory of the night was positive. You're winning hands making a comeback. That ending reshapes your whole emotional take on the night. Then there's the peak end rule. The peak was that moment where the chips started coming your way. The end you're up $15 from your buddy's chips and emotionally, on the upswing, your brain's telling you yeah, I crushed that. And emotionally, on the upswing.

Dr. William Resch:

Your brain's telling you yeah, I crushed that, even though you're net minus $5. There's found money psychology Chips given to you feel like free money. And you're right about poker. Poker is one of the few casino-associated games where skill can tip the scales. Casinos make money not by beating the players directly, but by taking a rake, which is a small percentage of each pot, or via the tournament fees. So, yes, in a room full of average or below average players, a good player can profit over time. But most people think they're a good player. They're not.

Andy Keeler:

So here at our financial planning firm, we try to understand our clients' risk tolerance, and one of the questions we read is as follows which would you prefer a sure gain of $3,000 or an 80% chance of a $4,000 gain? And then the follow-up question is which would you prefer a sure loss of $3,000 or an 80% chance of a $4,000 loss? I assume that someone that is more likely to gamble would choose the option leaving something up to chance.

Dr. William Resch:

Exactly, and you're tapping into one of the most fascinating and well-researched insights in behavioral economics. Again, it's called prospect therapy, developed by Daniel Kahneman and Amos Tversky. Your question is actually very similar to the original experiments they ran. People aren't purely rational, they're loss averse. They tend to weigh losses about two times more heavily than equivalent gains, and I think that's playing out in your scenario. Risk tolerance is context dependent. A client might seem conservative with gains but aggressive when trying to avoid losses losses. So yes, you're right, someone willing to gamble is likely showing higher risk tolerance, or at least a comfort with uncertainty. But depending on whether they're facing gains or losses, that tendency can flip.

Andy Keeler:

So in 1996, I was working late one night when the exterminator came in. He asked what we do and I said financial planning and he said like investments and retirement. I said yeah, among other things. But yeah, he said his retirement plan was spending $5 a day on lottery tickets. I asked how long he's been doing that. He said 20 years. I asked how that worked out and he said well, I'm spraying for bugs, if that's any indication, being the 25-year-old eager planner. I pulled out my Hewlett Packard financial calculator, plugged in five bucks a day for 20 years at a 7% return, and I said well, you've lost $36,500. Had you invested it, you'd have about $80,000 right now. Poor guy left deflated. I'd like to think my bedside manner has improved since then.

Andy Keeler:

Mechanical devices like slots and roulette have the lowest probability of winning. Games of skill like poker have the highest probability. Sports betting probabilities vary widely depending on the bet, but those with highest probabilities also have the lowest payouts. So, turning to the math and odds of winning, let's start with some common sense. How can a casino afford such lavish digs if they aren't either winning most of the time or, when they win, they win bigger than those that are betting.

Andy Keeler:

You gave an example of the poker game, where a skilled poker player has a decent chance of winning. However, even when they win, they don't win at all because there's a fee associated. So, in other words, the house chops your legs off again. One way or another they're going to make money and if you're as you said, if you're winning, they don't comp you anymore. You may hear from a friend about all their gambling winnings. We all know that people tell tall tales, so they are either telling a tall tale, they are suffering from recency bias, or they are truly one of the 3% that are lucky enough to beat the house. With those odds, you're only slightly more likely to be drafted by the NFL.

Dr. William Resch:

In gambling, recency bias plays a huge role in gambling. It's one of the key psychological forces that keep people at the tables or machines longer than they should. It plays out with belief in hot streaks. You know, a gambler wins a few hands in a row, they might believe that, hey, they're on a roll and the winning will continue. This overemphasis on recent wins ignores the randomness of the game and the long-term odds that you talked about, which always favor the house. So you say I just hit two jackpots today. I'm feeling lucky. Basically, recency bias fuels the illusion of control and predictability in an environment that's entirely based on chance and weighted against them.

Andy Keeler:

At the beginning, I mentioned some online betting sites that offer a $150 or $250 bonus for placing a $5 wager. So, as I've said, what for-profit business would simply give you $145 to $245? A smart, cunning one would. The odds of you keeping that bonus credit is somewhere between 1 in 30 or 1 in 50, meaning you have a 2 to 3% chance of winning or a 97 to 98% chance of losing. Would you pay a painter $7,000 to paint your house in a day with a 97% chance of rain?

Dr. William Resch:

Yes, this topic taps once again right into behavioral psychology and marketing strategy. Gambling companies give you money like free spins, credits, match bonuses or even comped hotel stays because of a couple of things Because they know you'll lose it. Reactivation strategy, so hooking you back in If you stop gambling for a little while. They're paying attention to that. They know you're less likely to return unless you're appropriately nudged. So giving you free money lowers the barrier to reentry and triggers the thought well, that's free, I might as well play a little bit. And once you're playing again, the dopamine kicks in again and they hope you'll start spending your own money eventually.

Dr. William Resch:

There's also a lot of fine print with a lot of these perks and comps that people don't really realize. It has to be used in a certain amount of time or you have to spend that much more to keep it. There's two more things I'll just hit upon. Loss aversion, manipulation. Bonuses often come with wagering requirements. Like I said, you can't just withdraw your money. You have to keep playing until you've gambled a set amount. This makes people chase the goal and feel like quitting would mean losing free money. That's loss aversion in action. Losing free money that's loss aversion in action. Creating habit loops. Free money gets you back into a routine. Gambling companies want to reestablish the habit loop, so let's get into this fairly new online betting craze.

Andy Keeler:

The bet could be what are the odds that Jalen Hurts will throw an interception, An interception in the second half of the game, An interception in the third quarter, An interception with less than five minutes left in the third quarter? Not only would you need to know how many interceptions he has thrown, say, this season, you need to know when they occurred, against what defense, and what he had for breakfast that day, if it was raining, and if he had been out drinking the night before. The computer you were pitted against knows all of that stuff in nanoseconds. Maybe not the breakfast part, but it's a fool's errand.

Andy Keeler:

One rationale for states legalizing gambling back in 2018 was the promise of increased tax revenue. In the state of Ohio, for example, any winnings over $300 are subject to a 4% income tax Income tax. So let's take Joe, a blue-collar worker, or John, a C-suite executive, both of which are addicted to gambling. Both of these guys pay income taxes on their earned income where they work, and also on their gambling winnings and on the withdrawals from retirement accounts and on the sale of securities. So you have to remember that there is a limited money supply to begin with, and how we spend our money can benefit the state in many ways. The casinos, too, pay income tax, but they get to deduct losses and expenses against their gambling winnings, while Joe and John well, they rarely have any gambling winnings to report. So it's simply the transfer of wealth from one person to another or, in this case, to the gaming organization.

Andy Keeler:

Let's stick with Joe for a bit. So after Joe gets his paycheck, which has had income taxes withheld, he can take some of his money and gamble with it, or he could invest it. The stock market goes up 75% of the time, so I like those odds better than the 97% or 98% chance of losing. But anyway, if he gambles and loses, say $5,000, the state draws income taxes on the winnings reported by the casino, which in this case might be, who knows, $3,000. Why the casino deducts all sorts of things to lower the amount of profit they pay taxes on.

Andy Keeler:

Had Joe invested $5,000 instead of gambling it, in a few years maybe it's $9,000. When he sells, the state collects tax on the $4,000 gain. So the state receives $160. But there's more. If Joe gambled instead of invested, there's a chance that he missed some work, maybe got into trouble or suffers from substance abuse. So the state received less in income tax as a result of the gambling. They collect less in income taxes from his wages, since he missed work, and they have to spend additional resources prosecuting him for his crime and helping him through the substance abuse recovery process. Gambling, or gaming, is quite simply a wealth transfer tool to extract wealth that was hard earned by the gamer to the house 98% of the time. This is why Fiorella LaGuardia, the mayor of New York in the 1930s, had slot machines thrown into the Hudson River, and now they've named an airport after him. So he must have been doing something right.

Dr. William Resch:

Exactly. Yeah, you mentioned those specialized bets. You know that the computer generates. Well, those computers are now full on AI computers making thousands and thousands of calculations every second, every minute to come up with these special bets, like you referenced with Jalen Hurts.

Dr. William Resch:

Back in the day you used to just bet a side, one team to win, one team to lose and over under total points or a future championship.

Dr. William Resch:

But now the way this online gaming community is, it's an infinite number of bets, like play by play, and how they get pushed out regularly to the players via the sportsbook apps, push texts, emails or their representatives contacting you to kind of entice you with them, and it creates a very unique situation that never existed before, you know, back in the day.

Dr. William Resch:

So these bets that you're kind of referencing are called parlay bets. You know back in the day, so these bets that you're kind of referencing are called parlay bets. Parlay bets are one of the gambling industry's slickest tools for amplifying engagement, excitement and, ultimately, losses in sports betting. They're flashy, full of potential because you pay a little to win potentially a lot and absolutely devastating to the average bettors. Bankroll over time. The longer the parlay, the better it is for them, not you and some people, including some serious bettors, will call these sucker bets. Because of that. They gain more profit off of parlay bets than they do this to a straight win or loss I would just say gambling, and gambling is a sucker bet all the way around.

Andy Keeler:

But anyway, as we wrap things up, it sounds like there is hope for some. I've heard that some of the new GLP-1 drugs, like Ozempic, can quiet the addictive parts of the brain. Is that true?

Dr. William Resch:

Yeah, I want to be careful here because, yes, there are some very early studies suggesting that GLP-1 medications like Ozempic, etc. can decrease addictive behaviors of all kinds, including gambling and alcohol use etc. But these studies are very early and not ready for prime time yet. Not ready for prime time yet as of 2025,. In the data this podcast, april 25th, there are no FDA approved medications for the treatment of disordered gambling, because there's just not one that's showing enough efficacy. However, like the recent GLP-1 studies, there are others that suggest that certain other medications could play a role to reduce problematic gambling. The most promising are actually believe it or not the opioid receptor antagonists things called naltrexone and nalmephine. These agents have been shown to reduce gambling urges and behaviors by blocking part of our internal pleasure-reward pathway that I mentioned earlier not only dopamine, but endogenous opioid neurotransmitters like endorphins and keflins factor into that. There's been some research trials with straight antidepressant medications, but they've largely had mixed results, so we really can't say they're ever going to meet approval In a single blind trial. Mood stabilizers like lithium and divoprox were equally effective but, like I said, most of the studies had small sample sizes and were of short duration. More studies with larger number of subjects and over a longer period of time are needed to help clarify which treatments may be the most effective.

Dr. William Resch:

I will just say from a responsible psychiatrist standpoint, the mainstay of treating a gambling disorder in 2025 is a combination of psychotherapy specifically cognitive behavioral therapy and or motivational interviewing, restriction, restricting yourself oneself physically to your phone, access to bank accounts, not having digital access, etc. Then there's the 12 step support groups like Gamblers Anonymous and, like I said, in some cases medications can play a role adjunctively, but the primary mainstay of treatment is always going to be a kind of behavioral therapy, cbt, etc. Please call the National Problem Gambling Helpline at 1-800-522-4700 or visit the ncpggamblingorg to chat with a helpline specialist. Good website called gamblersandrecovery. com and it's basically a worldwide website that links you to active Gamblers Anonymous meetings throughout the world via Zoom and it's pretty powerful and a lot of videos and testimonials to try to get into early recovery if you have a problem.

Andy Keeler:

Interesting. Yeah, so this isn't something that's unique, a problem that's unique to the US. In fact, there are other countries where it's much worse than it is here.

Dr. William Resch:

Yeah, not at all. And it's not just to this time. I mean, they've been gambling on things since the beginning of time. And, yeah, surprisingly, when I looked at some of that data across the world, I think one of the leading countries in terms of rates was Australia. Of all places. So, the other side of the world.

Andy Keeler:

You know as I think about those that are on the losing end of a bet. I hearken back to an old Abbott and Costello episode called Two Tens for a Five. Called Two Tens for a Five. Lou Costello, the short, gullible one he's like the gambler in this scenario gets taken advantage of by Bud Abbott. He's the smart, cunning one and he'd be the casino or the gaming organization in this example. But it's very good for a laugh.

Andy Keeler:

all right. Well, Dr. you, dr Resch, for helping us understand how the human brain works. I may schedule a one-on-one with you so I can understand how my 19-year-old son's brain works. As always, we thank our listeners. I'm Andy Keeler and this is Financial Opportunities Uncovered brought to you Nadler Family and Adler Family Wealth. If you have questions on anything you heard in this episode, or if you have an idea for a future episode or questions about what you've heard, connect with us

Andy Keeler:

on LinkedIn.

Speaker 3:

The opinions expressed in this program are for general information purposes only and are not intended to provide specific advice or recommendations. It is only intended to provide education about finance, tax, retirement and related planning topics. To determine which investment strategies are appropriate for you, consult your finance, tax or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember, investing involves risk and possible loss of principle. Please seek advice from a licensed professional. Keeler Nadler Family Wealth is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Keeler Nadler Family Wealth and its representatives are property licensed or exempt from licensure. No advice may be rendered by Keillor and Nadler Family Wealth unless a client service agreement is in place. Thank you.