Insurance and Risk - Post I

I have blogged on the generalities of insurance and risk in the past but a quick search turns up my last comments on pre-existing conditions and how Obama's ideas "do away" with them. However, I want to write a series on risk and how insurance works. It is obvious a lot of people do not get insurance.

The Greenville Lions host an event entitled The Greenville Catfish Races. It is standard outdoor Northeast Wisconsin picinic bands, beers, and food, and yes catfish dinners are on the menu.

I do not know how they made it interesting other than having children participate by standing next to a tank. They had seven long tanks set up, they'ld put a glass plate on one end about 10" from the end and drop a catfish into the 10" portion of the tank, and when the start was sounded adults at each end of the tank would raise the glass plate. The first catfish to cross the line on the other end of the tank would be deemed the winner. Nothing remarkable in any of that.

However, let us say I was keeping book at this event. Furthermore let us say I charged $1.00 per play and offered a $10 prize if your pick won the race. I ask you would you play? Why or why not?