>I heard that Warren Buffet put a fruit machine in his house to teach his children about the folly of gambling. So I sometimes offer my son to play double or quits with his some of his pocket money. If he accepts, we flick the coin. If he wins I double his money and he has the option to play again. If he loses I keep his money. The first few times we played, he kept playing until he lost his money. Now he has learnt a bit about probability (the hard way) and won’t play, or perhaps just 1 flick of the coin. Result! > > Tip: If they lose, don’t give them their money back. No matter how much they plead. Otherwise they will learn entirely the wrong lesson. Tough love. By "fruit machine", the author is referring to a slot machine. [[Warren Buffet]] is reported to have said this at a 2007 Berkshire Hathaway meeting https://successfulsoftware.net/2014/01/31/fun-and-geeky-things-to-do-with-kids/