Probability Guide To Gambling

Over the past two decades, gamblers have begun taking mathematics into account more seriously than ever before. While probability theory is the only rigorous theory modeling the uncertainty, even though in idealized conditions, numerical probabilities are viewed not only as mere mathematical information, but also as a decision-making criterion, especially in gambling. This book presents the mathematics underlying the major games of chance and provides a precise account of the odds associated with all gaming events. It begins by explaining in simple terms the meaning of the concept of probability for the layman and goes on to become an enlightening journey through the mathematics of chance, randomness and risk. It then continues with the basics of discrete probability (definitions, properties, theorems and calculus formulas), combinatorics and counting arguments for those interested in the supporting mathematics. These mathematic sections may be skipped by readers who do not have a minimal background in mathematics; these readers can skip directly to the "Guide to Numerical Results" to pick the odds and recommendations they need for the desired gaming situation. Doing so is possible due to the organization of that chapter, in which the results are listed at the end of each section, mostly in the form of tables. The chapter titled "The Mathematics of Games of Chance" presents these games not only as a good application field for probability theory, but also in terms of human actions where probability-based strategies can be tried to achieve favorable results. Through suggestive examples, the reader can see what are the experiments, events and probability fields in games of chance and how probability calculus works there. The main portion of this work is a collection of probability results for each type of game. Each game's section is packed with formulas and tables. Each section also contains a description of the game, a classification of the gaming events and the applicable probability calculations. The primary goal of this work is to allow the reader to quickly find the odds for a specific gaming situation, in order to improve his or her betting/gaming decisions. Every type of gaming event is tabulated in a logical, consistent and comprehensive manner. The complete methodology and complete or partial calculations are shown to teach players how to calculate probability for any situation, for every stage of the game for any game. Here, readers can find the real odds, returned by precise mathematical formulas and not by partial simulations that most software uses. Collections of odds are presented, as well as strategic recommendations based on those odds, where necessary, for each type of gaming situation. The book contains much new and original material that has not been published previously and provides great coverage of probabilities for the following games of chance: Dice, Slots, Roulette, Baccarat, Blackjack, Texas Hold'em Poker, Lottery and Sport Bets. Most of games of chance are predisposed to probability-based decisions. This is why the approach is not an exclusively statistical one (like many other titles published on this subject), but analytical: every gaming event is taken as an individual applied probability problem to solve. A special chapter defines the probability-based strategy and mathematically shows why such strategy is theoretically optimal.

This book presents not only the mathematical concept of probability, but also its philosophical aspects, the relativity of probability and its applications and even the psychology of probability. All explanations are made in a comprehensible manner and are supported with suggestive examples from nature and daily life, and even with challenging math paradoxes. (Mathematics)

Celebrated mathematician Amir D Aczel sets his sights on the probability theory - the branch of mathematics that measures the likelihood of a random event. What is commonly called 'luck' has mathematical roots - and in Aczel's capable hands readers learn to increase their odds of success in everything from true love to the stock market.

Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling. Recent advances in the field, particularly Parrondo's paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos. Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market (including Edward Thorp's warrant-hedging analysis). He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. The book is written at a fairly sophisticated mathematical level; this is not "Gambling for Dummies" or "How To Beat The Odds Without Really Trying." A background in upper-level undergraduate mathematics is helpful for understanding this work. Comprehensive and exciting analysis of all major casino games and variants Covers a wide range of interesting topics not covered in other books on the subject Depth and breadth of its material is unique compared to other books of this nature Richard Epstein's website: www.gamblingtheory.net

"The runaway winner as the best overall gambling encyclopedia written in the past 20 years.”--Detroit Free Press Walk away from every casino a winner! Take it from Mensa, the society for people with high IQs: you don’t have to be a genius to triumph at the tables. Here’s the inside line on the games and bets that give the best advantage. Do you know whether to split a pair of aces in blackjack, which slot machines carry the worst payback for the player, and why losses are more significant at video than "live” keno? Beat the bank by understanding all this and more, including odds and probability, the "house edge,” money management, and gambling psychology. The chips will just pile up. The author lives in New York, NY.

Odds are part of any gambling strategy and Texas Hold'em Poker is highly predisposed to probability-based decisions. This book presents the mathematics involved in card distributions in Texas Hold'em and provides a precise account of the odds associated with all gaming events. The author is a recognized authority on casino mathematics. He is member of applied mathematics societies and has published numerous articles in leading academic, gaming industry and applied mathematics journals. He is also the author of "Probability Guide of Gambling." No formal background in mathematics is necessary for reading this book, although comfort with some probability and set theory notions is helpful. In most cases, you'll need some college math to follow the formulas here, but this is not a requirement, because the numerical results are collected in tables at the end of each section. The work is packed with formulas, algorithms and tables. Its' primary goal is to allow the reader to quickly find the odds for their hand and for their opponent's hand, in order to improve his/her betting decisions. Every type of card distribution is tabulated in a logical, consistent and comprehensive manner. The complete methodology and all the calculations are shown, so it teaches the player how to calculate probability for any situation for every stage of the game, even for other card games. You will find here the real odds, returned by precise mathematical formulas and not by partial simulations that most software uses. The book contains new and original material that has not been done previously and provides a full coverage of Hold'em odds: - Immediate odds (pre-flop odds, flop odds, turn odds, river odds, odds ofimproving specific hands). - Long-shot odds (odds of achieving specific card formations by river) for own hand, in after-flop and after-turn stages. - Long-shot odds for opponent's hand (odds for one and at least one of your opponents to achieve specific card formations by river), in after-flop, after-turn and after-river stages. - Other odds. Concrete examples of calculations and usage of tables are attached to each section. Also, a special chapter of examples is included for a good understanding of how to count and compare the odds for expected card formations and the odds of possible higher formations of opponents. Such information is a must for any Hold'em player - either beginner or advanced - and this book is a trusted and professional source.

Understand the Math Underlying Some of Your Favorite Gambling Games Basic Gambling Mathematics: The Numbers Behind the Neon explains the mathematics involved in analyzing games of chance, including casino games, horse racing, and lotteries. The book helps readers understand the mathematical reasons why some gambling games are better for the player than others. It is also suitable as a textbook for an introductory course on probability. Along with discussing the mathematics of well-known casino games, the author examines game variations that have been proposed or used in actual casinos. Numerous examples illustrate the mathematical ideas in a range of casino games while end-of-chapter exercises go beyond routine calculations to give readers hands-on experience with casino-related computations. The book begins with a brief historical introduction and mathematical preliminaries before developing the essential results and applications of elementary probability, including the important idea of mathematical expectation. The author then addresses probability questions arising from a variety of games, including roulette, craps, baccarat, blackjack, Caribbean stud poker, Royal Roulette, and sic bo. The final chapter explores the mathematics behind "get rich quick" schemes, such as the martingale and the Iron Cross, and shows how simple mathematics uncovers the flaws in these systems.

A complete probability guide of Hold'em Poker, this guide covers all possible gaming situations. The author focuses on the practical side of the presentation and use of the probabilities involved in Hold'em, while taking into account the subjective side of the probability-based criteria of each player's strategy.