A Primer on the Mathematics of Gambling
Robert C. Hannum · 2013
A mathematical analysis of gambling can explain why over time , one player wins and another loses. In the context of commercial gaming the “player” who wins is typically the house?the operators of the casino, racetrack, card room, or lottery. Simply put, commercial gaming enterprises generate a profit due to the mathematics behind the games. As many experienced gamblers have learned—for better or worse—and some knowledgeable insiders have voiced, “There is no such thing as luck; it is all mathematics.” This chapter presents the fundamental mathematics of gambling and shows how the math behind the games generates revenues and drives the economics of gambling.