Casino games have been played for centuries, but they had different forms/shapes back then. Only recently, it has taken the form of mathematical and statistical science.
Gambling games have become a part of cultures and are played by beginners and experts of all levels. Similarly, people of all ages, cultures, and education participate in physical or online casinos gambling.
Some gamblers try their luck while others take measured steps to make tons of bucks. Since it’s a game of chance, casino games involve loads of risk factors that can alter fate at any instant. Not many want to take the risk and lose their fortune; therefore, it’s essentially fundamental to take calculated decisions. Some of the gambling key terms are described to understand basic gambling mathematics better.
What makes a game a casino game or gambling?
Well, the players bet or put at stake something of great value. They are aware of the risk involved and have hopes to win, which sparks them to put their valuables, mostly cash, at stake. The betting is done on the result of an event, game, or contest, etc. Its outcome is purely risky, which depends upon chance, and the bettor either gains or loses it all.
To cut it straight, it’s the betting with a risk that makes a game gambling.
Casinos generally offer incentives that encourage betting and entice players to return to their casino or site, if it’s an online casino. These generally come in the form of bonuses and rewards, such as basic welcome bonuses and free spins. And sometimes they are more specific to players, like kiwi 1 deposit casinos offers to NZ players.
While no one wants to risk and lose it all, players can take calculated steps that increase the chances of winning. These steps involve prior knowledge and principles of how games work, which is called gambling mathematics.
Three basic principles that aid in lowering the risk are probabilities, expected value, and volatility index.
Probability theory is a branch of mathematics concerned with the analysis of a random phenomenon. Since a bettor cannot determine an event’s outcome before it happens, it may be one of any probable outcomes.
Probability theory is important to many human activities concerned with quantitative analysis in chances, probabilities, and odds. In most games involving gambling, it’s fundamental to analyze the scheme of probability in terms of odds against winning.
In short, the probability is simply the sum ratio of the unlikely possibilities to the likely ones.
Expected Value: Since adept players are deeply interested in knowing how much money they can win in an event or game before actually winning it. The average amount one expects to win is called the expected value.
Volatility Index: The volatility index tells a player the chance of earning less or more than the expected value (EV).
Many books on gambling mathematics with principles and practical implications have been written to assure lesser risk in the gambling world. Some of the best books on the mathematics of games and gambling have been listed below:
Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win
Written by computer scientist Steven Skiena, Calculated Bets is a must-have book highlighting the gambling system that works. The book is about how Skiena used computer simulations and modeling techniques to predict the outcomes of matches. By using the techniques mentioned in the book, he increased his initial stake by 544%.
The book discusses successful and unsuccessful methods for lotto, roulette, blackjack, and the stock market.
The Mathematics of Games and Gambling
Edward Packel’s The Mathematics of Games and Gambling is the go-to gambling read for beginners or avid gamblers. The book solely and purely discusses basic gambling mathematics helpful for roulette, poker, video poker, slots, blackjack, craps, and keno.
It is a biography of famous gamblers Gerolamo Cardano and Fyodor Dostoevsky and mathematical reviews of the games of chance. The mathematical and statistical sciences in the book help in sports bets, slot games, and so much more where sports bettors understand different game variations.
With the right mathematical ideas, the book provides the truest ways to win fortune games. The author examines game variations in historical and social contexts to cope with the state gambling laws.
The gambling of money, pokies, spins, and card games are illustrated with deeper technical details. Fortune’s Formula is a great insider on the introductory probability and betting strategies.
A Man for all Markets
A Man for all Markets is an autobiography of the author Edward E. Thorp. Through the writer’s own story, the book elaborates how simple mathematics can help win casino games.
The true-life experiences of Thorp explain ways to become a professional gambler in Blackjack, poker, and other games that involve chance.
Tables in Las Vegas
Las Vegas is considered the house of casinos, and the book is not just about casinos; instead, non-casino gambling is expressed in detail. The book is by Ian Anderson, who discusses the basics of gambling, specifically Blackjack.
The book is a great read on how to control your emotions and instincts to reach your gambling goals.