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Encyclopedia > Gambling

The term gambling has many different meanings depending on the cultural and historical context in which it is used. Currently, in Western societies, it has an economic definition, referring to "wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods".[citation needed] Typically, the outcome of the wager is evident within a short period of time. Gamble may mean: Places Gamble Township, Pennsylvania, United States. ... Image File history File links The_Cardsharps. ... Image File history File links The_Cardsharps. ... For other uses, see Caravaggio (disambiguation). ... Cardsharps, Caravaggio, ca. ... Occident redirects here. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... For other uses, see Definition (disambiguation). ... For other uses, see Money (disambiguation). ... Value redirects here. ...


The term gaming[1] in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; i.e.: a “gaming” company offers (legal) “gambling” activities to the public.[2]

Contents

Legal aspects

Because many religious authorities generally disapprove of gambling to some extent, and because gambling can have adverse social consequences, most legal jurisdictions limit gambling to some extent. Some Islamic nations prohibit gambling; most other countries regulate it.[3] Social cost, in economics, is the total of all the costs associated with an economic activity. ...


Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism and illegal gambling. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau. Tourist redirects here. ...


Under US federal law, gambling is legal in the United States, and states are free to regulate or prohibit the practice. Gambling has been legal in Nevada since 1931, forming the backbone of the state's economy, and the city of Las Vegas is perhaps the best known gambling destination in the world. In 1976, gambling was legalized in Atlantic City, New Jersey, and in 1990, it was legalized in Tunica, Mississippi; both of those cities have developed extensive casino and resort areas since then. Since a favorable US Supreme Court decision in 1987, many Native American tribes have built their own casinos on tribal lands as a way to provide revenue for the tribe. Because the tribes are considered sovereign nations, they are often exempt from state laws banning gambling, and are instead regulated under federal law. Additionally almost all states have legalized gambling in the form of a lottery. Gambling, often referred to as gaming, had 2003 revenues of $72. ... This article is about the U.S. State of Nevada. ... For further information, see Las Vegas metropolitan area and Las Vegas Strip. ... Alternate meanings: See Atlantic City (disambiguation) Atlantic City is a city located in USA. As of the 2000 census, the city had a total population of 40,517. ... This article is about the U.S. state. ... tunica may refer to: Tunica, Mississippi Tunica County, Mississippi This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... This article is about the U.S. state. ... The Supreme Court Building, Washington, D.C. The Supreme Court Building, Washington, D.C., (large image) The Supreme Court of the United States, located in Washington, D.C., is the highest court (see supreme court) in the United States; that is, it has ultimate judicial authority within the United States... This article is about the people indigenous to the United States. ... In 1987 the U.S. Supreme Court recognized that as sovereign political entities, Native American tribes could operate gaming facilities free of state regulation. ... Lotteries in the United States are run by individual states -- there is no national lottery in the U.S. Most states have amended or re-written their constitutions to allow for a legal lottery. ...


Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms. E.g.: a “bet” with an insurer on whether one's house will burn down is not gambling, but rather insurance — as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...


There is generally legislation requiring that the odds in gaming devices are statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability, a house bias can quite easily be missed unless checking the odds carefully.[4] A numeric sequence is said to be statistically random when it contains no recognizable patterns or regularities; sequences such as the results of an ideal die roll, or the digits of Pi (as far as we can tell) exhibit statistical randomness. ... Probability is the likelihood that something is the case or will happen. ...


Gambling variables


There are three variables common to all forms of gambling: Image File history File links No higher resolution available. ...

  • How much is being wagered, the initial stake (in money or material goods).
  • The predictability of the event.
    • In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone.
    • However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others.
  • The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favor of the house.

The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers. In probability theory the expected value (or mathematical expectation) of a random variable is the sum of the probability of each possible outcome of the experiment multiplied by its payoff (value). Thus, it represents the average amount one expects as the outcome of the random trial when identical odds are...


Types of gambling

Casino games

While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting. This article or section does not adequately cite its references or sources. ...


"Beatable" casino games

A highly skilled player with a well-designed strategy can create a positive mathematical expectation on games such as:

This article is about the gambling game. ... Card counting is a card game strategy used to determine when a player has a probability advantage. ... Pai Gow poker (or Double-hand poker) is an Americanized version of Pai Gow, in that it is played with playing cards using poker hand rankings, while Pai Gow is played with Chinese dominoes. ... A set of Chinese dominoes. ... Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets. ... For the domestic fireplace tool, see fireplace poker. ... A game of skill is a game where the outcome is determined mainly by mental and/or physical skill, rather than by pure chance. ... Slot machines in the Trump Taj Mahal A slot machine (American English), fruit machine (British English), or poker machine (Australian English) is a certain type of casino game. ... Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. ... Video poker is a casino game based on five-card draw poker. ... A pay table is the name for the list of payouts on a slot machine or a video poker machine. ... A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine or video poker machine) where the value of the jackpot increases a small amount for every game played. ... Card counting is a card game strategy used to determine when a player has a probability advantage. ... Three card poker (trademark name) or tricard poker is a poker-based game that is played in casinos. ... Roulette is a casino and gambling game named after the French word meaning small wheel. In the game a croupier spins a wheel in one direction, then spins a ball in the opposite direction around a tilted circular surface running around the circumference of the wheel. ...

"Unbeatable" casino games

A pachinko parlor in Tokyo, Japan.
A pachinko parlor in Tokyo, Japan.

These games have a negative expectation regardless of how few or many games someone plays. Nevertheless, this does not stop gamblers from having false beliefs (the "gambler's fallacy") that their actions or "way of playing" will influence the outcome. Image File history File linksMetadata Download high resolution version (2592x1944, 2111 KB) Pachinko parlor in Tōkyō Copyright © 2005 David Monniaux File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling Metadata This file contains additional information, probably added... Image File history File linksMetadata Download high resolution version (2592x1944, 2111 KB) Pachinko parlor in Tōkyō Copyright © 2005 David Monniaux File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling Metadata This file contains additional information, probably added... Classic pachinko machine Pachinko parlor at night Entrance to pachinko parlor in Shibuya, Tokyo, Japan. ... For other uses, see Tokyo (disambiguation). ... The gamblers fallacy is a logical fallacy which encompasses any of the following misconceptions: A random event is more likely to occur because it has not happened for a period of time; A random event is less likely to occur because it has not happened for a period of...

This article is about the card game. ... // Caribbean stud poker is a casino table game with rules similar to five card stud poker. ... Casino war is a casino card game based on the childrens game of War. ... Craps (previously known as crabs[1]) is a casino dice game. ... Dice control (also known as dice influencing or dice setting) in casino craps is a controversial theory where proponents claim that individuals can learn to carefully toss the dice so as to influence the outcome. ... Fan-Tan, or fantan (Simplified Chinese: 番摊; Traditional Chinese: 番攤; pinyin: ) is a form of gambling long played in China and among Chinese immigrants to America and other countries. ... Faro is a card game, a descendant of Basset. ... This article describes the lottery game. ... For other uses, see Let It Ride (disambiguation). ... Classic pachinko machine Pachinko parlor at night Entrance to pachinko parlor in Shibuya, Tokyo, Japan. ... Pyramid poker is a new casino table game. ... Four card poker is a relatively new casino game similar to three card poker, invented by Roger Snow and owned by ShuffleMaster [1]. The player makes an ante bet and may also make an Aces Up bet. ... Red Dog, also known as Yablon, Ace-deuce, In between or Between the sheets, is a game of chance played with cards. ... A Sic bo table Sic bo (骰寶), also known as tai sai (大細), dai siu (大小), big and small or hi-lo, is an unequal game of chance played with three dice, and of ancient Chinese origin. ... Texas Holdem Bonus Poker is a gambling card game is owned and licensed by Mikohn Gaming/Progressive Gaming International Corporation. ...

Non-casino gambling games

Mahjong tiles.
Mahjong tiles.

Gambling games that take place outside of casinos include Bingo (as played in the US and UK), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong. Image File history File linksMetadata Download high resolution version (1603x2481, 2599 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling Metadata This file contains additional information, probably added from the digital camera or scanner used to create... Image File history File linksMetadata Download high resolution version (1603x2481, 2599 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling Metadata This file contains additional information, probably added from the digital camera or scanner used to create... This article is about the four-player game of Chinese origin. ... It has been suggested that this article or section be merged with Housie. ... A dead pool, also known as a deathpool or a ghoul pool is a game of prediction which involves guessing when someone will die. ... A lottery is a popular form of gambling which involves the drawing of lots for a prize. ... The ring pull opening mechanism characteristic of post-1970s drinking cans. ... A scratchcard (also called scratch off, scratch game, scratch ticket, scratcher or scratchie) is a small piece of card where an area has been covered by a substance that cannot be seen through, but can be scratched off. ... This article is about the four-player game of Chinese origin. ...


Other non-casino gambling games include:

*Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos[5] For the game on The Price Is Right, see Card Game (pricing game). ... Liars poker is a bar game that combines statistical reasoning with bluffing, and is played with the eight-digit serial number of a dollar bill. ... Contract bridge, more usually known as Bridge, is a trick_taking card game for four players who form two partnerships, or sides. The partners on each side sit opposite one another. ... Basset (French:Bassette, from Italian:Bassetta), also known as Barbacole and Hocca is a card game that was considered one of the most polite card games, and only fit for persons of the highest rank to play at, on account of the great losses or gains that might accrue on... Lansquenet (derived from the German landsknecht (servant of the land or country), applied to a mercenary soldier) is a card game. ... Piquet is a card game for two players. ... A put option (sometimes simply called a put) is a financial contract between two parties, the buyer and the writer of the option. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... This article is about monetary coins. ... Heads or Tails is a coin-tossing game. ... Two-up is a traditional Australian gambling game. ... Confidence Man redirects here. ... This article does not cite any references or sources. ... A shell game is performed with bottle caps on a cardboard box, on Fulton Street in New York City The Conjurer by Hieronymus Bosch. ... A carnival game is a game of chance typically seen at a carnival, charity fund raiser, amusement park, or on a Midway. ... Razzle is a game sometimes presented on carnival midways. ... The expression hanky-panky has more than one meaning, generally used to mean any number of activities of which the speaker does not approve, as in I think there was some hanky-panky with the last election. ... Dice games are quite universal. ... Backgammon is a board game for two players in which pieces are moved according to the roll of dice. ... This article or section does not cite any references or sources. ... Passe-dix is one of the, possibly the, most ancient of all games of chance, is said to have actually been made use of by the executioners at the crucifixion of Jesus, when they parted his garments, casting lots, Matt. ... Hazard is a gambling game played with dice. ... Threes (or 3s) is a gambling game, played with five dice where the goal is to get the lowest score in any given round. ... Pig is a simple folk jeopardy dice game first described in print by John Scarne in 1945 (Scarne, John. ...


Fixed-odds gambling

Fixed-odds gambling and Parimutuel betting frequently occur at many types of sporting events. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as Big Brother, election results,[6]. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market. Fixed-odds gambling is a form of gambling against odds offered by a bookmaker, an individual, or on a bet exchange. ... Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets. ... A bookmaker, bookie or turf accountant, is an organization or a person that takes bets and may pay winnings depending upon results and, depending on the nature of the bet, the odds. ... A comparison of three major stock indices: the NASDAQ Composite, Dow Jones Industrial Average, and S&P 500. ... Big Brother is a popular reality television format, where, over 10 weeks or so, a number of contestants (typically 10 or 12) try to avoid periodic publicly-voted evictions from a communal house and hence win a cash prize. ... Prediction markets are speculative markets created for the purpose of making predictions. ...


Parimutuel betting

Main article: Parimutuel betting

One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools; or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started. Image File history File linksMetadata Download high resolution version (1024x768, 729 KB) Summary Tokyo Racecourse in western Tokyo, Japan Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling User:Calton/Pictures Metadata This file contains additional information... Image File history File linksMetadata Download high resolution version (1024x768, 729 KB) Summary Tokyo Racecourse in western Tokyo, Japan Licensing File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Gambling User:Calton/Pictures Metadata This file contains additional information... Tokyo Racecourse is located in Kanto Prefecture, Japan. ... For other uses, see Tokyo (disambiguation). ... Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets. ... Horse-racing is an equestrian sporting activity which has been practiced over the centuries; the chariot races of Roman times were an early example, as was the contest of the steeds of the god Odin and the giant Hrungnir in Norse mythology. ... This article is about the breed of dog. ... Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets. ... A bookmaker, bookie or turf accountant, is an organization or a person that takes bets and may pay winnings depending upon results and, depending on the nature of the bet, the odds. ...


Sports betting

Main article: sports betting

Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. ... The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ... “UK” redirects here. ... Football pools, often referred to as The Pools, are football betting pool based on predicting the outcome of male association football matches set to take place in the coming week. ...


Arbitrage betting

Main article: arbitrage betting

Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage. Betting arbitrage or sports arbitraging is a particular case of arbitrage arising on betting markets due to either bookmakers different opinions on event outcomes or plain errors. ... In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: a combination of matching deals are struck that capitalize upon the imbalance, the profit being the difference between the market prices. ...


Other types of betting

One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly-held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.


Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a better may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker) A betting exchange is a p2p gambling website acting as a broker between parties for the placement of bets. ...


Staking systems

Main article: betting strategy

Many betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely-used systems include: Betting strategies or betting systems are approaches to gambling intended to increase the odds of winning. ...

  • Fixed stakes – a traditional system of staking the same amount on each selection.
  • Fixed profits – the stakes vary based on the odds to ensure the same profit from each winning selection.
  • Due-column betting – A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target.
  • Kelly – the optimum level to bet to maximize your future median bank level.
  • Martingale – A system based on staking enough each time to recover losses from previous bet(s) until one wins.

It has been suggested that Kelly Criterion For Stock Market be merged into this article or section. ... It has been suggested that this article or section be merged with Martingale (probability theory). ...

Other uses of the term "gambling"

Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate, but generally the following activities are not considered gambling:

  • Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.)
  • Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which could be considered similar to calculating gambling odds. However, insurers can set their premiums to obtain a long term positive expected return.
  • Situations where the possible return is a secondary reason for the wager/purchase (e.g., buying a raffle ticket to support a charitable cause)

Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks, bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria: Skydiver about to land Parachuting, or skydiving, is a recreational activity, competitive sport and method of deployment of military personnel (and occasionally, firefighters). ... “Electioneering” redirects here. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Alms Bag taken from some Tapestry in Orleans, Fifteenth Century. ... Investment is a term with several closely related meanings in finance and economics. ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ...

  • Positive expected returns (at least in the long term)
  • Economic utility
  • Underlying value independent of the risk being undertaken

Some speculative investment activities are particularly risky, but are still usually considered separately from gambling: Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ...

  • Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative's associated expiration date)
  • Foreign currency exchange (forex) transactions
  • Prediction markets

Derivatives traders at the Chicago Board of Trade. ... In finance options are types of derivative contracts, including call options and put options, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. ... Futures may mean: Futures contract, from the world of finance Futures exchange, in finance Futures studies, reflects on how today’s changes (or the lack thereof) become tomorrow’s reality Futures (tennis), minor professional tennis events Futures (album), a 2004 album by Jimmy Eat World Futures (journal), an international, refereed... Forex can relate to: Foreign Exchange - an abbreviation for Foreign Exchange, often used in relation to currency exchange markets. ... Prediction markets are speculative markets created for the purpose of making predictions. ...

Psychological aspects

Main article: Problem gambling

Though many participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement schedules may also make gamblers persist in gambling even after repeated losses. Problem gambling is an urge to gamble despite harmful negative consequences or a desire to stop. ... “Fun” redirects here. ... Neurochemistry is a branch of neuroscience that is heavily devoted to the study of neurochemicals. ... Psychological addiction, as opposed to physiological addiction, is a persons need to use a drug out of desire for the effects it produces, rather than to relieve withdrawal symptoms. ... In operant conditioning, reinforcement is an increase in the strength of a response following the presentation of a stimulus contingent on that response. ...


The Russian writer Dostoevsky (himself a problem gambler) portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette. Fyodor Mikhailovich Dostoevsky (Russian: Фёдор Миха́йлович Достое́вский, IPA: , sometimes transliterated Dostoyevsky, Dostoievsky, or Dostoevski  ) (November 11 [O.S. October 30] 1821–February 9 [O.S. January 28] 1881) was a Russian novelist and writer of fiction whose works, including Crime and Punishment and The Brothers Karamazov, have had a profound and lasting effect... The Gambler is a novella by Fyodor Dostoyevsky about a youngish tutor in the employment of a formerly wealthy Russian civil servant. ... Get-rich-quick schemes promise high rates of return for a small investment. ... For other uses, see Russian roulette (disambiguation). ...


By country

Gambling in Macau has been legal since the 1850s when the Portuguese government legalized the activity in the colony. ... Gambling in the United Kingdom is regulated by the Gambling Commission on behalf of the governments Department for Culture, Media and Sport (DCMS) under the Gambling Act 2005. ... Gambling, often referred to as gaming, had 2003 revenues of $72. ...

See also

Wikimedia Commons has media related to:
Look up Gambling in
Wiktionary, the free dictionary.

Image File history File links Commons-logo. ... Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... Online gambling is a general term for gambling using the Internet. ... Mobile gambling refers to gambling done on a remote wirelessly connected device. ... This article or section does not adequately cite its references or sources. ... The basic meaning of gamblers ruin is a gamblers loss of the last of his bank of gambling money and consequent inability to continue gambling. ... The gamblers fallacy is a logical fallacy which encompasses any of the following misconceptions: A random event is more likely to occur because it has not happened for a period of time; A random event is less likely to occur because it has not happened for a period of... Gaming mathematics, also referred to as the mathematics of gambling, is a collection of probability applications encountered in games of chance and can be included in applied mathematics. ...

References

  1. ^ United Kingdom Office of Public Sector Information: Definition as Gaming
  2. ^ Gambling Law US
  3. ^ International Association of Gaming Regulators: Members
  4. ^ Nevada State Gaming Control Board: Technical Standards (Adopted)
  5. ^ Sky City - SkyCity Casino - Table Games - Two Up
  6. ^ ABC.net: US election betting backs Bush

External links

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