COVID-19 Update: We are currently shipping orders daily. However, due to transit disruptions in some geographies, deliveries may be delayed. To provide all customers with timely access to content, we are offering 50% off Science and Technology Print & eBook bundle options. Terms & conditions.
The Theory of Gambling and Statistical Logic, Revised Edition - 1st Edition - ISBN: 9780080571843

The Theory of Gambling and Statistical Logic, Revised Edition

1st Edition

Author: Richard Epstein
eBook ISBN: 9780080571843
Imprint: Academic Press
Published Date: 28th June 2014
Page Count: 450
Sales tax will be calculated at check-out Price includes VAT/GST
Price includes VAT/GST

Institutional Subscription

Secure Checkout

Personal information is secured with SSL technology.

Free Shipping

Free global shipping
No minimum order.


[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. Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching, to blackjack and other casino games, to the stock market (including Black-Scholes analysis). He even considers what light statistical inference can shed on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.


Mathematicians with an interest in probability, statistics, or gambling. Gamblers with an interest in theory and analysis. Those interested in stock market hedging, etc. A possible text or reference in advanced undergraduate or beginning graduate level courses (special topics courses).

Table of Contents

Preface to Revised Edition. Preface to First Edition. Kubeiagenesis. Mathematical Preliminaries. The Meaning of Probability. The Calculus of Probability. Statistics. Game Theory. Fundamental Principles of a Theory of Gambling. Decision Making and Utility. The Basic Theorems. Coins, Wheels, and Oddments. Biased Coins. Statistical Properties of Coins. Coin Matching. Coin Games. Diverse Recreations. Casino Games. Problems. Coups and Games With Dice. ABrief Chronicle. Detection of Bias. Probability Problems With Dice. Formal Dice Games. Casino Games. Related Games. Dice Divertissments. The Play of the Cards. Origins and Species. Randomness and Shuffling. Card Probabilities. Simple Card Games. Matching Problems. Formal Card Games. Casino Games. Card Games With Skill. Poker Problems. Blackjack. Memorabilia. Rules. Pertinent Mathematics. Optimal Strategies. Possible Improvements. Blackjack Variations. Contract Bridge. The Family Tree. Assumption. Distributional Probabilities. Residual Probabilities. Evaluation Systems. Bidding. The Play. Expectations. Bridge-Playing Computers. Bridge Mutants. Weighted Statistical Logic and Statistical Games. Strategic Selection. Horse Racing. TheStock Market. War Games. Games With Information Lag. Hide-and-seek Games. Dueling. Miscellaneous Statistical Games. Inquizition. Games of Pure Skill and Competitive Computers. Games of Pure Skill. Computer Programs for Board Games. Two Board Problems. Fallacies and Sophistries. Psychology and Psilosophy. Paranormal Phenomena. Epilogue. Appendix Tables. Author Index. Subject Index.


No. of pages:
© Academic Press 1977
28th June 2014
Academic Press
eBook ISBN:

About the Author

Richard Epstein

Affiliations and Expertise



@qu:This classic text, previously available in hardcover only...and out of print for years, has finally been published in a less expensive paperback edition. Every serious player should have this book in his library. @source:--ARNOLD SNYDER, Publisher and Editor, Blackjack Forum Magazine<$>, Author, BLACKBELT IN BLACKJACK @qu:"Richard Epstein's marvelous book is now a classic account of gambling games and their underlying laws of probability. Its range of topics exceeds that of any comparable work. Clearly written, accurate, it should be on the bookshelf of anyone seriously interested in probability theory, especially in its application to recreational games." @source:--MARTIN GARDNER, Former Columnist, Scientific American<$> @qu:"This classic book should be part of the library of everyone who wants to better understand games and gambling. The treatment is unique, original, and intriguing." @source:--EDWARD O. THORP, Author of BEAT THE DEALER @qu:"Gambling is pervasive: witness the growth of lotteries, horse racing, and casinos; but buying houses, commodity contracts, stocks, precious metals and currencies are subject to similar statistical laws. Epstein's classic work provides a clear treatment of the basic principles to analyze such situations and to separate them into those with edges (investments) and those that are unbeatable (gambles). It's a delight to teach from this book and to browse through the many interesting sections on the various games of chance. Bravo Academic Press for making this seminal work available to more students of gambling and investment." @source:--DR. WILLIAM T. ZIEMBA, University of British Columbia @qu:"Epstein's classic work is a must-read for anyone planning to teach a course in probability or properly operate a casino. Serious players have known about the book for years. In the 15 years I've been marketing director of Gambler's Book Shop, few other books have ever commanded the respect of this statistical landmark. It's time a whole newgeneration of players and casino management re-discover this challenging yet rigorous treasure-trove of material." @source:--HOWARD SCHWARTZ, Marketing, Research Director, Gambler's Book Shop, Las Vegas, Nevada @qu:"...Richard Epstein's classic The Theory of Gambling and Statistical Logic<$> helped kindle my interest in the mathematics of gambling. The book is a fascinating treasury of games and methods to analyze them." @source:--PETER GRIFFIN, California State University, Sacramento, Author, THE THEORY OF BLACKJACK @qu:"Richard Epstein's classic text, The Theory of Gambling and Statistical Logic<$> has defined the mathematics of gambling for an entire generation of researchers, statisticians, computer programmers, and serious students of the various games of chance we play. In this monumental work, Epstein has taken it upon himself to answer more questions about more games than any other single book before or since. I do not know of any serious researcher in the field of gambling statistics who does not pay homage to Richard Epstein. It is a boon not only to players, but to the entire gambling industry that this book is now being made available in a paperback edition." @source:--ARNOLD SNYDER, Publisher and Editor, Blackjack Forum Magazine<$>, Author, BLACKBELT IN BLACKJACK @qu:"Epstein's classic contains all the math you need to analyze casino and other games." @source:--STANFORD WONG, Author of PROFESSIONAL BLACKJACK, and the monthly Current Blackjack News<$>

Ratings and Reviews