The Theory of Gambling and Statistical Logic

The Theory of Gambling and Statistical Logic

2nd Edition - September 21, 2009
  • Author: Richard Epstein
  • eBook ISBN: 9780080958613

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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.

Key Features

o Comprehensive and exciting analysis of all major casino games and variants
o Covers a wide range of interesting topics not covered in other books on the subject
o Depth and breadth of its material is unique compared to other books of this nature

Richard Epstein's website:


Suitable for those interested in probability, statistics, or gambling and gamblers with an interest in theory and analysis and a basic understanding of undergraduate mathematics.

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; A Brief 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; The Stock 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

Product details

  • No. of pages: 456
  • Language: English
  • Copyright: © Academic Press 2009
  • Published: September 21, 2009
  • Imprint: Academic Press
  • eBook ISBN: 9780080958613

About the Author

Richard Epstein

Affiliations and Expertise