Category: Gambling mathematics

Cribbage statistics
In cribbage, the probability and maximum and minimum score of each type of hand can be computed.
Coin flipping
Coin flipping, coin tossing, or heads or tails is the practice of throwing a coin in the air and checking which side is showing when it lands, in order to choose between two alternatives, heads or tai
Gambling and information theory
Statistical inference might be thought of as gambling theory applied to the world around us. The myriad applications for logarithmic information measures tell us precisely how to take the best guess i
Lottery mathematics
Lottery mathematics is used to calculate probabilities of winning or losing a lottery game. It is based primarily on combinatorics, particularly the twelvefold way and combinations without replacement
Mathematics of bookmaking
In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound
Miwin's dice
Miwin's Dice are a set of nontransitive dice invented in 1975 by the physicist Michael Winkelmann. They consist of three different dice with faces bearing numbers from one to nine; opposite faces sum
Kelly criterion
In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet), is a formula that determines the optimal theoretical size for a bet. It is valid when the expected returns are known. The K
Sucker bet
A sucker bet is a gambling wager in which the expected return does not reflect the odds of winning, and is significantly lower. For example, the chances of correctly guessing the order of the final th
Feller's coin-tossing constants
Feller's coin-tossing constants are a set of numerical constants which describe asymptotic probabilities that in n independent tosses of a fair coin, no run of k consecutive heads (or, equally, tails)
Fair coin
In probability theory and statistics, a sequence of independent Bernoulli trials with probability 1/2 of success on each trial is metaphorically called a fair coin. One for which the probability is no
Probability of kill
Computer games, simulations, models, and operations research programs often require a mechanism to determine statistically how likely the engagement between a weapon and a target will result in a sati
Return to Player
Return to Player (RTP) is a term used in gambling and online games to refer to the percentage or prizes that will be returned to a player depending on funds deposited during the game initially. Return
Gambler's fallacy
The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the incorrect belief that, if a particular event occurs more frequently than normal during th
Proebsting's paradox
In probability theory, Proebsting's paradox is an argument that appears to show that the Kelly criterion can lead to ruin. Although it can be resolved mathematically, it raises some interesting issues
Coupon collector's problem
In probability theory, the coupon collector's problem describes "collect all coupons and win" contests. It asks the following question: If each box of a brand of cereals contains a coupon, and there a
Gambling mathematics
The technical processes of a game stand for experiments that generate aleatory events. Here are a few examples: * Throwing the dice in craps is an experiment that generates events such as occurrences