Tuesday June 27, 2017

Gambling mathematics

Gambling mathematics is also known as the mathematics of gambling. There are several applications and theories which are used in games of chance and can also be included in various applied mathematics. For mathematicians, the games of chances are the experiments in which different types of aleatory events are generated and the probability of these events can be calculated with the help of these theories.

  • The experiments

The events and the processes of various games of chance are experimented in mathematics quite often. For example, in craps the throwing of dice is considered to be an experiment in which number of events can occur when the dice is thrown. The dice will show a certain number or a certain sum of number, the probability of which is calculated using mathematics.

Even in roulette the spinning of the wheel is considered to be an experiment when a number of events could occur. The possibility of a certain number or a certain color showing when the roulette wheel is spun is calculated with mathematics. In blackjack the dealing of the cards is considered to be an experiment where the events like a card with a certain value occurring is calculated. In card games especially, there are several different types of mathematical theories which can be applied.

  • Probability

In the probability model an experiment is used to which mathematics is applied. In probability the event is considered to be the main unit on which the theory works. In gambling there are several different types of events which can be pre-defined. In different games of chance the events could be related to the opponents play or to your own play. The events could also be immediate or long term events based on which the probability model is applied to calculate the odds.

  • Combinations

Combinations, arrangements and permutations are very frequently applied to games of chance. The cards that a player has, or are on the table or are expected during the game are very often used as objects of gambling mathematics. In gambling, mathematics is applied by calculating the probability and counting combinations. The events during the game can be identified as sets which could be combination sets.

  • Expectations

Games of chance are not just purely isolated events where the numerical probability can be established with mathematics. The progress of these games is also influenced by our own actions. There are a lot of expectations that a player has from the game which is quite interesting. Gamblers consider a lot of different types of information for getting favorable outcomes from this type of interaction.

The gain or loss in the future to be predicted is known as the expected value or expectation and it is the sum of the probability of each of these possible outcomes which is multiplied with its value.

These were only a few types of applications which are applied using gambling mathematics. Several different types of mathematical theories have been developed in the past few years and some of them are even applied by gamblers in real life situations.

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