This guide, written by casino math professor Robert Hannum, contains a brief, non-technical discussion of the basic mathematics governing casino games and shows how casinos make money from these games. The article addresses a variety of topics, including house advantage, confusion about win rates, game volatility, player value and comp policies, casino pricing mistakes, and regulatory issues.
ISBN # for Casino Math is: 0-942828-53-4. ISBN # for the Casino Management Series is: 0-942828-45-3. The Library of Congress Control Number: 2001089796.
Still, a lot of contemporary casino players hardly realize how important the systems of complex mathematics are to gambling. Of course, there are various games that are based on randomness and luck, but a great number of casino offerings are based on pure mathematics, or at least part of the strategies associated with them are.
Soon after their initial discovery, mathematicians started applying the laws of probability to many different parts of life – including casino games. One of these mathematicians was Karl Pearson who analysed the results of roulette games published in the French newspaper Le Monaco.
Since the amount of money the casino can make off of a gambler on a certain table game - the win or theoretical win - depends on the amount of money bet (which itself a function of the rate of play, the duration of play, and the amount of money bet on a hand) as well as the house advantage, we can create a single equation that is expresses the win as a function of rate of play, duration of play, average bet, and the house advantage: Win = Amount Bet × House Advantage = (Rate of Play × ...
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Practical Casino Math Paperback – January 1, 2005. Practical Casino Math. Paperback – January 1, 2005. by Robert C. Hannum (Author), Anthony N. Cabot (Author) 4.3 out of 5 stars. 3 ratings.
After 10 rounds, play $1 per round, the average house profit will be 10 x $1 x 5.26% = $0.53. Of course, it is not possible for the casino to win exactly 53 cents; this figure is the average casino profit from each player if it had millions of players each betting 10 rounds at $1 per round. The house edge of casino games varies greatly with the game.