# What is gambling: Definition and 27 Discussions

Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.

18. ### Exploring Gambling Mathematics: Combinatorics, Statistics, and Probability

Suppose I am very interested in the subject. What field/s of mathematics would I be studying? Combinatorics, Statistics and Probability?
19. ### Can Gambling and Probability Puzzles Enhance Cognitive Skills?

Hey everyone, I was given this fun little probability question from my tutor after I finished early in one of my classes about three weeks back, and I just can't seem to crack it! Something about gambling and probability makes my brain go haywire (or maybe its some other, deeper problem...
20. ### Gambling: Market % Difference, Odds & Probability Explained

firstly, what is the practical difference to a book maker between a market % that is less than 100% and one that is larger than 100% ? secondly: if i have the following prices on teams A,B,C and D: A 1.70 B 3.00 C 8.50 D. 16.00 then are the gambling odds expressed as : A -> "7 to...
21. ### Gambling problem/ standard deviation

Read gambling problem/Standard deviation Posted: May 23, 2007 4:57 AM Click to edit this message... Click to see the message monospaced in plain text Plain Text Click to reply to this topic Reply I'm analyzing some data from online gambling sites.I'm trying to prove they are...
22. ### Simple (but interesting) gambling problem

I thought about this outta no where. I want to make a casino game where the odds are against the house, but the catch is that the game rules force the player to play until the odds change against him. For example, make the odds 80% against the house (player has 80% chance of winning). If the...
23. ### Can You Solve this Complex Equation Derived from a Gambling Strategy?

I am just no good at math these days and I was wondering if someone could solve this equation that I derived from a popular gambling strategy. I would definitely save time for me if I knew X. I suppose it isn't that I'm bad at math, as I have a natural talent for it, but I don't remember any...