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.
The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; i.e., a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universally observed in the English-speaking world. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). The word gaming is used more frequently since the rise of computer and video games to describe activities that do not necessarily involve wagering, especially online gaming, with the new usage still not having displaced the old usage as the primary definition in common dictionaries. "Gaming" has also been used to circumvent laws against "gambling". The media and others have used one term or the other to frame conversations around the subjects, resulting in a shift of perceptions among their audiences.Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009. In other forms, gambling can be conducted with materials that have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces.

View More On Wikipedia.org
  1. B

    I Roulette system -- which optimization is better?

    Hey, gotta do some explanation first: I assume you know how roulette works. (if you dont: ball is thrown into a pit and it can either land on red, black or zero, each having a certain likeliness to land there. you can bet on where the ball will land) let's assume unrealistically you have the...
  2. X

    MHB Gambling Strategy Help: Win 90% of 4 Round Games

    Looking for help to try an make a profitable strategy off the example. payout= 1:1 Using 4 rounds the strategy wins 1 of 4 rounds 90% of the time, the other 10% it loses all 4 rounds Rules: if any round is won that game is over, else keep betting till all 4 rounds over The question is how to I...
  3. A

    MHB Show that the probability that he will never stops gambling is zero

    Can u help me with this question pls Assume that a gambler plays a fair game where he can win or lose 1 dollar in each round . His initial stock is 200 dollar. He decides a priory to stop gambling at the moment when he either has 500 dollars or 0 dollars in his stock. Time is counted by the...
  4. J

    MHB Expected Value of Gambling Strategy - Martin's Winnings

    This question comes from the "Introduction to Probability" book (Blitzstein & Hwang). Martin has just heard about a gambling strategy: bet 1 dollar that a fair coin will land heads. If it does, stop. If it lands tails, then double the bet for the next toss, now betting 2 dollars on heads. If it...
  5. K

    B Different Value In These Two Gambling Games?

    So it's been such a long time since I studied statistics at school/college/university that I'm rusty to say the least and hoped you guys could help me out with this. Something is telling me that these two games must have a different value despite being similar, but if you brilliant folks could...
  6. G

    [Probability] Derangement / gambling problem

    Homework Statement Alice proposes to Bob the following game. Bob pays one dollar to play. Fifty balls marked 1, 2, . . . , 50 are placed in a big jar, stirred around, and then drawn out one by one by Zori, who is wearing a blindfold. The result is a random permutation (let's call it s) of the...
  7. S

    Probablility of a gambling machine

    Homework Statement A gambling machine shows one out of five colours, red , orange , yeloow, green and blue. When the machine is working properly, every colour has an equal chance of appearing the colour. And the colour shown at one instant is independent of the colour shown earlier. Calculate...
  8. W

    How can gambling systems be considered unreliable methods for decision-making?

    Hi all, I have attached a file in which at last page in example 7.8 I am stuck. I don't understand that how the author has calculated the Q(0.9)=.88 by using equation 7.31, can someone please show me the calculation process? Thanks in advance.
  9. W

    Selection system - Gambling system

    Hi all, Currently I am trying to understand the concept of Selection System given in Billingsley's book "Probability and Measure". I have attached a pdf file with this post which consists on the scanned pages of this topic. I have understood it completely except one thing that how has the...
  10. W

    Calculating Probability of Winning with Gambling Game

    In a gambling game , you can win 1$ in each round with probability 0.6 or lose 2$ in probability 0.4. suppose you start with 100$. find the probability that after 10 rounds you have between 93 to 107 dollars. i am not sure how to start the solution, thanks,
  11. K

    Risk and Reward: Evaluating the Probability of Investment Decisions

    Homework Statement You are a risk-neutral individual whose net worth is $10,000 and you are thinking of opening a Donut Franchise. To open the franchise you must invest $5,000. If you buy the franchise, the probability is 1/3 that you will make $500,000, 1/3 that you will break even, and 1/3...
  12. T

    Cognitive Bias in Gambling: Do People Prefer Taking Odds or Laying Them?

    Do people prefer getting odds to laying odds? That is, when people gamble, do they prefer to risk a little for the chance to win a lot, rather than vice versa? I know from personal experience that you can get a little rush from putting quarters in a slot machine, inspired by the possibility...
  13. T

    Gambling and the law of large numbers

    Does the law of large numbers really apply directly to betting systems? For example, in American roulette the house advantage or "edge" is 5.26%, and smart players know that, as a consequence of the law of large numbers, you will lose 5.26 cents of every dollar bet in the long run. This is...
  14. H

    What are some effective gambling strategies for roulette?

    Hi ya'll I am new at the forum and i love gambling and i know gambling goes on luck but if you combine the basic strategy plus your own strategy that is defined by the game and the moment you're playing. The game i like most is roulette and I am currently playing at <deleted> but winning a...
  15. D

    Probablility gambling question

    a man walks into a casino and sees 2 slot machines, he randomly chooses one. the chance of winning on machine 1 is 0.4 the chance of winning on machine 2 is 0.3 if the man wins he plays a second game on the same machine, if he loses he changes to the other machine what is the probability...
  16. H

    Winning at Binomial Gambling with $500

    Hi, Let's say you start off with $500, and someone offers to give you another $500 everytime a coin is heads, or take $500 from you it's tails. You agree to play this game until a) you've either lost all your money, or b) you've made an extra $1000 (i.e. so you walk away with $1500). Then...
  17. H

    Gambling Math: Probability of Bankruptcy Over N Bets

    Hi, Let's say I have $1000 in a bookmaker, and this bookmaker would only allow bets of $500 at a time, each betting having a probability of 0.5 to win (this means odds of 1:1 or 2.0, so if you win you win 500, if you lose you lose 500 staked). How do I calculate the probability of going...
  18. W

    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. H

    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. Y

    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. M

    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. P

    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. R

    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...
  24. Monique

    Parkinson medication leads to gambling addiction

    This a really strange side-effect: patients who use the much-prescribed Parkinson drug Mirapex (pramipexole) have an increased risk of developing addictions, for instance gambling, sex, or shopping. When the dose of the drug is decreased, the addictions disappear. I wonder what the etiology...
  25. jimmy p

    Is gambling just a harmless thrill or an immoral activity?

    As not to sound like some "immoral" people we know, what are your opinions on gambling? As a manager of a bookmakers, I see a lot of people come and go, we have regulars, the sports junkies and the one off or Lottery players. All range in intelligence, but all share one thing in common...
  26. T

    What is gambling compared to the stock market

    What is gambling compared to the stock market or selling something which has value less than the sum of it's expense? All profit beyond your expenditure is the same. Do you understand? There is no good, no bad on the balance. I herd a song on the radio the other day, it was a childrens song...
  27. Saint

    Is PF funded by Gambling Website?

    Sometimes, when i surf PF, a pop-up of online casino appears. is it funded by gambling? could it be porn site next time? :smile: :-p