Gambling Theories of Probability

Gambling Theories of Probability have been studied and promulgated by many brilliant academics. The most notable of the more recent ones was Edward Thorpe, the MIT Professor whose 1960s blackjack thesis"Beat the Dealer" gave blackjack players an edge over the casino.

gambling and theories of probability

My greatest win came from a single one dollar lottery ticket purchase, yet on another occasion after studying lottery results and identifying a pattern for a prolonged period, a purchase of 300 consecutive tickets returned zero.

The worst result over the preceding six month period for such a purchase returned half the money outlaid in small prizes alone.

John Nash, a Princeton University Lecturer spent much of his life studying game theory.

The Australian Branch of Mensa has a group that works at creating theories for intelligent bets.

gambling and theories of probability

Blaise Pascal formulated the Theory of Probability using dice. His theory (and it is correct) is that when two dice are rolled, the number 7 has the greatest chance of being rolled. Where does this fit in your craps playing strategy?

Even Albert Einstein dabbled with the maths of probability. If you are keen to learn more about the maths behind probability you can download all you need to know to start working on it from which is one of about 12 million sites dealing with the subject.

With the exception of blackjack, which is hard but enjoyable work and harness racing, I have never been able to to be a regular winnner on the occasions that I have played.

Back in the days before desk top computers, one of my grandmothers used to spend thousands of dollars each week on a crossword puzzle type gambling game that paid very large prizes (in its era) for winners. Each week she would have my mother and all my aunties working helping fill in her entries using mathematical permutations of the possible answers. The week she won, the prize pool was diluted by four other winners. The next time she won, it was even more diluted.

For years on Friday nights we used to go to the “trots” (Harness racing) - fields were fairly small. A friend came up with the theory that taking the on course favorite with the field on the totalisator on average returned enough for a pleasant night out and an extra days wages for the week. We tried it and it worked on the vast majority of Friday nights for years. For all I know, it may still work in many places where the fields are still small.

These days we gamble for entertainment purposes. We regularly win small amounts in the region of a few hundred dollars with intermittent larger amounts along the way. Like many others who earn a nice supplemental income from gambling, we adhere strictly to our money management strategy. This way our “entertainment” is self funding and profitable providing funds for luxuries that most of us would have to think twice about.

Most of the big winners we know have all been ordinary working people with ordinary maths skills who treat their flutter as entertainment and hope that one day Lady Luck will truly smile on them.

Whilst you are waiting for the big one, working on the maths may disclose some relevant theory that the rest of us have overlooked! There are many of us who can do the maths and crunch numbers. It is the ability to be the first to see the opportunity and apply it in a unique way that sets a few apart from the many.

If you are one of that fortunate few, Lady Luck will anoint you for awhile!


Need Actionable Gambling News?

Why not consider subscribing to our news letter?

For details please read the section at the top of the subscriber form


Bookmark This Page?

Gambling Strategy Home page

Bad Bets
Bingo History
Bingo Terminology
Bingo Winning Strategies
Blackjack Intro
Blackjack Basic Strategies
Blackjack Card Counting
Blackjack Jargon
Blackjack online v Physical casino
Casino Ratings
Casino Reviews
Choosing a Casino
Contact Us
Craps basics
Craps bets , wagers, terminology
Craps betting strategies
Craps odds
Craps Table layout
Craps winning strategies
Free Cash Bonus
Free Games
Gambling Online and online gambling
Gambling Theories of Probability
Gambling Psychology
Winning Gambling Strategy
Jackpot Tickers
Macca's Best Casino Deals
Managing Your Bank
online casinos
online casinos 2
Poker Playing Rules and Tips
Cyber Stud Poker
Online Poker Rooms
Poker Rewards
Poker Tournaments
Video Poker
Video poker playing strategies
amateur gambler seven card stud poker
seven card stud poker pitfalls
Seven Card Stud Poker Straights
Texas Holdem
Texas Holdem Winning Strategies
Roulette betting options
Roulette winning strategies
Slot Machines
Slots Playing Strategies
Reciprocal Link Scams
WinnersRun Blog
xml site map
Traffic Partners
Gambling Directory
Gambling Strategy 1 Baccarat Links    
Bingo Links Gambling Directory Links Black Jack Sites commercial sites
Craps Sites gambling or casino related sites gambling or casino related sites p.2 Links to gambling sites p.3
gambling sites p.4 gambling sites p.5 gambling sites p.6 gambling sites p.7
Links to Keno Sites Links to More gambling sites Poker Sites Poker sites P2.
Roulette Sites Slot Machine Sites UK and European Casinos UK & European Casinos P2
Gambling Game Supplies Commercial Partners Game Guide Sites Playing Poker
Directory Search Engine     Poker Community

Disclaimer -we promote only responsible gambling for entertainment purposes only. Never bet more than you can afford to loose!

We do not promote gambling in jurisdictions where gambling is prohibited by law. It is your responsibility to comply with the local laws of the jurisdiction in which you live. If you feel compelled to gamble, it is time to contact gamblers anonymous.


Privacy Policy - your name (e-mail address) will not be sold, rented or otherwise disclosed to any other party unless we are compelled by law to do so.