Understanding a Wager

Have you ever wondered . . .- how to calculate your odds and expected return on various gambles?- whether you will profit from a specific wager in the long term?- how to manage your bankroll and avoid gambler's ruin?This book will use simple mathematics and evidence-based research to answer these questions and many others you have not yet considered. So if you want to reduce your gambling losses, or learn about bankroll management, or understand different wagers and how to profit from them, then this book is essential reading."[Understanding a Wager] provides a persuasive summary of the mathematical basis for [wagers]. It thoroughly discusses statistical concepts such as expected value, zero-sum games, Pareto efficiency, probability over a series of multiple trials . . . randomness, Poisson clumping, regression toward the mean, gambling fallacies, gambler's ruin and the Kelly criterion."- Minimax Mathematical and Statistical Consulting, LLC, the United States"I recommend this book [Understanding a Wager] as the first stop for anyone who knows a losing gambler they would like to help. I also think this book would be perfect for young adults to read before they ever place their first wager."- Guy West, Managing Director of Smartgambler and OZmium Pty Ltd, Australia"[Understanding a Wager] sets out the basic mathematical guidelines that will enable players to determine their long-term chances of winning, and to reduce, as much as possible, their losses . . . In doing so, it examines issues such as probability theory, randomness and bankroll management, as well as differentiating "good" bets from "bad" bets on the basis of fairly simple mathematical formulae . . . Ramy Christopher Tadros has done an excellent job of making mathematical and statistical information very accessible to the ordinary reader."- Lynk Manuscript Assessment Service, Australia