User:CMT3095

GAMBLING

In encyclopaedia, gambling is defined as “wagering money or something of material value on an event with an uncertain outcome with the primary intent of wining additional money and/or material goods. Typically the outcome of the wager is evident within a short period of time.” (http://en.wikipedia.org/wiki/Gambling)

There are several types of gambling:

1)	Casino games. They are played both for money and entertainment. Casino games can be:

a)	“Beatable”- those, where possible mathematical expectations can be created. The examples of such games are:

•	Blackjack - each player is dealt two cards and is then offered the opportunity to take more. The hand with the highest total wins as long as it does not exceed 21;

•	Poker - cards are dealed between players and they are required to place initial stakes for which everyone will contest;

•	Sports betting – usually done through a bookmaker. In this case, three possible scenarios can be followed. According to the first one, bookmaker is extremely good at determining the price, which equalises the quantity of money wagered at each betting side. Thus, a bookmaker has to be good in forecasting the behaviour of bettors. In this case, the bookmaker makes profit, despite the outcome of the game, since he charges a commission (known as “vig”). According to the second scenario, a bookmaker has to be more skilled in predicting the outcome of the game than a better. However, this is dangerous, since the bookmaker can gain losses if the bettors are better in predicting the results. Following the third scenario, two previous behaviours are combined. Bookmakers can increase profits by setting the prices according to the preferences of bettors. For instance, if it is known that local teams are preferred the odds can be skewed.

b)	“Unbeatable” casino games – they have negative expectation, regardless how many games is played. Examples of such games are:

•	Craps – in this game players, who roll two dices are called “shooters”. The game is played in rounds, where the first one is named “ come-out role”. On the come-out roll if the total of the two dice are 7, 11, 2, 3 or 12, the round ends immediately and the shooter must roll another come-out roll. A result of 2, 3 or 12 is called 'craps' while a result of 7 or 11 is called a 'win' or a 'natural'. When any other number (4, 5, 6, 8, 9, or 10) is rolled on the come-out roll, this number becomes what is called the point. If a point is established then the shooter will re-roll the dice continuously until either a 7 is rolled, or the point is rolled again. If the shooter rolls the point again, the round ends and the game starts over with the same shooter rolling another come-out roll. If the shooter rolls a 7 instead of the point, this is called a 'seven-out', the round ends and the dice pass to the next player to the left, who becomes the new shooter.

•	Roulette– the french word meaning “small wheel”. Players place their betts from 1 to 36 between black and red. In European roulette there is also green pocket with number 0, whereas in American there is the second one, named 00. Moreover, it is said that if you sum up all numbers from1 to 36, the resul will be number “666”, which is known as number of devil. One of the current famous winings was in 2004, when “Ashley Revell of London sold all of his possessions, clothing included, and brought US$135,300 to the Plaza Hotel in Las Vegas and put it all on "Red" at the roulette table in a double-or-nothing bet. The ball landed on "Red 7" and Revell walked away with his net-worth doubled to $270,600.” (http://en.wikipedia.org/wiki/Roulette#Famous_bets)

In addition, is reputed to have stated that “you cannot beat a roulette, unless you steal money from it”. And maybe this is true, but a lot of people in world today still try their luck in gambling.