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Games of Chance and Winning Wagers

Lecture no. 2 from the course: The Mathematics of Games and Puzzles: From Cards to Sudoku

Taught by Professor Arthur T. Benjamin | 44 min | Categories: The Great Courses Plus Online Mathematics Courses

Turn now to games that rely heavily on chance and betting, such as roulette and craps, and learn how to evaluate the fairness (or unfairness) of games using the ever-important concept of expected value. Once you know if a game is to your advantage or not, you can use the Kelly criterion or the Gambler’s Ruin formula to help you decide your best wagering strategies.