Practical Casino Math (2nd ed., 2005)

Named one of the top seven books that every casino executive should have in his or her library, this book presents the mathematics underlying casino games, provides a precise account of the odds associated with the games, and describes the role of mathematics in casino gaming management. A primary goal is to allow the reader to understand how and why casino games produce revenue. Topics include basic principles of probability, odds, expectation, house advantage, common casino measurements, the law of averages, price setting using game odds, gaming regulations, standards for fairness, player worth, complimentaries, and rebate programs. All major casino games are explained and relevant mathematics illustrated. No formal background in mathematics is necessary, although comfort with basic quantitative reasoning is helpful. The main intended audience is casino managers, or potential managers, but this book will serve as a valuable reference for anyone interested in the mathematical foundations of casino games and the use of mathematics in gaming management practice.

Practical Casino Math is published by the Institute for the Study of Gambling & Commercial Gaming, University of Nevada, Reno.

The Authors
Robert C. Hannum, Ph.D. is Professor of Risk Analysis and Gaming at the University of Denver, where he teaches probability and statistics with special interests in gambling theory and commercial gaming. Hannum is recognized as a leading expert in casino mathematics, acts as a consultant to the gaming industry, and is frequently quoted in national and international media on the mathematics of gambling and the commercial gaming industry. Hannum has published in numerous scholarly journals and gaming industry publications.
Anthony N. Cabot is a partner in the law firm of Lewis and Roca, and head of the gaming law practices for that office in Las Vegas. Cabot is acknowledged as one of the leading authorities on casino law and Internet gambling, with seven editions of the annual Internet Gambling Report in print as well as numerous other books, including International Casino Law, Nevada Gaming Law, and Federal Gambling Law. Cabot is an adjunct professor at the University of Nevada Las Vegas, and the University of Houston.

To Order
University of Nevada Reno Institute
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Contents

  1. Brief History of Gambling
  2. Mathematical Theory for Casino Games
  3. Common Casino Measurements
  4. Games of Pure Chance
  5. Games with a Skill Component
  6. Game Odds and Price Setting
  7. Volatility and Casino Operations
  8. Complimentaries
  9. Rebates and Discounts
  10. Regulatory Issues

§ Appendices: Tables, Shuffle Charts
§ References
§ Index

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