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.
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.
University of Nevada Reno Institute
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§ Appendices: Tables, Shuffle Charts
"[The first edition of] Practical Casino Math became an instant “must read” by casino personnel… [The second edition] remains one of the most important books ever written for the casino industry--in particular, for casino managers or potential mid-management, and for the player who wants to know the edge house in virtually any game including which games are most profitable for the casino. … Overall this is an absolute must-have for any casino management person who's new at his or her job or needs a tune up on what games provide the casino with the most revenue and why.'' – Howard Schwartz, Director, Gambler’s Book Shop, Las Vegas, and world’s foremost authority on gaming and gambling literature.
"Probably the best book on the mathematics of gambling since The Casino Gambler's Guide by Allan Wilson.'' -- Urbino Casino & Gaming Hub.
"Although casino math has been covered in numerous books since another mathematics professor, Dr. Edward Thorp, published Beat The Dealer in 1962, which detailed basic blackjack strategy for the first time, this book covers all the mathematical aspects of the casino gambling business as no previous book ever did.'' -- Casino Chronicle.
"Were you ever so enthralled by a song on your car radio you had to pull over to listen it was so delicious! The first time I heard Springsteen's "Born to Run" was like that… At Gambler's Book Shop, we receive hundreds of new books every year. Most of them are good, some are excellent and a rare few make me want to stop what I'm doing to read right NOW. Practical Casino Math may not have the same charisma and impact as Born to Run but this book has it! … As far as I'm concerned, each has elevated the art form and set new standards. Springsteen's song was referential and reverential to past writers, performers and songs in a way perfectly analogous to this new book, co-authored by Robert C. Hannum and Anthony N. Cabot. Both have filled an existing void and were overdue. … It is one of the most important casino books to hit the shelves in a long time ... the first book to come along in years that explains, in simple, easy-to-understand layman's terms, how the everyday mathematics of casino games works ... a book EVERY casino floor employee and EVERYONE in management needs to read.'' – Peter Ruchman, General Manager, Gambler's Book Club, author of After the Goldrush, and regular guest on HBO, ESPN, and Discovery Channel.