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Games available in most casinos are commonly called casino games. In a casino game, the players gamble cash or casino chips on various possible random outcomes or combinations of outcomes. Casino games are also available in online casinos, where permitted by law. Casino games can also be played outside of casinos for entertainment purposes, like in parties or in school competitions, on machines that simulate gambling.
Gambling is the wagering of something of value on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made.
Roulette is a casino game which was likely developed from the Italian game Biribi. In the game, a player may choose to place a bet on a single number, various groupings of numbers, the color red or black, whether the number is odd or even, or if the number is high or low.
Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting.
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event.
Basset, also known as barbacole and hocca, is a gambling game using cards, that was considered one of the most polite. It was intended for persons of the highest rank because of the great losses or gains that might be accrued by players.
In probability theory, odds provide a measure of the likelihood of a particular outcome. When specific events are equally likely, odds are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics.
A martingale is a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses if it comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. Thus the strategy is an instantiation of the St. Petersburg paradox.
Vigorish is the fee charged by a bookmaker for accepting a gambler's wager. In American English, it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang which was itself a loanword from Russian.
A betting strategy is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. Betting systems are often predicated on statistical analysis.
Sport Select is a group of sports betting games offered by Canada's lottery corporations. In Quebec, the program is known as Pari sportif; in Ontario and Atlantic Canada, it is known as Pro-Line while in British Columbia, it is known as Sports Action. However, the rules for the games are similar in all provinces. Initially created to offer betting primarily on the North American major professional sports leagues, Sport Select has expanded to offer betting on competitions such as the English Premier League and college sports.
Sports betting is the activity of predicting sports results and placing a wager on the outcome.
Fan-Tan, or fantan is a gambling game long played in China. It is a game of pure chance.
A teaser is a type of gambling bet that allows the bettor to combine his bets on two different games. The bettor can adjust the point spreads for the two games, but realizes a lower return on the bets in the event of a win.
A parlay, accumulator, combo bet, or multi is a single bet that links together two or more individual wagers, usually seen in sports betting. Winning the parlay is dependent on all of those wagers winning together. If any of the bets in the parlay lose, the entire parlay loses. If any of the plays in the parlay ties, or "pushes", the parlay reverts to a lower number of wagers with the payout odds reducing accordingly. Parlay bets are high-risk, high-reward; linking the possibilities drastically reduces the chance of the bet paying off overall. The benefit of the parlay is that there are much higher pay-offs, although as usual, casinos and bookkeepers offering parlays often exploit the poor calculation of gamblers by not increasing the pay-out as much as the odds truly demand, with the effect of the house edge increasing in parlays.
Even money is a wagering proposition with even odds - the bettor stands to lose or win the same amount of money. Beyond gambling, even money can mean an event whose occurrence is about as likely to occur as not. Even money is also known as 50–50.
The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory. From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.
Advantage gambling, or advantage play, refers to legal methods used to gain an advantage while gambling, in contrast to cheating. The term usually refers to house-banked casino games, but can also refer to games played against other players, such as poker. Someone who practices advantage gambling is often referred to as an advantage player, or AP. Unlike cheating, which is by definition illegal, advantage play exploits innate characteristics of a particular game to give the player an advantage relative to the house or other players. While not illegal, advantage play may result in players being banned by certain casinos.
Due-column betting is a type of fixed-profit betting strategy whereby a bettor increases the amount they wager on a single proposition after each successive loss. According to this system, the bettor determines a target profit before they begin betting. Then they increase their bet on propositions following a loss in such a way that a win will recover the sum of all amounts they have lost from their preceding bets plus gain them their predetermined profit.
References
- 1 2 "Progressive Parlays". SPORTSBETTING.NET site. Retrieved 27 January 2010.
- ↑ Stephenson, Vince. "Progressive Parlay Bet". SportsBet.com site. Retrieved 27 January 2010.
- ↑ "Progressive Parlays". Belmont.com site. Retrieved 27 January 2010.
- ↑ "Progressive Parlays". Predict Em site. Retrieved 27 January 2010.
- ↑ "Education: Applied Mathematics". Time. December 1, 1947. Archived from the original on November 12, 2007. Retrieved 27 January 2010.
It was a "progressive parlay" based on mathematical probability, some intricate slide-rule calculations, and two assumptions: that any roulette wheel follows a pattern of its own, and that good or bad luck runs in streams.
- ↑ "Math Student Finds $300 Plus Reno is $13,000: U. of C. Graduate and Pal 'Take' Town at Roulette". Chicago Daily Tribune. November 20, 1947. p. 22. Retrieved 27 January 2010.
- ↑ Moe, Al W. (October 2008). The Roots of Reno. BookSurge Publishing. p. 177. ISBN 978-1-4392-1199-1 . Retrieved 26 January 2010.
- ↑ Baer, Robert M. (1972). The Digital Villain. Addison-Wesley. p. 65. ISBN 0-201-00442-9. OCLC 297591.
- ↑ "A Look at Progressive Parlays and Picket Pools". SB Pal. Retrieved 17 September 2013.