Jason Gao, School of Mathematics and Statistics

Gambling, according to the dictionary, refers to an activity which risks something of value in order to obtain a reward. Typical examples are casino gambling, sports betting, and buying lotteries. In this talk, we will first briefly discuss why people gamble and what are problem gambling. Then we will talk about some gambling fallacies and the crucial role of mathematics/statistics in the study of gambling. Simple examples such as roulette and lottery will be used to illustrate some fundamental concepts such as house edge, volatility, and law of large numbers.

Wednesday, October 26, 2016 in
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