The Mathematics Behind Gambling: Do the Numbers Add Up?

In its simplest definition, mathematics is the science of numbers, shapes, and patterns. Now, if you think about it, gambling is all about establishing different patterns to try and figure out how you can beat the house and other players depending on the game.

Moreover, this math goes beyond just the games alone; its principles apply even when grabbing lucrative VulkanBet bonus deals as numbers like rollover requirements also come into play. Of course, bonuses and promotions are just an accessory of the gambling experience, and so we aren’t going to ramble on about them.

Nonetheless, as a player, you should never miss out on bonus opportunities as they increase your playing time, which in turn boosts your winning chances.

So, as we were saying, mathematics plays a crucial role in getting the hang of the basic principles of gambling.

Let’s take a closer look at the different elements that unveil the connection between mathematics and gambling. If you are a beginner or you just want to understand the ins and outs of this popular pastime activity better, you’ll find today’s post super insightful.   

Probability

The probability theory is sometimes referred to as the heart of gambling mathematics, and for good reason. Gamblers and casino operators rely on probability calculations to determine the likelihood of every outcome and evaluate the odds of their returns.

Understanding this element will help you determine the chances of specific events occurring, such as rolling a particular number on a die or drawing a specific card from a deck. By any metric, gambling or not, probabilities are usually represented as a percentage or a number between 0 and 1.

Odds

While often confused or used interchangeably with probability, odds mean something different. Essentially, they are defined as the probability of occurrence of an event divided by the probability of non-occurrence. That said, three main formats are used to express odds depending on the market. They are:

• Fractional/British Odds: These are the traditional odds and are sometimes written as a fraction, such as 8/3, or expressed as a ratio, like 8:3 (eight-to-three);
• Decimal/European Odds: They represent the amount you can win for every $1 wager. For example, if the odds are 3.00 that a particular team wins a game, your returns will be $3 for every $1 you bet;
• American/Moneyline Odds: They are usually accompanied by a plus (+) or minus (-) sign. The plus sign is assigned to the lower probability event with the higher payout.

House Edge

The house edge is a mathematical concept used by casinos to ensure they make profits because running a casino is a business in the first place. So, in a nutshell, the house edge of a gambling game is a representation of the statistical advantage that the gaming facility has over the players.

Casinos typically set the rules of the game, the RTPs, and the probability distribution outcomes, elements that ultimately determine a game’s house edge. That isn’t to say, however, that the games aren’t fair or are rigged in one way or another.

Again, without house edge, casinos would have crashed and burned ages ago, as they wouldn’t have managed to make a profit.

Expected Value

Expected value (EV) helps you evaluate your wagers’ average outcome, whether positive or negative, over time. Positive EV bets mean long-term profits, while negative EV bets mean you are in danger of losing in the long term.

To effectively determine the EV, you must crunch the numbers to see whether things will work out for you in the end. By comparing the expected value with the cost of the bet, players can determine whether to make a bet or not.

Random Number Generators (RNGs)

Random number generators (RNGs) are algorithms used to generate unpredictable patterns of numbers, ensuring fairness and eliminating simple predictions in games like slot machines and online poker.

Game Strategies

Certain mathematical concepts help casinos develop games; thus, they can also help you formulate effective playing strategies. Whether it’s blackjack, poker, or roulette, understanding the mathematical principles behind them can help you develop effective tactics to minimize losses and even your odds of turning a profit.

Risk Analysis and Management

Maths also plays a significant role when performing risk analysis and management. So, by understanding concepts like variance, standard deviation, and the law of numbers, you will be in a better position to make more informed decisions as you play.

Through risk analysis and management, you can be more mindful about the size of wagers you place and the risk you are willing to take if an error occurs. As a rule of thumb, you must never wager more than you can afford to lose.

Gambling Is All About Playing With Numbers

As you have seen, mathematics is the epicentre of gambling. Therefore, if you want to be a good gambler, then you must love numbers so that you can tweak them to your favour as you enjoy your favourite titles. Remember to play responsibly; gambling is meant to entertain, after all!

ABOUT THE AUTHOR

Olivia Poglianich          

Content Strategist

Olivia Poglianich is a nomadic brand strategist and copywriter in the ski and snowboard space who has worked with brands such as Visa, Disney and Grey Goose. Her writing has taken her all over the world, from a Serbian music festival to a Malaysian art and culture event. Olivia is a graduate of Cornell University and is often writing or reading about travel, hospitality, the start-up ecosystem or career coaching. Her latest interests are at the intersection of web3 and communal living, both on and offline.