How Probability Can Be Used to Design Games of Chance

One of the origins of of probability as a field in mathematics was solving games of chance. The famous correspondence between Fermat and Pascal in 1654 was one of the earliest accounts on how to use mathematics formally in order to solve a fair game of chance. In this post, we are going to design a […]
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Gambling Mathematics: Why Will The Casino Win in the Long Run

Gambling in a casino and winning once or twice might hook you, but if you play often, there is a very small chance that you would win. Why? Because the games are mathematically designed for the casino to win. To make it simple, let us use a simple die game for our discussion.  Two dice […]
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