The Mathematics of Gambling by Edward Thorp (PDF)

Description

More than twenty years after the publication of Beat the Dealer, the best-selling book on winning at blackjack, Dr. Edward O. Thorp again focused his attention on gambling games with an analysis of: * BACCARAT — Can card counting eliminate the house advantage? * BACKGAMMON — Playing optimally in endgame situations. * BLACKJACK — Understanding blackjack systems and detecting cheating. * GAMBLING GAMES — Which ones you cannot beat and why. * MONEY MANAGEMENT — How to maximize your return and what strategies to avoid. * ROULETTE and the WHEEL OF FORTUNE — Using the laws of physics to predict the next winning number. In easy-to-understand language, learn what a leading mathematician discovered in thirty years of computer-assisted research. This is the long-awaited publication of Dr. Thorp’s accumulated work on gambling. Before you risk your money, find out what the “Albert Einstein of Gambling” has to say!

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐I obtained this book shortly after it was originally published. The writing is clear and to the point. And he makes swift work proving that you can’t be a winner in a losing game.But, in this book he also proves that there are always areas of potential advantage that can get overlooked because they are “so obviously” not productive. So he treats unlikely areas that actually have incredible potential because no one is looking there.Like horse racing and the “Wheel of Fortune” in the casino.I’ve been highly appreciative of E. O. Thorp’s material for years. This book, though limited in scope concerning casino gambling as a whole, primarily treats the areas of gambling where there is a greater chance of obtaining an edge to monopolize as a professional.In 1980 I became a professional card counter primarily due to Thorp’s work in the ’60’s (Beat the Dealer) and was able to take advantage of the best opportunities due to use of the Kelly criterion which he promotes in this book. And made great money for the time period. For that alone I’d thank him.In “The Mathematics of Gambling”, he mentions different strategies that could be possible to exploit in the world of horse racing. Thorp had already joined another math wiz, William T. Ziemba in promoting “Beat The Racetrack: A Scientific Betting system”, also mentioned in this book.After a year getting tired of smoky casinos and being surrounded by losers, I channeled my honed math skills into trading futures and derivatives. Hearing about Thorp’s positive mention of Ziemba’s book above and obtaining a “Beat the Racetrack” computer, I spent a month after hours at Chicago’s Arlington Park and averaged more than $350/day starting with less than a $600 bankroll. He was right again.No matter how you use the information contained in this book, even just as a reference and guide to thinking out of the box; you should profit. When you get this book, you are in possession of intelligent writing from a man who has no peer in managing money on a large scale. Just do a search on the author in Google.It would be difficult to not be amazed.

⭐This book gives a quick overview of making money, or losing money more slowly, at various games of chance. Thorpe was best known for “inventing” a system of card counting for blackjack and basic strategy. He wrote the 1962 book “Beat the Dealer” which spawned a whole genre of win-at-gambling books that continue to this day.”The Mathematics of Gambling” is quite different from those other books. For instance, it does not focus on just one game like most of the others. In fact, it barely explains a game at all. Instead, it describes the mathematical methods that might be used to win at the game more consistently. Think of this book as a starting point to understanding gambling theories.The book starts with Blackjack, of course, and gives a very brief overview the game and betting strategies. This is mathematically heavy and many details are left out. It is followed by a counter-point of Baccarat which Thorpe concludes mathematically has much less room for winning strategies.At this point, the book is just getting started. Although most gambling books focus on card games, or just casino games; Thorpe also gives mathematical insight into Horse betting and Backgammon. There are no clear-cut strategies forced upon the reader, just a general pointing in a direction that might prove helpful.And that is the whole issue with this book. If you are looking for the one-true-path to gambling winnings, look elsewhere. If you want, instead, to read about mathematics applied to betting games this is the book to start reading. The writing is precise and clear and the math is not too horrid. Especially helpful is the time Thorpe spends setting up the underlaying math to working out a potentially successful strategy. Also, the final section on money management is excellent even if your game of chance is the stock market. A game Thorpe also wrote about in “Beat the Market”.

⭐… only if you really want to sit down and read it. You can see this book in it’s entirety at […]It’s posted by the author and in PDF format.Good Luck at the tables!

⭐I have the PDF of this book that is freely posted by the author. I do not understand these prices since anyone can download the book.

⭐A rare an astonishing book that is criminally out of print.Excellent and enlightening in every way.Statistical science came from gambling. Thorp takes us full-circle and explicates modern (well, pretty modern) probability for different gambling games.

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