The Mathematics of Gambling

The mathematics of gambling involves understanding probabilities, expected value, and odds. Probability measures how likely an event is to happen, while expected value calculates the average outcome over many plays, considering both winnings and losses. Casinos set odds and payouts to ensure they have a mathematical advantage—called the house edge—meaning, over time, they are more likely to profit. Skilled gamblers analyze these factors to identify bets with favorable odds or better expected values. Ultimately, gambling involves risk, and understanding the math helps disclose how likely wins and losses are, guiding more informed decisions.