Theory of Gambling

The Theory of Gambling studies the mathematical and psychological aspects of gambling behavior. It examines how odds, risk, and decision-making influence players' chances of winning or losing. Key concepts include expected value, which helps understand potential outcomes over time, and the gambler's fallacy, the mistaken belief that past events affect future probabilities. The theory also explores the motivations behind gambling, such as entertainment, social interaction, and the thrill of risk. In general, it highlights the balance between luck and skill, and how these factors shape the gambling experience and industry practices.