Have you ever wondered . . .

– whether you will profit from a specific wager in the long term?

– how to calculate your odds and expected return on a variety of gambles?

– how to manage your bankroll and avoid gambler's ruin?

This book will use simple mathematics and evidence-based research to answer these questions and many others you have not yet considered. So if you want to understand various types of wagers and how to profit from them, or reduce your gambling losses, or learn about bankroll management, then this book is essential reading.

Praise for Understanding a Wager

“[Understanding a Wager] provides a persuasive summary of the mathematical basis for [wagers]. It thoroughly discusses statistical concepts such as expected value, zero-sum games, Pareto efficiency, probability over a series of multiple trials . . . randomness, Poisson clumping, regression toward the mean, gambling fallacies, gambler’s ruin and the Kelly criterion.”

—Minimax Mathematical and Statistical Consulting, LLC, the United States

“[Understanding a Wager] sets out the basic mathematical guidelines that will enable players to determine their long-term chances of winning, and to reduce, as much as possible, their losses . . . In doing so, it examines issues such as probability theory, randomness and bankroll management, as well as differentiating 'good' bets from 'bad' bets on the basis of fairly simple mathematical formulae . . . Ramy Christopher Tadros has done an excellent job of making mathematical and statistical information very accessible to the ordinary reader.”

—Lynk Manuscript Assessment Service, Australia