PRACTICAL CASINO MATH by Hannum, Robert & Anthony Cabot

PRACTICAL CASINO MATH
by Hannum, Robert & Anthony Cabot
Order 498902...$30.00
In 10 vital chapters, the authors offer a quick history of gambling followed by a l0-year analysis of gaming revenue nationally, while in a second chapter there is a focus on the mathematical theory of casino games including the house advantage for each game; how to compute the that advantage directly from odds; volatility and standard deviation; the law of averages and a look at betting systems. One chapter examines basic table games and slot operations with sections on the drop vs. the handle, theoretical win, expected hold percentage, the base bet or average bet and which is better to determine house advantage. The book categorizes the various games such as games of pure chance (slots, baccarat, craps, keno and roulette); pooled games (progressive slots and bingo); games with a skill component (blackjack, video poker, Let it Ride among them); pooled games (poker); sports betting. (By the way, if you have the first edition of this book, this has been updated greatly, including the sports betting area.) One extremely important chapter is titled Game Odds and Price Setting, which includes rule variations, altering payoffs, casino pricing mistakes, the odds bets in craps. If the area of volatility intrigues you, the authors devote a section to the subject including the impact of high rollers and how to reduce volatility to reduce risk. The chapter on complimentaries has value, offering material on tracking earning potential and rating systems while offering suggestions for establishing a comp policy. In recent years the area of rebates has been openly discussed. Here the authors present material on dead chip programs; rebates on theoretical loss; discounts on actual loss and computing rebate on actual loss. A final chapter contains a discussion regarding regulatory issues such as fairness to the player and to the casino; proper standards for determining a game's honesty; the controversial "near-miss" slot programs; a comparison between advantage play and cheating (including slot handle manipulation; hole carding; shuffle tracking. Overall this is an absolute must-have for any casino management person who's new at his or her job or needs a tune up on what games provide the casino with the most revenue and why. 298 pages, paperbound.

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