Statistics and Gambling
Statistics can broadly be defined as the science of decision-making in the face of (random) uncertainty. Gambling has the same definition, except in the narrower domain of a gambler making decisions that affect his fortune in games of chance. It is hardly surprising, then, that the two subjects are closely related. Indeed, if the definitions of “game,” “decision,” and “fortune” in the context of gambling are sufficiently broadened, the two subjects become almost indistinguishable.
Let’s review a bit of the history of the influence of gambling on the development of probability and statistics. First, of course, gambling is one of the oldest of human activities. The use of a certain type of animal heel bone (called the astragalus) as a crude die dates to about 3500 BCE (and possibly much earlier). The modern six-sided die dates to about 2000 BCE.
References and Further Reading
- David FN (1998) Games, gods and gambling, a history of probability and statistical ideas. Dover, New YorkGoogle Scholar
- Epstein RA (1977) The theory of gambling and statistical logic. Academic, New YorkGoogle Scholar
- Pendergrass M, Siegrist K (2001) Generalizations of bold play in red and black. Stoch Proc Appl 92Google Scholar
- von Neumann J, Morgenstern O (1944) Theory of games and economic behavior. PrincetonGoogle Scholar