The Theory of Gambling and Statistical Logic, Revised Edition

[Man] invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling.Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching, to blackjack and other casino games, to the stock market (including Black-Scholes analysis). He even considers what light statistical inference can shed on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.

"This classic text, previously available in hardcover only...and out of print for years, has finally been published in a less expensive paperback edition. Every serious player should have this book in his library."—ARNOLD SNYDER, Publisher and Editor, Blackjack Forum Magazine, Author, BLACKBELT IN BLACKJACK
"Richard Epstein's marvelous book is now a classic account of gambling games and their underlying laws of probability. Its range of topics exceeds that of any comparable work. Clearly written, accurate, it should be on the bookshelf of anyone seriously interested in probability theory, especially in its application to recreational games."—MARTIN GARDNER, Former Columnist, Scientific American
"This classic book should be part of the library of everyone who wants to better understand games and gambling. The treatment is unique, original, and intriguing."—EDWARD O. THORP, Author of BEAT THE DEALER
"Gambling is pervasive: witness the growth of lotteries, horse racing, and casinos; but buying houses, commodity contracts, stocks, precious metals and currencies are subject to similar statistical laws. Epstein's classic work provides a clear treatment of the basic principles to analyze such situations and to separate them into those with edges (investments) and those that are unbeatable (gambles). It's a delight to teach from this book and to browse through the many interesting sections on the various games of chance. Bravo Academic Press for making this seminal work available to more students of gambling and investment."—DR. WILLIAM T. ZIEMBA, University of British Columbia