Summer 2005 REU Program: The Mathematics of Games of Chance

About the Program



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About the Program

The program ran for six weeks in the summer of 2005.

This REU summer program, was intended for students who had already completed a one-semester course in probability (or the equivalent),was concerned with the mathematical aspects of casino gambling and specific games of chance.

Theoretical topics included house advantage, gambler's ruin formulas, martingales, betting systems, conservation of fairness, game theory, utility functions, bold play, proportional betting, shuffling, dealing, and card counting.

Applied topics included slot machines, roulette, keno, craps, faro, baccarat, trente et quarante, blackjack, video poker (Jacks or Better, Deuces Wild), house-banked poker (Three-Card Poker, Let It Ride, Carribean Stud), and poker (seven-card stud, Texas hold 'em).

Ten students participated in the program. Students were expected to complete a research project on one of these topics.

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