What's Luck Got to Do with It?: The History, Mathematics, and Psychology of the Gambler's Illusion - ISBN:0691138907

What's Luck Got to Do with It?: The History, Mathematics, and Psychology of the Gambler's Illusion

Date: 21 April 2011, 02:41

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All About Gambling and Gamblers, June 21, 2010 By G. Poirier (Orleans, ON, Canada)
(TOP 500 REVIEWER)
This review is from: What's Luck Got to Do with It?: The History, Mathematics, and Psychology of the Gambler's Illusion (Hardcover)
As explained in this fascinating book, the subject of gambling has intrigued humanity for millennia. The taking of risks, for whatever reason, has always instilled some level of exhilaration in the minds of many - occasionally with disastrous consequences. The author, a professor of mathematics, has succeeded admirably in touching upon most aspects of gambling that may be of interest to both the general reader as well as the most dedicated gambler. The book is divided into three main sections. In the first (about 70 pages), the history of gambling and risk taking is covered from earliest times up to the 2008 economic crisis. In the second section (about 80 pages), the author examines the mathematics of probability and calculates the odds of winning at various types of games, e.g., cards, dice, roulette, horse racing, etc. In the final section (about 60 pages), the author discusses the psychological aspects of gambling. Here, questions like: "What makes a problem gambler?" and "Why do gamblers often gamble against overwhelming odds and risk losing everything?" are addressed.
The writing style is clear, lively, friendly and authoritative. The author's many personal anecdotes add a special touch. Regarding accessibility, the first and last sections can be enjoyed by anyone. On the other hand, the math section may present problems to those who are math phobic. Fortunately for them, this section may be skipped without any loss in understanding the other two sections. Although most math principles are clearly explained and supplemented with useful appendices, I did do some occasional head-scratching, often (but not always) resulting from the odd misprint.
This book would likely be of most interest to anyone fascinated by gambling - from those who enjoy gambling very occasionally to professionals. Math buffs with a fascination for statistics and probability theory are also likely to thoroughly enjoy this book.

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