Mathematics and Statistics behind Poker. Is Poker Really Gambling? Annotated Bibliography Denardo, E. V. (2011). Introduction to game theory.

In F. S. Hillier, C. C. Price (Eds.), Linear Programming and Generalizations: International Series in Operation Research & Management Science (pp. 445-478). New York, NY: Springer. doi: 10.1007/978-1-44196491-5_14 The chapter provides a detailed introduction to the fundamentals of game theory. It provides a definition of game theory and examines the basics concepts such as solution concepts, general equilibrium, zero-sum game, etc. Since poker can be identified as a game-theoretic situation, some of these concepts can be used to identify the right strategies for the game. Global Betting and Gaming Consultants. (2012). Global Gambling Report 7th Edition. Retrieved from http://www.gbgc.com/publications/global-gambling-report/. Contains a detailed report and analysis of global gambling industry data. Provides comprehensive examination and industry prediction of each sector of every gaming industry in every region of the world. A lot of the data can be used to estimate online poker industrys current and predicted future worth. Hannum, R., Rutherford, M., & Dalton, T. (2012). Economics of poker: The effect of systemic chance. The Journal of Gambling Business and Economics, 6(1), 25-48. In legal courts across the globe, in the U.S. and internationally, people have argued whether poker is truly a game of skill. The result of the debate has been a critical factor in every countrys decision whether to regulate and legalize online poker or not. The paper examines the mathematical factors affecting the outcomes of the game by analyzing one billion hands of real online poker games. The results of the research show that, from a mathematical point of view, if a player is able to develop the right strategy, he/she will be able to consistently win money playing poker. Moreover, developing a better set of strategies will help a player achieve a higher return on investment. The mathematical models used during the research are used as a basis for strategy development. Harrington, D., & Robertie, B. (2010). Harrington on Online Cash Games. Henderson, NV: Two Plus Two Publishing. During the last decade poker has grown in its relatively new form: online poker. Dan Harrington, the World Champion of Poker in 1995, shows the key differences between live and online poker, and presents the main ideas to mastering online poker. His approach for the online no-limit holdem games allows you to win at these games using pure mathematical models. The book is used to show how much more mathematical the online form of poker is. Some of the strategies

presented in the book, while rarely used in live poker, show almost perfect results in online poker games. Levitt, S. D., & Miles, D. J. (2011). The role of skill versus luck in poker: Evidence from the World Series of Poker (Working Paper No. 17023). Retrieved from National Bureau of Economic Research website: http://www.nber.org/papers/w17023 Using the data from 2010 World Series of Poker, the paper analyzes the role of skill versus luck in poker. The researchers compare the results of the players who have been identified as highly skilled and the results of all other players who participated in the 2010 World Series of Poker. As a result, they find a large gap between the returns on investments of the two groups. The paper is used as evidence that skill level plays a big role in a game of poker. McCormack, A., & Griffiths, M. D. (2012). What differentiates professional poker players from recreational poker players? A qualitative interview study. International Journal of Mental Health and Addiction, 10(2), 243-257. doi: 10.1007/s11469-011-9312-y The increased popularity of poker in the last decade has led to the expansion of the group of people who identify themselves as professional poker players. However, the difference between a professional and an amateur is not well-defined in a poker community, and there has been very little research done on the topic. This paper describes the research carried out to identify the key differences between those who call themselves professional poker players and other recreational poker players. The central theme seems to be that professional poker players treated poker like work, took fewer risks, they were more logical and disciplined in their behavior, were less likely to chase losses, and were always aware of their situation off the table. The paper is used to identify the primary characteristics of the community of professional poker players. Examples of strategies and mindsets, given in the paper, are also used as a basis for developing off-the-table mathematical models. Moshman, C., & Zare, D. (2011). The Math of Holdem. Duluth, GA: Dimat Enterprises, Inc. Collin Moshman, a California Institute of Technology graduate with an honors degree in mathematics is a professional poker player and the founder of Team Moshman, one of the most renowned teams of poker players worldwide. Douglas Zare is an accomplished poker player, who has published numerous books on gambling probabilities. In their book The Math of Holdem they describe a number of the most fundamental must-know mathematical concepts of no-limit Texas holdem. They provide comprehensive descriptions and in-depth analyses for every concept described in the book. The book serves as a primary source for mathematical models used in a game of holdem, and is used to identify the right strategies for winning money in poker in the long-run.

Nguyen, T., & Davis, A. (2010). The Poker Blueprint: Advanced Strategies for Crushing Micro & Small Stakes NL. Garden Grove, CA: DailyVariance Publishing. Tri SlowHabit Nguyen, a professional poker player with millions of dollars in poker winnings, who is also a computer science graduate from UC Berkeley, publishes a book about winning poker strategies that go beyond standard. He describes concepts of adjusting your poker strategy to specific types of individual opponents and situations, while at the same time making no mathematical mistakes. He describes the right methods for analyzing your opponents, fully utilizing the concept of range analysis. The book is used to show the significance of range analysis in poker, and to describe some non-standard strategies that might increase the players win rate at a poker table. Pappas, J. (2012, August 9). The DOJ has spoken: Its time for Congress to legalize online poker. Forbes. Retrieved from http://www.forbes.com/sites/realspin/2012/08/09/the-dojhas-spoken-its-time-for-congress-to-legalize-online-poker/ On April 15, 2011 the US Department of Justice indicted the three largest poker sites in the world with bank fraud, money laundering, and illegal online gambling charges. The DOJ shut down the operation of those sites on the territory of the United States thus stopping the era of online poker in the US indefinitely; April 15 has quickly become known as Black Friday in the poker community. On July 31, 2012 the DOJ has dropped those charges against two of the three sites after receiving a payment of $731 million, and has opened the door for those sites to come back to the US market. However, they are reluctant to come back fearing yet another crackdown, since the legality of online poker is still an unresolved issue, and it has not yet been licensed. John Pappas, the Executive Director of Poker Players Alliance, the organization fighting for legalization of online poker, urges Congress to legalize online poker, noting that the DOJ has given them a signal to take action in regards to the issue by accepting the fine payment. The article discusses the effects of Black Friday on poker community, the benefits of having a licensed and regulated online poker industry in the country, and the future of online poker in the US. Temple, B. (2011). Risk of Ruin and Bankroll Management. Part Time Poker. Retrieved from http://www.parttimepoker.com/bankroll-management Brandon Temple, a columnist for Part Time Poker, describes the appropriate strategies of poker bankroll management. Applying the concept of Risk of Ruin, he explains how to wisely choose how much money to put on the table. A player following the strategies described in the article, is almost surely guaranteed to never be at risk of being ruined or broke.