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Applications of probability
Vaibhav Sarthak Apurva Rohan

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PROBABILITY
happen. Probability is the chance Click to edit Master subtitle style that something will
Probability is the chance that something will happen. Probabilityis a way of expressing knowledge or belief that aneventwill occur or has occurred. A probability is away of assigningevery event a value between 0 and 1, with the requirement that the event made up of all possible results.
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APPLICATIONS OF PROBABILITY
Click to edit Master subtitle style Probability theory is applied in everyday life inriskassessment and in trade oncommodity markets. Governments typically apply probabilistic methods inenvironmental regulation, choosing projects to undertake based on statistical analyses of their probable effect on the population as a whole. another significant application of probability theory in everyday life isreliability. Many consumer products, such asautomobilesand consumer electronics, usereliability theoryin 4/27/12 product design to reduce the probability of

Click to edit Master subtitle style Gaming mathematics, also referred to as the mathematics of gambling, is a collection ofprobabilityapplications encountered in games of chance and can be included inapplied mathematics. From mathematical point of view, the games of chance are experiments generating various types ofaleatoryevents, the probability of which can be calculated by using the properties of probability on a finite space of events. Games of chance are also good examples ofcombinations,permutationsand arrangements. Combinatorial calculus is an important part of gambling probability applications. In games of chance, most of the 4/27/12 gambling probability calculus in which we use the

GAMING MATHEMATICS

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BETTING INDUSTRY

Sports bettingis the activity of predictingsportsresults and placing a wager on the outcome. The main object ofsportsbettingis to beat the Oddsmakers or the 'Odds Compilers' andwinsome money. Additionally, placing abeton your favorite sport event makes thegameexciting and more enjoyable. Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sporting events, such as;Baseball,Basketball,Football,Tennis,Hocke 4/27/12 y,SnookerandSoccergames.

Click to edit Master subtitle style Games of chance are not merely pure applications of probability calculus and gaming situations are not just isolated events whose numerical probability is well established through mathematical methods; they are also games whose progress is influenced by human action. In gambling, the human element has a striking character. The player is not only interested in the mathematical probability of the various gaming events, but he or she has expectations from the games while a major interaction exists. To obtain favorable results from this interaction, gamblers take into account all possible information, includingstatistics, to build gaming strategies. The 4/27/12 predicted future gain or loss is

PROBABLITY AND BETTING

Thus, it represents the average amount one expects to win per bet if bets with identical odds are repeated many times. A game or situation in which the expected value for the Click to edit Master subtitle style player is zero (no net gain nor loss) is called afair game.The attributefairrefers not to the technical process of the game, but to the chance balance house (bank)player.

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ODDS
Click to edit Master subtitle The oddsin favor of style aneventor apropositionare expressed as theratioof a pair ofintegers, such that the first represents the relative likelihood that the eventwill happen, and the second, the relative likelihood it won't. In gambling, the odds on display do not represent the true chances that the event will occur, but are the amounts that thebookmakerwill pay out 4/27/12

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PLAYING CARDS AND PROBABILITY

All card games involve probability in them. Someone who understands probability can easily manipulate the outcome and thereby increase his chances of winning. This technique is called Counting.

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BLACKJACK
Blackjack, also known asTwenty-oneis the Click to edit Master subtitle style most widely playedcasinobanking game in the world. Blackjack is a comparing card game played with one or moreFrench decksof 52 cards. The player draws cards to an initial two card hand with the object of bringing the total hand value as close as possible to 21 without exceeding it, so that the house, which plays after the player, will stop short of the player's total, or will lose by exceeding 21. It is a gambling game where the odds of any particular outcome can be determined somewhat accurately, the odds have been studied extensively. The best players in Blackjack do not 4/27/12 make winning any particular hand a priority, but

Probability theoryonly helps if you keep a track of the cards played. You can tryCard Countingor watch the card flow. Watching card flow is not very accurate. But subtitle styleof Click to edit Master the laws probability respect card flow. If high cards come flying out of the shoe, the the lowervalue cardshave to eventually follow. Some people believe that efficient card counting in Blackjack can actually tilt the odds in favor of the player over the dealer. Card counting involves keeping some kind of track of the types of cards that have been played.

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Poker is a game of equal chance. Equal-chance gaming does not Click to edit Master subtitle style involve playing or staking money against a bank (or dealer) and the chances of winning are equally favorable to all participants. Poker escalates' as players bet against each other.

POKER

Because of this, players may be drawn into risking larger and larger amounts of money without appreciating the odds of losing. Across the world, games of chance played for money ormoney's worthare subject to regulatory controls.
4/27/12 One of the reasons for these

Poker is a type of card game whereby players gamble on the strength and value of their hands (card combinations) against a standard hand strength hierarchy. Click to edit Master subtitle style The winner of a round either produces the highest hand combination, or becomes the only player remaining in the pot (community amount of chips) after all other players have folded (laid down their cards). There are many variants of poker, but they commonly involve several rounds of betting, a showdown (presentation and comparison of players cards) and some also involve community (or shared) cards. Inpoker, theprobabilityof manyeventscan be determined by 4/27/12 direct calculation.

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