A risk premium is the minimum difference between the expected value of an uncertain bet that a person is willing to take and the certain value that he is indifferent to.
Example
Suppose a game show participant may choose one of two doors, one that hides $1,000 and one that hides $0. Further suppose [...]

In gambling jargon, a holdout is any of numerous accessories used by cheats to help them “hold-out” a card (or cards) during a game. Some holdout devices are extremely simple and require moderate or advanced manipulative skill to be used properly. On the other hand, there is a group of holdout devices [...]

The basic meaning of gambler’s ruin is a gambler’s loss of the last of his bank of gambling money and consequent inability to continue gambling. “Gambler’s ruin” is also sometimes used to refer to a final large losing bet placed in the hopes of winning back all the gambler has lost during [...]

There are many scenarios where the gambler’s fallacy might superficially seem to apply, where it in fact does not.

When the probability of different events is not independent, the probability of future events can change based on the outcome of past events. An example of this is cards drawn without replacement. It’s true [...]

The gambler’s fallacy can be illustrated by considering the repeated toss of a coin. With a fair coin the chances of getting heads are exactly 0.5 (one in two). The chances of it coming up heads twice in a row are 0.5×0.5=0.25 (one in four). The probability of three heads in a [...]

The gambler’s fallacy is a logical fallacy that mistakenly believes past events will affect future events when dealing with random activities, such as many gambling games. It can encompass any of the following misconceptions:

A random event is more likely to occur because it has not happened for a period of time;
A random event [...]

A croupier (in European usage) or dealer (in American usage) is a person who takes and pays out bets or otherwise assists at a gambling table, often in a casino. In American usage, dealer may imply a card game, but this is not always the case. For example it is common to [...]

In gambling terminology a crimp is a bend that has been intentionally made on the corner(s) of a playing card to facilitate identification.A card cheat will typically bend some of the important cards during the game. Below are just several of the most popular examples.
In poker, for instance, a cheat may crimp [...]

A Chinese auction is a type of auction (actually a combination of auction and raffle) that is typically featured at charity or other fundraising events.In a Chinese auction, bidders are not prospective buyers (as in the conventional English auction). Instead, they buy tickets, which are essentially chances to win items. Bidders may [...]

Boxcars is the outcome of rolling the dice in a game of craps and getting a 6 on each die. The pair of 6 pips resembles a pair of box cars on a freight train. In modern parlance, it refers to such a roll in any game involving 6 sided dice which are [...]