"Understanding a Wager" by Ramy Tadros is engaging, the concepts are easy to grasp, and the knowledge is practical and valuable. Take this book's advice: understand a wager, before risking your money.
(PRWEB) February 12, 2011
In a world full of gambles, "Understanding a Wager" is important. Playing bad gambles with negative expectation will lead to gambler's ruin in the long term. Whereas good gambles with positive expectation are hard to find. Ramy Christopher Tadros, the author of a new book called "Understanding a Wager", gives readers everything they need to know about gambling, bankroll management, and how to make a profit.
Tadros explores three main questions throughout his book: how to calculate odds and expected returns on various gambles; whether a specific wager will result in a long-term profit; and how to manage a bankroll and avoid gambler's ruin.
His approach is simple, but powerful. Using basic mathematics and the scientific method, he explains expectation, the Kelly formula, probability theory, the Pareto principle, randomness and Poisson clumping, and how these insights may reduce gambling losses and improve returns.
The writing is engaging, the concepts are easy to grasp, and the knowledge is practical and valuable.
Take this book's advice: understand a wager, before risking your money.
Praise for "Understanding a Wager":
“'Understanding a Wager' provides a persuasive summary of the mathematical basis for wagers. It thoroughly discusses statistical concepts such as expected value, zero-sum games, Pareto efficiency, probability over a series of multiple trials . . . randomness, Poisson clumping, regression toward the mean, gambling fallacies, gambler’s ruin and the Kelly criterion.”
—Minimax Mathematical and Statistical Consulting, LLC, the United States
“'Understanding a Wager' sets out the basic mathematical guidelines that will enable players to determine their long-term chances of winning, and to reduce, as much as possible, their losses . . . In doing so, it examines issues such as probability theory, randomness and bankroll management, as well as differentiating 'good' bets from 'bad' bets on the basis of fairly simple mathematical formulae . . . Ramy Christopher Tadros has done an excellent job of making mathematical and statistical information very accessible to the ordinary reader.”
—Lynk Manuscript Assessment Service, Australia