Chapter 66: Economics of Gambling

Douglas M. Walker

Economics of gambling Gambling refers to placing something of value at risk on the outcome of an uncertain event. Often, it is money being put at risk (in a bet), and the event can be anything: a flip of a coin, a football game, a roll of the dice, a poker hand, a lottery, or a horse or greyhound race. Games of chance can be divided into skilled and unskilled, the distinction being dependent on the extent to which random chance determines the outcome of the wager. In coin tosses, slot machines, and lotteries, for example, the outcomes are based entirely on random luck; the behavior of the bettor has no impact on the outcome. Games of skill, on the other hand, are those where the decisions and actions of the bettor can impact the results. These types of games would include poker and blackjack, for example. There are a ...

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