Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting system.

The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of action, or strategy, from among the set of admissible strategies.

Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting system.

One of the oldest mythological fables tells of Mercury playing at dice with Selene and winning from her the five days of the epact (thus totaling the 365 days of the year and harmonizing the lunar and solar calendars).

The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.

From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than risking his earnings on the mindless meanderings of chance. Experience, however, has strongly indicated the reverse proposition to hold true.

Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.