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.

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.

In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains an eternal aspect of the irrationality of man. It finds outlets in business, war, politics, in the formal overtures of the gambling casinos, and in the less ceremonious exchanges among individuals of differing opinions.

Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra games extends back to the pre-Christian era, although not until comparatively recent times have game-theoretic solutions been derived.

There are no conventional games involving conditions of uncertainty without risk.

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.

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.