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American Roulette: A Gambler's Ruin

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American Roulette provides rich examples of Gambler's Ruin. We use the mathematics of difference equations, and then Markov chain matrix methods, to explore success probabilities under various betting strategies. Ultimately, ruin is likely for the gambler under each betting strategy, but we see interesting results along the way.

Document Type: Research Article


Publication date: 2014-01-01

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