American Roulette: A Gambler's Ruin
Abstract: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: January 1, 2014
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- The College Mathematics Journal is designed to enhance classroom learning and stimulate thinking regarding undergraduate mathematics. CMJ publishes articles, short Classroom Capsules, problems, solutions, media reviews and other pieces. All are aimed at the college mathematics curriculum with emphasis on topics taught in the first two years.
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