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Gaming Strategies |
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Strategy, a word of military origin, refers
to a plan of action designed to achieve a particular goal. In
military usage strategy is distinct from tactics, which are
concerned with the conduct of an engagement, while strategy is
concerned with how different engagements are linked. How a
battle is fought is a matter of tactics: the terms and
conditions that it is fought on and whether it should be fought
at all is a matter of strategy, which is part of the four levels
of warfare: political goals or grand strategy, strategy,
operations, and tactics. Building on the work of many thinkers
on the subject, one can define strategy as "a comprehensive way
to try to pursue political ends, including the threat or actual
use of force, in a dialectic of wills – there have to be at
least two sides to a conflict. These sides interact, and thus a
Strategy will rarely be successful if it shows no adaptability."
In game theory, a strategy refers to
one of the options that a player can choose. That is, every
player in a non-cooperative game has a set of possible
strategies, and must choose one of the choices.
A strategy must specify what action will
happen in each contingent state of the game—e.g. if the opponent
does A, then take action B, whereas if the opponent does C, take
action D.
Strategies in game theory may be random
(mixed) or deterministic (pure). That is, in some games, players
choose mixed strategies. Pure strategies can be thought of as a
special case of mixed strategies, in which only probabilities 0
or 1 are assigned to actions.
In gambling, there are three variables common
to all forms of gambling:
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How much is being wagered, the initial
stake (in money or material goods).
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The predictability of the event.
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In mechanical or electronic gambling
such as lotteries, slot machines and bingo, the results
are random and unpredictable; no amount of skill or
knowledge (assuming machinery is functioning as
intended) can give an advantage in predicatability to
anyone.
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However, for sports events such as
horse racing and soccer matches there is some
predictability to the outcome; thus a person with
greater knowledge and/or skill will have an advantage
over others.
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The odds agreed between the two (or more)
parties to the wager; where there is a house or a bookmaker,
the odds are (quite legally) arranged in favour of the
house.
The expected value, positive or
negative, is a mathematical calculation using these three
variables. The amount wagered determines the scale of an
individual wager (bet); the odds and the amount wagered
determine the payout if successful; the predicability determines
the frequency of success. Finally the frequency of success times
the payout minus the amount wagered equals the "expected
value" The skill of a gambler lies in understanding and
manoeuvring the three variables so that the "actual value"
is positive over a series of wagers.
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